From west to east through the Viennese property landscape

From west to east through the Viennese property landscape

 

Until the First World War the city of Vienna was one of the five largest metropolitan cities worldwide. After that Vienna became the metropolitan hydrocephalus of a smaller European country. The population size slipped clearly below the mark of two million inhabitants. The past glory, however, has remained perceptible for everyone up to the present date, in part due to the construction and property portfolio. Yet since the fall of the Iron Curtain the city has been experiencing a renaissance once again. The metropolis is increasingly assuming its former capacity again as a link between Central and Eastern Europe. Today the growing city is once more the second largest municipality in the German-speaking region after Berlin and ahead of Hamburg.

 

After two days of meetings with customers we had the opportunity to explore the city first hand and on foot from west to east on a one-day 12-kilometre hike.

Vienna city map

Vienna city map

We set off on our hike in the western part of the city at Schönbrunn Palace and end our trip in Donaucity located in the east.

Schönbrunn Palace

Schönbrunn Palace

The baroque Schönbrunn Palace with its vast 160-hectar park is today a world heritage site and a tourist highlight in the centre of Europe. Through an underground station the estate is linked to the rapid transit railway system of the city.

outer Mariahilfer Straße

outer Mariahilfer Straße

The outer Mariahilfer Straße runs eastwards approximately from the castle to Wiener Gürtel, one of the outer ring roads, past Westbahnhof. A heterogeneous peripheral development with historic investment properties of varying dimensions can be experienced in a visual way. A multi-functional residential and shopping street presents itself. Associations with Hamburg-Ottensen partially come to mind. A tramline runs down the middle of the road.

Westbahnhof, exterior view

Westbahnhof, exterior view

The historic terminus station spontaneously presents itself as a modern architectural ensemble. The railway station was only comprehensively renovated in 2010. A shopping centre is also integrated in the compound. However, in recent years the railway station has successively lost its function as a pillar of long-distance transport. Since 2015 the newly constructed Vienna Railway Station has finally taken on this role: various land developments have been and are being realised here in the surroundings. It would be really interesting to discover which effects this loss of function has for example on the tenancy agreements of the retailers established there. Which consequences are to be anticipated for the valuation of the investment shopping centre?

Iinterior view, Westbahnhof

Iinterior view, Westbahnhof

The renovated station concourse as an architectural testimony to the 1950s.

inner Mariahilfer Straße, upper-class residential and office building from the “Gründerzeit” (years of rapid industrial expansion in Germany).

inner Mariahilfer Straße, upper-class residential and office building from the “Gründerzeit” (years of rapid industrial expansion in Germany).

The inner Maria Hilfer Straße from Westbahnhof presents itself as an urban space that is bordered with upper-class investment properties. The tram has disappeared from the cityscape here. An efficient underground railway line runs below the pedestrian zone.

inner courtyard, Mariahilfer Straße

inner courtyard, Mariahilfer Straße

A few metres away from the well-frequented shopping street, a quiet, freshly renovated inner courtyard.

Trzesniewski, Mariahilfer Straße

Trzesniewski, Mariahilfer Straße

Away from the restaurant chains represented everywhere worldwide, Trzesniewski also presents itself as a local Viennese institution with its canapés on the almost endless Mariahilfer Straße.

Mariahilfer Church, Mariahilfer Straße

Mariahilfer Church, Mariahilfer Straße

Just like in Munich in Kaufinger Straße, a baroque church from 1716 also offers a welcome diversion here in the cityscape.

Albertinaplatz, 1st district

Albertinaplatz, 1st district

The ring road has already been crossed upon reaching Albertinaplatz. The ring road became the urban milestone in the second half of the 19th century. A sought-after place for the development of projects by property investors. The established Albertina art museum is one of the many sights in the 1st district.

St. Stephan’s Cathedral, 1st district

St. Stephan’s Cathedral, 1st district

Der gotische Dom im Zentrum der alten Stadt. Heute ein Sakralbau, der auch stark vom touristischen Kommerz geprägt ist.

Taborstraße, near Praterstern

Taborstraße, near Praterstern

After crossing the Danube Canal, by no means crossing the Danube yet, we have left the tourist highlight of the old town again. A cityscape with clearly plainer investment properties shows itself. There are noticeably fewer pedestrians walking around, also in Taborstraße.

Praterstern

Praterstern

An inner city traffic hub of the underground and suburban railway station Praterstern. A gateway to undoubtedly the most famous historical amusement park in the world beside Copenhagen’s Tivoli.

inscription association building, Lasallestraße

inscription association building, Lasallestraße

Vienna is not only characterised by stately buildings but in large parts of the city also by impressive municipal apartment blocks that were built in vast numbers in the urban area after the end of the monarchy. With approximately 270,000 units it is to become the largest municipal residential portfolio in Europe. The influence on the residential market and its pricing is also correspondingly major.

Growshop, Lasallestraße

Growshop, Lasallestraße

It is somewhat surprising, actually located between the association buildings is the largest hemp shop in Europe on the wide avenue-like Lasallestraße; comparisons with Berlin’s Karl-Marx-Allee are not necessarily misplaced. It is said to be a transgression in the legal grey area.

Genossenschaftsbau, Lasallestraße

Genossenschaftsbau, Lasallestraße

In Lasallestraße an impressive, opulent municipal residential ensemble

Donau City

Donau City

Passed Handelskai over the Reichsbrücke and across Danube Island we reach the rather seemingly futuristic Vienna in the shape of Donaucity. The large-scale investment properties of the institutional investors are located here.

street scene, Donau City

street scene, Donau City

Donau City is a great contrast to Mariahilfer Straße, steeped in tradition, and to the district of Mariahilf. It all seems somewhat cold and empty here – however, it is still the colder half of the year now.