Buying property in Croatia, costs and more tips
If you're left around £50,000, can't afford property in the UK and don't have a salary capable of supporting a large mortgage, the best thing to do is to buy abroad. For those with budgets under £160,000, Croatia, is becoming the next big investment location. It has a lovely long coastline, over 1,000 islands and a wonderful climate. Most people speak English and the cost of living is low, especially in the areas outside Dubrovnik.
A two bed apartment on the islands should cost between £60,000 and £84,000, which is manageable even if the rental income is modest. At present, you should budget to get around 12 to 16 weeks. However, as tourism grows so will occupancy levels. Current projections indicate an increase of some 7% per year. At the same time, the Ministry of Environmental Protection Spatial Development and Civil Engineering of Croatia is finalizing legislation which will regulate the development and protection of the Protected Coastal Zone of Croatia. This is expected to drive prices up further and make Croatia a high value location in the future. Property investors would be wise to purchase development land and properties sooner rather than later.
The Croatian real estate industry is still in its infancy. One of the most striking things you'll notice is the lack of For Sale signs. The locals don't like people to know they're selling their property as it might suggest something about their economic circumstances and they are very private people. Nevertheless, prices are rising at around 20% pa.
While the purchase process is quite simple, it is very important to employ a competent lawyer because the government has not yet computerized the registration of deeds and the manually entered records need to be checked by a lawyer
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