Apartment sale and lease back open day in Hotel Labineca Gradac on the 24th of June 2011
Program:
- 10.00 Meeting at the hotel reception and welcome drink
- 10.30 Visiting the apartments and the hotel
- 11.30 Presentation of Sale and Leaseback concept and contracts, after casual discussion
We are happy to show you our apartments any time, after prior consultation.
For any further information please do not hesitate to contact us!
Croatia recommended to second home buyers
Croatia has been described as "a stunning, beautiful, dramatic and incredibly
fascinating country" that is great for second home buyers and retirees.
Although the cost of real estate has risen, the day-to-day cost of living in
Croatia has remained flat, while retaining a "fabulous" quality of life,
according to Amberlamb.
"The pace of life is slower, the climate is more attractive than the British
climate for example, and the people are welcoming," said director Rhiannon
Davies.
Furthermore, Croatia's transport infrastructure and healthcare are improving,
which means the country is well on the way to becoming an overseas retirement
hotspot once it becomes a member of the EU, possibly in 2010.
"It is rising in terms of its appeal among would-be overseas retirees," she
added.
According to the Croatian tourist board, around 11 million tourists visited
Croatia between January and November 2007, up eight per cent on the same period
in 2006.
Meanwhile, the EU has agreed to invest millions of euros in Croatia's tourism
industry.
Source: Home-Away, Holiday-Rentals
Croatia Real Estate: The Mediterranean As It Once Was
Just a little more than a decade ago, Croatia was just one of the provinces of
Yugoslavia embroiled in a ferocious civil war. Few could have guessed that
Croatia would become a popular tourist destination once the confict ceased. Now,
with the slogan, "The Mediterranean as it once was," the country bills itself as
an alternative destination to its more developed and better known Western
European counterparts, such as Greece and Italy.
Tourists seem to have gotten the message and are flocking to the country. Second
home buyers and property investors have taken note too and have their eyes on
Croatia's unspoiled coast. In recent years, locals have taken seriousy the
preservation of the stunning beauty of coastal towns, such as historic
Dubrovnik, and the classic architecture of larger cities - which ranges from
medieval to art nouveau in the capital, Zagreb. As the market slows and
developers and speculators become scarce - and perhaps less scrupulous - it will be
interesting to see if this commitment to preserving the country's character will
persist. Local pride and optimism about the country's future will certainly help
keep this charactr intact, but so could the considerable obstacles in the
property market - which could unfortunately deter even the most
responsible foreign buyers.
Real estate in Croatia
Most foreign buyers in Croatia come from Western Europe because of its proximity
as a vacation home destination. It is no wonder then that the credit crisis has
severely affected the property market and caused a significant sales slowdown.
"As in many Mediterranean countries, the property market in Croatia is a bit
slow at the moment. There aren't many sales and purchases being made these days.
We believe it is due to the current financial crisis that has hit our
West-European target markets," said Ivana Nesic from Adriatic Estate Consulting,
a real estate company located Zagreb, the capital of Croatia.
There are many reasons why international buyers may find Croatia an interesting
property market. For one, prices are lower than most comparable European
destinations with similar natural and cultural resources, which leaves
substantial room for growth.
"Property prices are still much lower than in Western European [countries such
as] Italy, Spain and France. Prices of properties in the aforesaid countries are
not likely to rise much in the future, whereas in Croatia they are expected to
rise," said Nesic. The fact that the country remains relatively underdeveloped
is another big draw. "The Croatian coast is considered to be least affected with
overbuilt areas and it still has that old Mediterranean charm."
Relatively affordable properties notwithstanding, buying can be difficult for
foreign investors. Croatia was a new addition to the Jones Lang LaSalle 2008
Global Real Estate Transparency Index and ranked as only a 'semi-transparent'
market. The real estate sector is not well developed, according to Nenad
Dracevac, a lawyer and a legal consultant at Adriatic Invest, a company
specializing in real estate investment consulting in Croatia, and there is still
much red tape involved in acquiring property in the country. However, there
remain many opportunities for buyers who can endure the delays and hassles of
the buying process.
"In coastal areas and islands prices are going up very rapidly. For example land
can be sold for many times the original price after just one or two years.
Croatia will enter the EU in the next several years which will raise [real
estate] prices," said Dracevac. Still, current prices are not cheap by any
means. "A typical two-bedroom flat with the average surface of 70 square meters
costs about 160-170 thousand Euros," said Nesic.
Buying real estate in Croatia
As of February 2009, a new law makes it possible for non-citizens to buy
property in Croatia in their name, according to Property Wire. However,
confusion remains regarding whether the new law applies to all international
buyers or to European Union citizens exclusively.
"As of [February first], only EU citizens can freely buy real estate in Croatia.
For other citizens there is [a] special procedure at state offices before they
are entitled as owners in land books," said Dracevac.
Under previous restrictions, only foreigners whose countries allow Croatians to
buy property were allowed to purchase real estate in the country. Even then,
they had to found a company under which the property must be registered. It is
predicted that freeing the market from such restrictions will encourage growth.
Dracevac recommends that people who want to buy property in Croatia, "be
familiar with the market and have knowledge about it to avoid loss of money and
time." He notes that, "There is a substantial number of properties that don't
have valid building permits," and it is best, "to hire an estate agency that
will make sure the documentation of the property...is in order."
Nesic adds that, "The estate agency can also take care of the agreement on sale
and purchase of the property and all other legal issues."
Looking ahead
Croatia may be, "The Mediterranean as it once was," but now the question is what
the country "will be" as it develops. The market is quiet for now, according to
Nesic. As in most real estate markets worldwide, the number of international
buyers has dwindled during the global economic crisis. However, long-term growth
seems assured to many, Nesic being one.
"We believe that as the financial crisis diminishes and as the process of
Croatia becoming an EU member enters its final stage, the prices of properties
will be on the rise again."
Source: Nu wire investor
Written by: Yemisrach Kifle
