In the world of real estate investing, many seek income and long-term value appreciation. You don’t own a single unit; you own a share of the entire project. When it comes to long-term investing, the Austrian Bauherrenmodell is a quiet anomaly. It doesn’t promise overnight riches or spectacular flips. It isn’t driven by hype or short-term speculation. Instead, it offers something rarer: a thoughtful, tax-efficient path to long-term wealth creation — and a chance to help solve a housing shortage along the way.

At their core, real estate funds are collective investment vehicles. One fund, dozens of properties, hundreds (or thousands) of investors. Legally, these funds may take the form of a stock company (AG), limited liability company (GmbH), or a partnership. Crucially, they are tightly regulated and supervised by the Austrian Financial Market Authority (FMA).

In 2025, the Austrian real estate market continues to navigate a period of adjustment. With shifting economic conditions, evolving regulations, and growing ESG priorities, investors and buyers are closely watching the trends that will shape the year ahead. To gain deeper insights into these developments, we sat down with Igor Strehl, founder and owner of Dunaj Consulting, to discuss key market dynamics and his recommendations for stakeholders in the real estate sector.

As we approach 2025, the dust raised by the uncertainties in the global economic landscape has started to settle. Under these circumstances, Austria’s economy presents a nuanced picture for investors, with some industries showing strong performance while others continue to face challenges.