Post by Anna on Mar 13, 2006 20:20:08 GMT 1
Istria
The Istrian peninsula, is a beautiful province and considered the Tuscany of Croatia. More so, it has strong Italian influences, having been ruled by Italy between 1919 and the end of World War II.
As this area is relatively close to Austria and Germany (e.g. a few hours' car drive from Austria), it was one of the first locations in Croatia that received significant interest in property. Property used to be extremely cheap - old Istrian stone houses could be bought for £20,000 ten years ago. (Now, some of them go for 10 times this amount!)
Apartments by the sea go for €2,000 per sq. m., whilst old Istrian houses are rarely available these days. The most popular locations are Umag, Porec and Rovinj. However, building plots are available in the Pula area and are not expensive at €20 per sq. m. (These plots are not by the sea, of course!)
Rijeka's daily newspaper, Novi List, comments on an interesting development in Rovinj, one of the loveliest resorts in Istria. Until the end of World War II, the population of Rovinj was predominantly Italian. Forced to do so by the Yugoslavian government, many abandoned their properties and returned to Italy. A significant number of high ranking of Serbian politicans and other dignitaries occupied these properties and managed to take legal possession. As the war of Croatian independence started, almost all Serbs left Rovinj and many abandoned properties were occupied by refugees from the war. Serbian owners tried to sell their property at any price and this was taken advantage of by some Croats and many Italians, although the latter were not legally allowed to buy but did so anyway through various loopholes. It is now estimated that several hundred properties in Rovinj town are in Italian ownership. Novi List mentions that one person owns over 20 apartments, which they rent out during the summer season.
Property prices in Rovinj are extremely high, at about €2,400 per sq. m. which is higher than Zagreb, Rijeka or Split.
Citizens of Austria, Germany and lately the UK are the most likely purchasers of property in Rovinj. Novi List mentions that UK citizens are the most "generous" and most "cultured" of purchasers. They are more likely to buy properties for their own use and not for investment.
Rijeka area
The old-established resort of Opatija is a true gem, and it achieves the highest prices in the region. Apartments in old villas go for over €3,000 per sq. m. and less attractive apartments go for €1,400 to €3,000 per sq. m.
Building plots cost €150+ per sq. m. but there is no strong demand for them due to strict building regulations.
There is considerable demand for old houses in the Crikvenica area, in places like Bribir, Grizan and Tribalj, which are more in the interior but only about 5 minutes by car to the sea.
An absolute hit are old Primorje houses of about 60 sq. m. with garden and some additional land. These go for only €30,000.
In conclusion:
Demand for property on the Adriatic coast will increase even more in 2006, in large part due to budget airlines' new flights to Croatian airports. Prices will increase even further.
The Istrian peninsula, is a beautiful province and considered the Tuscany of Croatia. More so, it has strong Italian influences, having been ruled by Italy between 1919 and the end of World War II.
As this area is relatively close to Austria and Germany (e.g. a few hours' car drive from Austria), it was one of the first locations in Croatia that received significant interest in property. Property used to be extremely cheap - old Istrian stone houses could be bought for £20,000 ten years ago. (Now, some of them go for 10 times this amount!)
Apartments by the sea go for €2,000 per sq. m., whilst old Istrian houses are rarely available these days. The most popular locations are Umag, Porec and Rovinj. However, building plots are available in the Pula area and are not expensive at €20 per sq. m. (These plots are not by the sea, of course!)
Rijeka's daily newspaper, Novi List, comments on an interesting development in Rovinj, one of the loveliest resorts in Istria. Until the end of World War II, the population of Rovinj was predominantly Italian. Forced to do so by the Yugoslavian government, many abandoned their properties and returned to Italy. A significant number of high ranking of Serbian politicans and other dignitaries occupied these properties and managed to take legal possession. As the war of Croatian independence started, almost all Serbs left Rovinj and many abandoned properties were occupied by refugees from the war. Serbian owners tried to sell their property at any price and this was taken advantage of by some Croats and many Italians, although the latter were not legally allowed to buy but did so anyway through various loopholes. It is now estimated that several hundred properties in Rovinj town are in Italian ownership. Novi List mentions that one person owns over 20 apartments, which they rent out during the summer season.
Property prices in Rovinj are extremely high, at about €2,400 per sq. m. which is higher than Zagreb, Rijeka or Split.
Citizens of Austria, Germany and lately the UK are the most likely purchasers of property in Rovinj. Novi List mentions that UK citizens are the most "generous" and most "cultured" of purchasers. They are more likely to buy properties for their own use and not for investment.
Rijeka area
The old-established resort of Opatija is a true gem, and it achieves the highest prices in the region. Apartments in old villas go for over €3,000 per sq. m. and less attractive apartments go for €1,400 to €3,000 per sq. m.
Building plots cost €150+ per sq. m. but there is no strong demand for them due to strict building regulations.
There is considerable demand for old houses in the Crikvenica area, in places like Bribir, Grizan and Tribalj, which are more in the interior but only about 5 minutes by car to the sea.
An absolute hit are old Primorje houses of about 60 sq. m. with garden and some additional land. These go for only €30,000.
In conclusion:
Demand for property on the Adriatic coast will increase even more in 2006, in large part due to budget airlines' new flights to Croatian airports. Prices will increase even further.
