Balance sheet 2023

Vogewosi has handed over 111 new apartments

New Vogewosi building in Lustenau.(Bild: Vogewosi )

The non-profit Vorarlberg housing developer increased its total assets to 910 million euros last year. Over the next three years, 600 new apartments are to be built.  

Vogewosi is the largest non-profit housing developer in Vorarlberg - on Thursday, those responsible presented the balance sheet for 2023: The balance sheet total was increased to 910.8 million euros. The equity ratio was also increased - to 337.5 million euros. Expenditure on refurbishments - primarily for heating system renewals and district heating - amounted to a good 15 million euros, similar to previous years. More than 27 million euros were invested in new construction. A total of 111 apartments were handed over to new tenants.  

For the current year, 43 million euros have been budgeted for new construction - a further 20 million euros were earmarked for refurbishment. There are currently 445 apartments under construction in 14 residential complexes.

Based on the current project status, 235 apartments are expected to be completed in 2025, 128 apartments in 2026 and a further 82 apartments in 2027, explained Managing Director Hans-Peter Lorenz on Thursday: "The construction of a residential complex takes around three years from planning to handover. We can therefore already say that around 600 new apartments are currently under construction or in preparation, which will be completed between 2025 and 2027. We expect to invest a total of around 160 million euros in these new buildings. We are also currently assuming that further projects will be added, particularly by municipalities and cities, and that we will therefore be able to make a significant contribution to non-profit housing construction in Vorarlberg."

There is good news for the tenants of Vogewosi apartments: "Thanks to our solid financial situation with an equity ratio of around 37 percent, we can use our equity in the interests of our tenants. Together with the housing subsidy from the state of Vorarlberg, we are in a position to continue financing renovations and new construction projects sustainably despite the current inflation. Above all, however, this enables us to keep rents stable. The average rental costs (excluding ancillary costs) were EUR 5.62 per square meter in 2023. The average rent for a 60 square meter apartment is therefore EUR 337.2. We are also making great efforts to keep our rents stable in the future," explained Peter Lorenz.