The Sell-Off in the Mountains

A holiday home or apartment in Austria's high-end ski resorts is highly sought-after. Increasing numbers of resorts, chalets and so-called town houses are springing up in Kitzbuhel. These properties are bought by millionaires from all over the world, but especially German citizens. Real estate prices are exploding, with building plots alone costing between 6000 and 8000 euros per square metre. Meanwhile, for the locals, the situation is becoming ever more diffi cult. Whilst the best spots in town are being developed for millionaires, all that's left for the old-established local residents is a place in social housing on the edge of a wet fi eld. Resentment is rising, especially since the apartments costing millions are only used for a few days every year. In individual districts there are already so many holiday homes and apartments that during the off -season there is hardly a window shutter open.