Croatia Property

The Croatian government is set to lift the current restrictions on the EU citizens buying property in Croatia on 1st February 2009.

Currently most buyers/investors have to set up a Croatian company to buy property in Croatia. However, from next year EU nationals will be able to own Croatian property in their own name (apart from some rural land).

How will this affect the Croatian property market?

Croatia is primarily a second home destination and does not attract as many second home buyers as the likes of, for example, Spain or France.

This is primarily due to:

- access being more difficult (ie flights), - weather not as good, particularly in the winter, - property prices that are already high and - until very recently the complete lack of mortgage finance available for foreigners.

The lifting of restrictions is likely to see some increased interest in the Croatian property market though (relatively) high prices and poor mortgages still remain very large barriers to a flood of foreign investors in to the Croatian property market.

Mortgages in Croatia

Until recently it was not practically possible to obtain a mortgage in Croatia as a foreigner.

There are signs now that some mortgage products are becoming available, though not with very attractive conditions (eg 50-60% LTV, 7%+ interest rate, and only 15 year terms). As they are not used to dealing with foreigners investors can further expect a long complicated and difficult process to be able to obtain a mortgage in Croatia.

Croatian property market predictions

Over the next year I see the Croatian property market, on the whole, continuing to stagnate.

With the prospect of EU membership in, potentially, 1-2 years time things in medium term should be looking up for the property market in Croatia.

However, for the moment I see no real reason to invest in property in Croatia when there are far better and safer markets elsewhere in Europe, unless of course you wish to buy a holiday home then the decision making process is somewhat different.

Simon Tweddle is Managing Director of an international property investment company based in Prague, Czech Republic.

www.propertyinvestmentinternational.com

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Real Estate Property Investment Series: Focus Croatia 2007
By Rhiannon Williamson

Croatia is one of the most likely candidates for entry into the European Union within the next few years and as a result it is also one of the more exciting of Europe’s emerging economies in terms of potential property price growth because with pre-EU entry comes serious foreign direct investment and political and economic stability, and post-EU entry comes greater worldwide confidence in a country and a nation’s ability to trade more directly and favourably with the rest of the European Union.

When you add to this positive news the fact that Croatia has 5,835 kilometres of coastline (1,777 km on the mainland with 4,058 km wrapped around its numerous pretty islands) and a Mediterranean climate you have immeasurable tourism potential that as yet is being massively under-explored meaning that there is an entire marketplace for property investors to explore immediately.

From 2007 a number of UK and mainland Europe based cheap flight operators are opening routes across Croatia which will create accessibility and bring more tourists and therefore it is highly likely that this will increase the profile of the nation and result in a flourishing holiday and second home market as soon as the wider world realises just how stunning Croatia is. In the meantime it means there will be a demand for short term accommodation as well as tourism facing faculties and amenities offering an investor diversity.

The World Travel and Tourism Council have placed Croatia in the top five of all nations in terms of annualized real growth figures for travel and tourism demand from 2007 to 2016; Croatia is expected to achieve tourism demand growth of 7.6% a year for the next nine years meaning that here is a market ripe for property investor exploration in 2007.

One thing that may hold some back from committing to Croatia is the fact that unlike in some other emerging markets in Europe such as Romania for example, property prices in the most popular, populated and beautiful towns and cities in Croatia are already fairly high…but mortgages are widely available in Croatia for residents and non-residents and just a little distance away from the main centres of interest there are bargains galore. Another advantage that the ease of availability of mortgages has is that it means the local population has more access to property based finance and the local market in Croatia also demands property stock…this is good news for an investor. Why? Because tourism potential is good, but having a local market willing and able to take real estate stock off an investor’s hands in the future is even better news. Targeting this increasingly affluent nation an investor has a chance of generating sustainable and consistent returns from a commitment to Croatia for the medium term at least.

Another reason why property in Croatia will be big business in 2007 and beyond is because of an increase in the number of international businesses choosing locations such as Dubrovnik and Zagreb in Croatia as centres for near-shoring back office operations for example. Croatians are hard working, intelligent people who will currently work for lower rates of pay that their counterparts in the EU-15 for example and some companies are establishing operations in Croatia to tap into this labour force and are demanding commercial premises as well as pushing up local demand for residential stock.

Levels of foreign direct investment as well as the number of international companies setting up regional hubs in Croatia also represents a positive factor for investors to bear in mind. FDI and more jobs means a growing economy which often results in a more affluent nation who can and will afford rising real estate prices and rental rates as well…Croatia has already attracted leading international companies such as GlaxoSmithKline, IBM and Siemens, L’Oreal and Nestle to establish regional bases there and what’s possibly even more interesting is the fact that Croatia is becoming a centre for UK and EU domiciled overseas commuters.

The whole business environment is changing as the economy grows, there is active interest for commercial property from Grade A office space in Dubrovnik to logistics and warehousing space in Zagreb, and in the main economic hubs there is intense interest for decent property for sale and rent from an increasingly affluent local and expatriate professional class…could an investor want or expect any more opportunity from a single nation?

Rhiannon Williamson writes about property investment worldwide, to read more about property investment in Croatia in 2007 and beyond visit her site www.amberlamb.com

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Reasons Why Buying Property in Croatia is a Sound Investment
By Shane Barrett

Real estate investment is fast becoming an option for making money, and buying property in Croatia is being seen as a good investment choice. Croatia has a strong market economy and is considered to be one of the most advanced economies of South Eastern Europe since it became an independent country.

In earlier years, the rules and regulations governing buying property in Croatia was restrictive because Croatia used to be under foreign rule. Around 1990, this changed and the rules towards buying property in Croatian markets began to change. The liberalization of the rules made it possible for foreign investors to invest in real estate within the country. Foreign investors were initially reluctant to invest in the markets owing to the fact that the Croatian government was unstable. However, the liberal attitude of the government towards foreign investments could make the Croatian real estate market one of the most popular property markets for investors. Many real estate experts who have studied the progress of the Croatian property market have concluded that investing in residential property in Croatia today will have many benefits. The experts have also predicted, that overtime it is expected many foreigners will buy property in Croatia as the returns are predicted to be strong.

There are a number of trends amongst those buying property in Croatia. Property investment, coming from foreign nationals, was at first not usually seen within single-family home residential neighbourhoods. Foreign nationals tended to invest in apartments and properties in the countryside that could be used as a holiday home. However, the popularity of residential property amongst foreigners is showing a steady increase and the movement in this arena has been unhurried and premeditated.

Croatia has more than an attractive property market to offer investors. Croatia has been blessed with a natural beauty that has a pristine quality and an alluring charm. The fact that much of the flora and fauna of the country can be used to attract tourists from all over the world has made it an upcoming holiday destination. The climate is varied - in the interior regions the summers are hot and dry and the winters cold and humid. In the mountainous regions the summers are fresh and snow can be heavy in the winter times. In the costal regions the summers are hot and the winters mild and humid. Croatia is proving popular with tourists who want the sun and tourists who want to enjoy winter sports at the ski resorts. The Croatian government is now taking strong steps towards ensuring that the tourism sector of the country can be used to support its economy, and as a result, holiday homes, resorts and hotels are looking to be the next preferred investment option in the country.

Prior to buying property in Croatia, it is wise to do some research around the subject especially as there are several steps involved before a property can be purchased, which includes: an offer made and accepted, then property searches to verify that the property title is clean and undisputed; Ministry of Justice (MoJ) approval is required to verify the buyer is a citizen of an approved country; there is Land Registration and Real Estate Transfer Tax (RETT) to be paid, which is similar to UK Stamp Duty. In order to ensure the property is bought legally, it is advisable to hire the services of an English-speaking lawyer, and/or seek advice from an overseas holiday club as they have specialist information to hand.

Owning property overseas can be challenging but a rewarding experience at the same time. Buying property in Croatia is a country to seriously consider, as the future is only getting better.

Shane Barrett wrote the Article 'Reasons Why Buying Property in Croatia is a Sound Investment' and recommends you visit http://www.homesoverseas.co.uk for more information on buying property in Croatia.

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Thinking About Croatia Property Investment?
By Diana Hillary

With its sublime stretch of Adriatic coast, Croatia has long been regarded as one of the most beautiful parts of Europe. The war in early 1990s swept back the flourishing tourist industry and little by little visitors are flocking back to its string of coastal and island resorts. Best of all, is that Dubrovnik. And indeed Croatia has remained, in essence, a holiday paradise place, that has so far escaped the extremes of mass tourism.

Since Croatia has been becoming ever more popular as a holiday destination lately, foreign investments and interest in purchasing property, or real estate, in the country has also risen quite suddenly especially in recent years. The popularity of Croatia in terms of interest in buying property in Croatia is very understandable, when looking at the suburb geographical location of this Southern European country.

Croatian land and house prices in the country are still very favorable compared to other European ones. Especially on the Dalmatian islands where properties such as beautiful Croatia stone houses built in the traditional style. In other beautiful Croatia historic towns such as Dubrovnik, Hvar, Zadar or Korcula there are also excellent real estate and property purchase opportunities to acquire prime location real estate at reasonable prices. Interest of foreign investors in buying property in Croatia, including the small islands, grew up very quickly two years ago. Until then foreigners did not trust that this was a market worth investing.

Property in Croatia has risen in price by over 20% per annum over the last two years. This fact reflects increased popularity that Croatia now enjoys as a holiday home and profitable Croatia property investment base. This dynamic is supposed to continue, particularly as Croatia is being considered for get full EU membership by 2009. With the region's newfound stability and substantial new investment in infrastructure, such as motorways, hospitals, etc., all the forecasts are that Croatia property is set to rise in value quite considerably.

After several years people spending their holidays in Croatia have become more familiar with the country and are/will be more than happy to buy property in Croatia. Nowadays number of people seriously interested in property for sale in Croatia is showing a sharp increase, the number of real estate agents offering properties in one of the beautiful provinces is rising as well. This includes both Croatian real estate agents focusing on the international property market and international operating firms.

The popularity of this trend just serves as a highlight of the quality of the property developments being undertaken across Croatia and the depth of international interest that exists in the Croatian real estate sector. The Croatian property investment market seems to offer the impossible - a mature emerging market - and any international real estate investor searching for exciting opportunity should not miss the opportunity to invest into the rising star that is Croatia.

Diana Hillary, researcher studying international property markets, foreign investments to Croatia, Brazil property, Morocco property and other hot spots.

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Extreme Croatia - Snowboarding in Eastern Europe!
By Scott P Taylor

When you think of Croatia what is the first thing that comes to mind? For many, it's communism and the fight for independence that dominated the political landscape in the last part of the 20th century. For others who have the inside scoop, it's images of romantic white sand beaches along the Dalmatian Coast or the national parks and mountain landscapes that are unmatched anywhere in the world. But, did you know that Croatia is quickly becoming known as the world's hottest extreme adventure destinations for snowboarders?

In fact, snow-loving adrenaline junkies from all around th from the fluffiest powder to the gnarliest jumps and natural terrain parks for freeriding fun! e globe are discovering that Croatia is home to some of the best boarding available, everything

Croatia is a hidden gem - both when it comes to its amazing real estate market and its relatively unknown status as a snowboarding and skiing destination. But, those in the know are boarding planes, trains, and automobiles (dogsleds are optional) to get to one of the premiere snowboarding locales in all the world. They're keeping their mouths shut - sometimes not even telling their closest snowboarding cronies - because the pristine mountains of Croatia are just that delicious!

With a relatively low mountain altitude throughout the country, there are only a few destinations that you should concern yourself with. The following three locations are known worldwide by a select few as the best of the best in Croatian downhill for boarders.

Bjelolasica

Yes it's definitely a mouthful, but once you arrive, you won't care if you don't know how to say it or spell it because it's a boarder's ultimate dream. Home of the Croatian Olympic Centre, Bjelolasica is as good as place as any to strap on your board and point yourself downhill. Readily accessible from all regions of Croatia, this center of winter mountain activity is a staple in the Croatian landscape. Ironically, the Croatian ski team - which calls this mountain home - actually practice in Austria. But, don't let this discourage you - it just means that you'll have more space to practice your powder-filled descents.

Sljeme

Sljeme found in Zagreb is located on the northern slopes of Medvednica Mountain. Home of world cup events for skiing, it's a relatively unknown (equals great opportunity for you to cut your own line) in the snowboarding world. In the world-class resort, Sljeme offers you all the amenities you've come expect but is paired with a genuine Croatian hospitality that you'll be hard pressed to find anywhere else in the world. Whether on the mountain or in the lodge, this will definitely be an experience you'll never forget.

Velika

Head to Velika if you're into spicy sausage or off-the-beaten path snowboarding. With a love wine and fish, locals around Papuk Mountain can not only feed you well, but will point you to a great snow-filled vacation. Definitely not the biggest of mountains you'll ever board - truth be told, none of the Croatian mountains are equipped to shock you with sheer size - this is definitely one of the most quaint and pristine that you'll find anywhere in Europe. Remove all the glitz and glam you find throughout the Alps and replace it with a feeling of warmth and a slower pace of life and then you'll start to appreciate the magic of Velika and all the Croatian winter boarding destinations.

So, if you're headed to Croatia, take time to enjoy the timeless romance of the Adriatic Sea or the beauty of the hinterlands. Take in the remarkable national parks and infectious warmth of the quaint towns and local folks. Check out the amazing real estate bargains that can be found in every corner of this beautiful country. But, when you've had your fill of these more placid experiences, grab your board, head up to the mountains, and - even if you don't do it yourself - check out the thrill seekers and action heroes who are loving the newest cold spot to tear it up, Croatia!

International real estate expert and investor originally from San Diego, California, Scott P. Taylor is a world traveler and international real estate expert and investor living and working in Panama City, Panama. With years of experience traveling and investing in countries around the globe, Scott P. Taylor, is proud to announce the release of his highly acclaimed real estate eBook, Living and Investing in Croatia, and his new website, http://www.LiveAndInvestInCroatia.com - Taylor's eBook and site are quickly becoming the premiere online destination for individuals and investors from around the world who are ready to discover the joys of living and investing in Croatia.

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