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Post by Anna on Feb 2, 2005 15:52:26 GMT 1
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 Croatian 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.
The whole market 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, 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, 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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In a side column, the newspaper, the neglected (but beautiful!) province of Lika, which is halfway between Zagreb and Split, suddenly increased in popularity due to the new motorway. This unspoilt area has huge potential and prices have doubled in the last year. However, it was still possible to purchase a house or apartment for only €550 per sq. m.
Ivan Bizanovic, from Lika Nekretnina agency, feels that prices may increase to €700 per sq. m. this year. He quotes a foreign investor who wants to buy 20,000 sq. m. of land, where he would build accommodation for his employees: because of the pristine surroundings, the nearby Adriatic sea, skiing facilities at Bjelolasica and hiking in the beautiful Velebit mountains. Bizanovic claims that the province of Lika, the most backward region of Croatia up until now, will have a booming property market.
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Post by Culchie on Feb 2, 2005 16:13:18 GMT 1
I can't see how he expects a 'bouyant' property market in 2004 (up 24%) to fall 30% in 2005 .... and this guy is the president of The Croatian Association of Property Agents .... and he wants them to fall 30% !!!
LOL !!! ....LMAO ! (had to use that internet speak, it was appropiate!)
This guy can't be either (a) not too popular with his members or (b) have much credibility if he's talking drivel like that or (c) was after having a very hefty liquid lunch
On an other thread, Croatia is top of the pops with The Lonely Planet Guide, all tour operators putting on extra flights to Croatia.
We've been hearing the 'bubble' is going to burst in the property market in Ireland for the last 12 years now, good job I didn't listen to that advice I can tell you.
Zagreb 18%, Coast 52%, Land 240% ..... and this is called stagnation ..... well come here, I'll have plenty of that stagnation thank you very much.
Hmm maybe I should leave my money on deposit in the bank, ..... errr I don't think so !
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Post by Mirko on Feb 2, 2005 18:57:48 GMT 1
The President of the CRO Estate Agents, most likely, feels that if the property prices would go down they would sell more properties.
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Post by Culchie on Feb 2, 2005 21:57:16 GMT 1
Well if that's his reasoning he definitely should be sacked. It is far easier to sell property in a market doing well, than in a market where property prices are decreasing....who in their right mind would put money into a property if they thought it would be worth less the following year   |
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Post by Andypandy on Feb 3, 2005 14:16:19 GMT 1
Anna,
I agree that the Lika region and between Karlovac Slunj area, especially Mreznica, is the most beautiful place in the World. However there is a big problem regards mines.
I spoke once on the Zagreb Split bus, to a war veteran that said that they forgot where they put the mines and a few days later one of his comrades stepped on their own mines.
As these mines will lay undetected until trodden on or cleared, a huge problem ramins. With so many mines covering such a large area it will be impossible to clear them all and the problem will remain for decades.
Its such a shame and I think a priority should be cleaning mined regions. Hoever even this will never be 100% effective. All my Cro frienmds say never stray off main roads in this region. Only a few motnh ago a large hoarding of bombs and ordnance was found in Lika.
So to invest anywhere there I think you need to have your head tested. Whats the point in living in a nice region where you have to go only to cafes and cant walk around in the beautiful but dangerous countryside?
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Post by alsdoubles on Feb 4, 2005 0:31:28 GMT 1
PS. There ISN'T one. End of story. NO property market. NONE, zero, zilch. Not for aliens. But there will be...maybe, I hope!
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Post by Anna on Feb 4, 2005 16:31:27 GMT 1
In all Croatia newspapers today, the latest statistics on foreign purchases of property in Croatia were published.
The Ministry of Foreign Affairs yesterday announced that in the last 10 years, there were 3,444 permissions granted to foreigners to buy property. This figure, however, is not accurate as according to unofficial estimates, at least the same number again bought property through the company route. As these companies are registered in Croatia, the purchasers are not considered to be foreign nationals. In this case, no approval from the ministry of foreign affairs in necessary.
In the last 10 years, most private buyers were from Germany (1,869); then Austrians (683); Hungarians; US citizens; Danish; Bosnians; and from the UK.
Slobodna Dalmacija, the daily newspaper from Split, mentions that this still amounts to only a tiny proportion of foreign buyers as in Spain, 3.6 million properties are owned by foreigners; UK citizens account for 15% of this, Germans 4% and the French 3%.
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Post by irac on Feb 4, 2005 19:48:34 GMT 1
The property market has been overheated in the South, especially Dubrovnik for 2 years now and like Culchie says, in Ireland they have been speaking about bubbles bursting for years, so prices are bound to rise, and as in Ireland, areas that were previously unsettled are now coming into the range of buyers.
As for mines, well, if the true number were ever announced there'd be such a ruckus, like the more than 1,000,000 mines around Karlovac and the former border area, and that's not to bring intot he equation those left untouched in Plitvice. But where there's a will....
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Post by Culchie on Feb 4, 2005 23:10:30 GMT 1
The property market has been overheated in the South, especially Dubrovnik for 2 years now and like Culchie says, in Ireland they have been speaking about bubbles bursting for years, so prices are bound to rise, and as in Ireland, areas that were previously unsettled are now coming into the range of buyers. As for mines, well, if the true number were ever announced there'd be such a ruckus, like the more than 1,000,000 mines around Karlovac and the former border area, and that's not to bring intot he equation those left untouched in Plitvice. But where there's a will.... 'Overheated ?' ..... Again very subjective comment, if people are still purchasing, prices still going up....is this overheating ....maybe so. You can't make land.... so if property comes available on the sea, there will always be a demand for it, even in the most remotest parts. Some inland area of Croatia, and any country for that matter, there may never be a demand. Location, Location, Location. Cheap does not equal value, or good investment |
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Post by alsdoubles on Feb 5, 2005 1:48:16 GMT 1
All wrong. There are millions of houses for sale, for peanuts. And you CAN'T buy them. Well you can. But...I repeat. No property market, other than the created one by aliens to the country who wish they hadn't. My property is 'allegedly' going to appreciate 6 times in value in the next three years. So the 'in the know' locals tell me. And I can see the development out the window. Megamoney development. I don't believe them. I couldn't give it away. Well, maybe I could.........Tell the truth guys, as you know it.....Don't make up science fiction for the mugs.....
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Post by LoveU2 on Feb 5, 2005 6:17:36 GMT 1
All wrong. There are millions of houses for sale, for peanuts. And you CAN'T buy them. Well you can. But...I repeat. No property market, other than the created one by aliens to the country who wish they hadn't. My property is 'allegedly' going to appreciate 6 times in value in the next three years. So the 'in the know' locals tell me. And I can see the development out the window. Megamoney development. I don't believe them. I couldn't give it away. Well, maybe I could.........Tell the truth guys, as you know it.....Don't make up science fiction for the mugs..... Baldrick, what is your idea of peanuts? $100,000 usd is that peanuts? $300,000 is that peanuts? Please do tell! |
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Post by alsdoubles on Feb 5, 2005 22:11:04 GMT 1
Yawn...groan...Ha ha ha, he he he...Just to make LOVEoneself2 feel at home.
I looked at about a dozen properties a year ago, 25-35-50000 Euros. They're still for sale, but the rooves have leaked another lake load in in the meantime.
That's peanuts.
No smilies.......
Oh and by the way. If you buy a complete wreck the labour costs, if you find the right team, are doubly peanuts. IF you find the right team. So you could build up a wreck and it still wouldn't stand you at more than peanuts.
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Post by Mirko on Feb 5, 2005 22:49:21 GMT 1
I do not know if anyone is interested in this data: according to the CRO State Statistical Board 86% of Croatian families own they own properties, and less than 10% of this number have mortgages or other loans over their properties.
Incredible IMO!
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Post by alsdoubles on Feb 6, 2005 0:33:28 GMT 1
I do not know if anyone is interested in this data: according to the CRO State Statistical Board 86% of Croatian families own they own properties, and less than 10% of this number have mortgages or other loans over their properties. Incredible IMO! Mirko, I believe you. In the year I have been here, 80% of the people who I have met own not one, but two and even three properties, through the 'family system'. Yet many of them can't even afford to buy shoes. So I believe you. No criticism in that. It's just how it is. And of course, some of the properties are now being knocked down as illegal. And if that should become widespread I doubt there would be much left standing!That's just the way it is.........Hvala bogu eh? |
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Post by LoveU2 on Feb 6, 2005 8:30:38 GMT 1
Yawn...groan...Ha ha ha, he he he...Just to make LOVEoneself2 feel at home. I looked at about a dozen properties a year ago, 25-35-50000 Euros. They're still for sale, but the rooves have leaked another lake load in in the meantime. That's peanuts. No smilies....... Oh and by the way. If you buy a complete wreck the labour costs, if you find the right team, are doubly peanuts. IF you find the right team. So you could build up a wreck and it still wouldn't stand you at more than peanuts. I don't know what kind of properties you looked at for that amount of money but I am NOT talking about a card board box in the middle of a mine field  ... I am talking about a real home in livable condition. Not some dump.... You also say it is cheap to fix one of these dumps(homes) .... Are you sure you live in Croatia.... Building permits are expensive and it is not cheap to build. It might be inexpensive to build if you get your family and friends to help do the work. (slave labor ;D) By the baldrick  are'nt you the one that is always complaining about how expensive everything is? OOhhh and I also forgot to ask you something else, you keep complaining of the cold (there in Sibinek) I did not think your home would be cold with all that heinz bean eating goin on! ;D Love myself and U2.......hehehehe! |
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... I am talking about a real home in livable condition. Not some dump.... You also say it is cheap to fix one of these dumps(homes) .... Are you sure you live in Croatia.... Building permits are expensive and it is not cheap to build.
are'nt you the one that is always complaining about how expensive everything is?