Why is it worth not delaying the purchase of real estate in Croatia at this time?
The price index of residential real estate on the Adriatic coast increased by 11.7% year-on-year. In the whole of Croatia, the price index increased by 9.1%. New properties increased by 15%, older properties by 8.4%.
In addition to rising inflation, which inexorably erodes the value of our financial assets, property prices are at a relatively favorable level compared to other countries and are expected to continue to rise in the future.
Interest in real estate in Croatia is logically focused on seaside areas.
The most popular locations include Dalmatia, Zadar, Bibinje, Split, Trogir, the Makarska Riviera, the island of Brac, Hvar and Korcula or the Istria peninsula on the northern coast of Croatia. Dubrovnik in particular enjoys pan-European fame.
Buying real estate in Croatia is somewhat atypical. The purchased real estate must be thoroughly inspected and all the necessary formalities must be provided. The real estate for sale is often built on the ground or lacks the necessary documentation. For this reason too, when buying real estate on the Adriatic, it is not recommended to make the purchase on your own or through randomly selected local real estate agents.
Real estate prices in Croatia have been steadily increasing in recent years. In contrast to the overheated Czech market, where real estate price growth is one of the largest in Europe, Croatia ranks roughly at the price average in Europe.
If it is a newly built apartment, it is a good idea to buy it when it is in the rough construction phase or a little before. During construction, the price gradually increases. For real estate that is used for rent, such as an apartment house, the ideal time to buy is after the end of the summer season. For family villas and older apartments, the season does not matter much, there is no off season except for late December and early January.
Due to the current situation on the real estate market and the fast dwindling available land in the closest proximity to the sea, buying a residential property in Croatia can be a profitable investment. The attention of mainly foreign buyers is also attracted by newly built hotel-type residential complexes that meet all requirements for modern living.
Average property prices
The average price of real estate on the Adriatic coast was for 2020 (last known data)
1,905 EUR/m2. The average price for these projects is EUR 3,479/m2 (data valid at the beginning of 2022). The average size of the offered unit is 74.67 m2 and the average asking price is EUR 259,781.
Apartments range in price from 1,500 euros/m2 to 5,000 euros/m2. A villa in the first row by the sea with a size of 150-200 m2 can cost up to 1.5 million euros, or 39 million CZK. An equally large house in a less attractive location can be purchased for 200,000 euros, i.e. around 5 million CZK. To be more specific, a one-bedroom apartment in Vodice, 60 m2, 200 m from the sea, with a sea view is
100,000 euros. An equally large one-bedroom apartment in Nin near Zadar, in the first row by the sea, also costs around 100,000 euros. On the Makarska Riviera, an apartment of the same size in the first row starts at 150,000 euros.
