The situation on the market is very interesting. There are many buyers, but not enough good and quality properties. Currently, five key factors are influencing the real estate market - tighter conditions for obtaining residential loans, APN subsidized loans, and of course, the Zagreb earthquake, COVID, and the result of the tourist season.

Demand for houses and land has increased, while demand for old apartments in the Center has decreased, as a direct consequence of the coronavirus and the earthquake.

During the isolation measures, many people preferred to have a house instead of a flat, and one with a garden. Life in a house, as a rule, offers greater comfort for residents in terms of available floor area, greater privacy, use of a garden, a private parking or garage space, etc. When choosing a house, besides location, buyers are primarily concerned with the plot area, house area, and its concept.

Banks have tightened credit conditions, and this can be seen on the smaller amounts that clients are able to get. Most banks have reduced the amount of the assessment and the approved amount of financing, which is now 1:0.8. Some banks only approve loans for their clients.

The fact is that there are not many houses on the market that have complete documentation. It is certainly necessary to verify - an excerpt from the land register, building permit or other relevant act for construction, utilization permit, and energy certificate.

Buyers planning to buy a property and are creditworthy should take advantage of subsidized financing in the new round announced at the end of September 2020.

APN has so far shown a rise in prices. The indicators we follow show that this time there will not be a price increase, as there is a smaller pool of buyers of apartments after a successful tourist season. Many buyers who were counting on APN have already secured their property and are waiting for subsidies.

Corona will have its impact on the entire economy and the real estate market.

If there is a major drop in the economy, it's certain to have an impact on the market and prices.

What is currently visible is the rise in prices of agricultural land and houses in Lika and Gorski kotar.

It may happen that prices of a certain segment of "worse" properties will drop. In general, we have a very interesting period on the real estate market.

Autor: Boro Vujović

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