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December 30, 2008

Croatia Property – a good time for Croatia investment?

Posted in: Buying property in Croatia

Investment property in Croatia is featured in the latest issue of A Place in the Sun magazine. The publication includes an article examining the property investment opportunities available in Croatia and highlights three different types of Croatia property, each in a different price band, that Croatia property investors can choose from:

  • £310k - A large three-bedroom apartment in Split
  • £180k - A two-bedroom apartment in Dubrovnik’s Old Town
  • £100k - Two-bed apartments in a new development on Krk Island

Certainly for UK investors, with the current level of the pound versus the euro at an all-time low, investing abroad at the moment is a proposition to be considered carefully. However, the canny investor from the UK, or one already in euro land, and with funds available, can now start to look around for a property investment in Croatia that’s likely to generate respectable capital appreciation over the next few years, as well as provide a holiday or retirement home at an attractive price. Quoting from the article in A Place in the Sun:

Croatia is one of the most beautiful parts of Europe, with some 2,000 km of coastline with crystal-clear waters fringed by 1,200 mainly uninhabited islands, a Mediterranean climate and rich culture. With EU accession around the corner and an ever-growing tourist industry, Croatia offers plenty of opportunity for property investors.

And when it comes to property there’s no shortage of choice. From old village houses for renovation to frontline off-plan apartments and villas with pools, there’s something for every taste and budget.

Property in Istria is increasing in price due to its proximity and travel links to the rest of Europe and offers less value for money than a few years ago. Likewise property in southern Dalmatia is becoming more expensive. Perhaps the best opportunities for investors are the areas of Kvarner and North Dalmatia which are becoming ever more popular with holidaymakers and here they are investing in facilities accordingly. Kvarner is actually the most popular tourist destination in Croatia … here the market is still undervalued compared to other coastal regions.

Traditionally, second homes and property in Croatia have been owned by “the family” and there hasn’t been any real urgency to sell, so the mentality has been a bit “well, we think its worth £xxxk so we’ll just wait for the right buyer!” With the advent of new developments and off-plan properties being built at more commercial pricing levels, some of these advertised property prices are now becoming a bit more realistic. Our experience over the last couple of months shows that Croatia property asking prices have been coming down by anything up to 20%. And, if you’re not afraid of some bargaining, there’s the possibility of negotiating that price down further. We have seen examples where the price has been reduced by up to another 20% from the advertised price. Don’t go overboard though – a recent potential client of ours tried some “hard” bargaining” whilst in Croatia expecting a substantial discount off the advertised price and walked away with nothing.

Why not start looking around? Here are some examples of Croatia property in the Kvarner region you might wish to consider:


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