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Real Estate Inheritance in Austria

Author

Listed:
  • Pirmin Fessler

    () (Oesterreichische Nationalbank, Economic Analysis Division)

  • Peter Mooslechner

    () (Oesterreichische Nationalbank)

  • Martin Schürz

    () (Oesterreichische Nationalbank, Economic Analysis Division)

Abstract

As real estate inheritances are an important component of Austrian households’ assets, they are relevant for monetary policymaking and for the maintenance of financial stability. 20% of Austrian households have inherited real estate wealth, with some 2% of all households accounting for around 40% of the overall volume of real estate inheritances in Austria. In aggregate, real estate inheritances constitute up to 23% of households’ total real estate wealth. Households which have inherited differ from those which have not in so far as the former have a higher level of education, earn higher incomes and possess greater real estate wealth. The largest inheritance ratio is in the age group of 50- to 70-year-olds. Households with greater real estate wealth and higher income inherit more often, and they receive larger inheritances. Yet the relative share of inherited real estate properties in total real estate wealth is larger among households with smaller real estate wealth. Less well-off households may come into comparatively considerable real estate wealth through an inheritance. Real estate inheritances are of particular importance for farmers. The majority of real estate owners plan to bequeath their real estate. This intention is rather independent from wealth and income levels.

Suggested Citation

  • Pirmin Fessler & Peter Mooslechner & Martin Schürz, 2010. "Real Estate Inheritance in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 33-53.
  • Handle: RePEc:onb:oenbmp:y:2010:i:2:b:2
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    File URL: https://www.oenb.at/dam/jcr:e043f018-1f5d-4b54-b0d9-5bc9908a8d4a/mop_2010_q2_analyses02_tcm16-198121.pdf
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    Cited by:

    1. Christian Beer & Karin Wagner, 2012. "Housing Cost Burden of Austrian Households: Results of a Recent Survey," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 78-89.

    More about this item

    Keywords

    wealth; distribution; inheritances;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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