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Austria sets the rent limit

2023-08-31 08:25:00, Kosova & Bota CNA

Austria sets the rent limit

Austrian Chancellor Nehammer wants to "keep life affordable". For this, the government implements measures to combat price increases. Among other things, the prices of a large part of the rentals will be limited.

Austria's conservative and green federal government is imposing price caps on a large proportion of rents as part of a fight against inflation. Over the next three years, rents will rise only once a year by a maximum of five percent, Chancellor Karl Nehammer said in Vienna. According to Vice Chancellor Werner Kogler, 75 percent of all rentals will benefit from this. A solution beyond this period is currently being drafted.

According to government data, without intervention, some sectors of the real estate market in 2024 expected a 15 percent increase in rent. Nehammer said this is what we want to avoid, ahead of a special session of the Austrian Parliament on the price hike, demanded by the opposition.

Check for big profits

This measure is part of a wider package to fight inflation. Last weekend, the government announced it wanted to impose more on so-called windfall profits from companies that make profits from fossil fuels. Until now this was only done if the profit was 20 percent higher than the average profit of the previous years.

In the future this value will be set at ten percent, it was decided. Since before the summer, the ÖVP and the Greens had agreed to force electricity groups to pay more.

"Keeping Life Affordable".

In addition, the government will freeze the current situation too. Motorway tax and climate ticket prices, which should make train travel more attractive, should not be increased. "We're going to continue to make sure people get direct relief and that life remains affordable," Nehammer said.

In total, the volume of relief for citizens will reach 40 billion euros between 2024 and 2026, thanks to direct aid and tax cuts, such as the elimination of cold progression./ DW





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