Austria covers about 83,855 square kilometers (32,380 square miles) consisting of nine states with a total of approximately eight and a half million residents. It is an alpine country rich with culture, culinary delicacies, unique traditions and customs; each region with its distinguishing characteristics. From the Alps to the plains of Vienna, in Styria and southern Burgenland there are lakes so clean one can drink from them their pristine waters. Austria’s breathtaking scenery expresses its beauty also along the banks of its sparkling rivers. Austrian cities feature a variety of fascinating architecture, from Gothic to Renaissance, from the Baroque to Gründerzeit, not to mention Art Nouveau and Postmodern styles. Austria is a perfect setting both for interesting cultural events and exclusive shopping. In addition to the fashionable and famous Vienna, notable cities include Innsbruck, Bregenz, Linz, Salzburg and Graz Kitzbühel which is renowned worldwide as one of the most important and exclusive winter sports venues in Europe. The Austrian luxury real estate market for apartments, especially Viennese, has developed dynamically. Prices of residential real estate in Austria have increased in recent years, contrary to those of many other European countries. Since 2007 real estate prices increased by 31%, with an above-average growth rate in areas with a high concentration of luxury properties . The market for offices in Vienna is among the most stable in Europe, and Vienna is one of the most popular real estate markets for investors from all over the world, especially investors from countries of the former Soviet Union seeking investments in hotels and luxury properties.