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REAL ESTATE

Vienna’s luxury streets and boutiques

Vienna is becoming a major mecca for high-end living and shopping, with the expansion of its Golden Quarter luxury zone - but some of the most interesting boutiques are scattered around other parts of the Austrian capital.

Published: 19 August 2014 16:13 CEST
Vienna's luxury streets and boutiques
Photo: Paul Gillingwater

Vienna has a new high-end centre for living and shopping, with impressive real-estate pricing, and superlative shopping opportunities to match.  

Known as the Golden Quarter, the corner of luxury stores and top-price accommodation is nestled near the end of the Graben pedestrian zone, close to the iconic Julius Meinl market.

One of the highest profile investors in real-estate who has developed the concept for the area is Tyrolean investor René Benko, who recently made the news when he re-acquired Germany's ailing Karstadt chain for the price of  €1.

The 37-year-old Benko has also been responsible for much of the development in the Golden Quarter through his real-estate investment company Signa, whose holdings are valued at more than €4 billion.

Signa has developed 14 luxury apartments in the area, including a penthouse dream-home with 304 square metres, setting a record for the most expensive real-estate in Austria, at up to €30,000 per square metre.

Signa Holding's managing director Christoph Stadlhuber says that everything is included in this price; "everything is there for nine million euros, up to the coffee spoons."

"The neighbourhood is not a shopping centre, but a high quality urban quarter in the heart of Vienna," said Stadlhuber. 

Anchoring the space is a luxury hotel, the Park Hyatt Vienna, with 143 rooms.  Altogether, the development features a total of 42,000 square metres of space, of which 9,500 is reserved as office space, and with 19 high-end stores.


At the entrance to Vienna's Golden Quarter.  Photo: Paul Gillingwater

And the shopping is indeed of the highest quality.  Wandering through the precinct, The Local saw a host of top names, including Louis Vuitton, Prada, Alexander McQueen, Armani and the soon-to-open Chanel.  

Alexander McQueen – http://www.alexandermcqueen.com/at/alexandermcqueen

Of the stores in the area, the Alexander McQueen outlet offers one of the most compelling shopping experiences.  Situated in the heart of the Golden Quarter, the store features a selection of the late designer's signature styles, now under the competent direction of his successor, Sarah Burton.

The McQueen label includes high-end men's and women's designer clothing, often featuring the ubiquitous memento mori favoured by the designer, although the skulls are being de-emphasized in favour of more natural organic materials, including real fur and animal prints.

Despite McQueen being an English design house, it is quintessentially Italian, with all of its garments, handbags and shoes being made by Austria's southern neighbour.

While the top designer pieces costing hundreds of thousands of euros were not in the store when we visited, there were plenty of beautiful items on show, including a fox fur cape for only €14,500 – which would buy less than half a square metre of a nearby penthouse apartment. 

Song – http://www.song.at

Closer to The Local's office in Praterstrasse is an elegant designer boutique known as Song.

Already known in Vienna's first district since eight years, Song has moved to the second district, giving it room to breathe, and to offer not only a wider range of fashions, but also an intriguing combination of art, unique furniture and designer items from an eclectic range of designers.  

These designers range from Dries van Noten to Christopher Kane, with furniture by Piet Hein Eeek and Lobmeyr.  An adjacent gallery provides opportunities for the discerning art investor.

Park – http://www.park.co.at/

Continuing the trend of simple one-word names, Park is in Vienna's seventh district.  It offers a visual aesthetic similar to Berlin's Apartment on Alexanderplatz, with its all-white interiors. The store caters to the well-heeled, with brands including Acne Jeans, Raf Simons, Comme des Garçons, Ann Demeulemeester, Damir Doma and Pelic Avenue. 

In addition to women's and men's fashion, one can buy books, magazines, and shoes.

Wood Wood – http://www.hipshops.com/vienna/shops/114/wood-wood

Also in the seventh district is the Danish chain Wood Wood.  Brands sold here include Play by Comme des Garçons, Henrik Vibskov, Fjällräven, Vibe Harsløf, Malin + Goetz, Peter Jensen, Linda Farrow and of course the private label Wood Wood. There are also perfumes, nail polish and great jewellery.  

 
Back in the first district, a suitable boutique for those with the funds to really invest in fashion will find plenty of options in this oasis of taste and refinement.  Yohji Yamamoto, Y-3, Comme des Garcons, Junya Watanabe and Tsumori Chisato are available here. 
 
 

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RENTING

‘Betriebskosten’: What are the extra costs renters must pay in Austria?

Renting an apartment in Austria means you’ll have to budget not only for the rent, but other somewhat hidden monthly costs and expenses.

Published: 30 April 2024 11:29 CEST
'Betriebskosten': What are the extra costs renters must pay in Austria?

Understanding operating costs or the specific expenses landlords or property agencies charge renters, is crucial for staying on top of your monthly payments when renting a place in Austria. These extra costs, known in German as Betriebskosten, are strictly regulated by Austria’s Tenancy Act. 

Here are the operating expensses that are chargeable to tenants, according to the MieterHilfe Public Association:

  • Water/wastewater and costs of leak testing, plus excess consumption due to burst pipes, but does not include disproportionate additional consumption for commercial operations;
  • Rubbish removal (and also clearing out floors and cellars);
  • Clearing out abandoned property;
  • Pest control, with costs such as extermination and periodic inspection or removal of pigeon droppings. Installation of pigeon screens is not included;
  • Sweeping fees (chimney sweep);
  • Electricity for lighting and communal facilities, such as the stairwell, but also replacement of light bulbs, fuses or switches;
  • Insurance premiums for fire, liability and water damage;
  • Insurance premiums for glass breakage and storm damage provided that more than half of the tenants have agreed to this being passed on;
  • Management fee (there is a set administration fee per square metre of usable space and building construction year)
  • House cleaning, including wages and social payments if there is a caretaker, plus materials; 
  • Public charges, unless there is a prohibition on passing them on – offsetting of property taxes is permitted;
  • Ongoing operating costs for communal facilities (lift, heating, playground, green areas, common rooms, etc.).

However, costs such as maintenance and repair work can never be charged under operating expenses.

The same goes for any ‘disproportionate additional costs or consumption due to commercial operations ‘, which refers to costs that are significantly higher than what would be considered normal for residential use or costs that are incurred due to the operation of a business within the rented property. 

READ ALSO: Tenant or landlord – Who pays which costs in Austria?

Vienna’s association for tenants MieterHilfe has a calculator that uses average values to show whether the Betriebskosten you pay are comparatively low, medium or high. The association notes, however, that even low values could be considered unauthorised billing in some cases. In contrast, high values could be correct – the calculator only shows if you are paying too much compared to other properties in the city.

You can check the values HERE. You will need to know either the total usable area of the building or the usable area of the flat and the operating cost share—this information is usually shown in a payment statement you receive from property management. 

What if I believe I am being unfairly charged?

If you think you are paying too much, but the charges are legal – such as for water electricity etc, then you would need to raise this issue with property management. They could take measures to save on operating costs, such as replacing old light bulbs with more energy-efficient ones or setting lights to a timer instead of a traditional light switch, for example.

There are many possible reasons for high or low values, according to the City of Vienna. For example, you may pay comparatively low for water one year because of a small number of residents, while the following year, there are leaking sanitary facilities and a burst water pipe that raises costs.

Buildings with many communal areas and green spaces often tend to have higher operating costs, especially for water, electricity, and housekeeping. 

However, things are different if you think you are being unduly charged—that is, there are charges in the operating costs that do not belong there, such as unapproved construction repair.

READ ALSO: Renting in Austria – The key things foreign residents need to know

If you are unsure of the costs, there is a significant deviation from average prices for no particular reason, or you believe that you are being charged for something not legally admissible as an operating cost, you could have a free check carried out by MieterHilfe or a tenant protection organisation. 

If there is a suspicion of unauthorised billing that cannot be dispelled between tenants and the property management company, this will be clarified at the arbitration board. The arbitration board is an independent body that mediates disputes between tenants and landlords. It is a point of contact before the courts in case of difficulties or legal disputes, and its decision is legally binding.

Property management companies and landlords must settle the operating costs for the previous year by 30 June at the latest and disclose them to tenants. This deadline is set to ensure that tenants have sufficient time to review their cost statements and raise any concerns before the new rental year begins. All expenses must be itemised in the statement, providing transparency and allowing tenants to see exactly what they are being charged for.

They are obliged to provide tenants with a detailed summary of the statement and the invoice documents. If the operating costs per square metre exceed €2, a more detailed review is recommended, according to the City of Vienna.

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