The Current Property Market in Croatia
A few days ago, Vecernji List, the highest circulation daily newspaper in Croatia, had an overview of the property market in the country.
According to the newspaper, the Croatia property market was very buoyant in 2004, with high price increases throughout the year. The most expensive locations were Zagreb, Split and Dubrovnik, and some of the islands on the Dalmatian coast.
The president of the Croatian Association of Property Agents, Dubravko Ranilovic (from the Zagreb agency Kastel), feels that prices are unrealistic and would like to see them fall in 2005 by at least 30%. He does not know if this will happen, but the exaggerated articles in the Croatian press felled the unrealistic appetites of property owners who overpriced their properties accordingly to their ideas. The whole property market in Croatia at the moment is stagnating.
According to the organisation Burza Nekretnina (Property Market Watch), the largest price increase was for land prices which increased by 105% in one year, up to the end of 2004. This figure is the average for the whole of Croatia; prices for prime pieces of land along the coast increased by up to 240% in the last year.
House prices in Croatia, on average, increased by 24%; in Zagreb by 18%; and along the Adriatic coast by 52%. However, in the interior, house prices decreased by 8%.
Prices of apartments in Croatia, on average, increased by 11%; in Zagreb by 10%; on the Adriatic coast by 16%; and a fall in inland Croatia by 27%.
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