Real Estate Market in Croatia: Prices and Trends

Citizens face difficulties in buying real estate due to prices, especially along the coast, while the easiest access to properties is in the Vukovar-Srijem County, as shown by the Economic Institute's market research last year.

Last year, 6.5% more transactions were made compared to the previous year, while the total value is measured in tens of billions of kuna.

Most property transactions in recent years have occurred in large cities and the Littoral. The total value of properties sold in the previous year was nearly 40 billion kuna. There was the most buying of apartments, building land, and houses. Prices have been uneven.

The growth of property prices is linked to the intensity of tourist activities, i.e., in those local government units where a higher intensity is recorded, which is measured by the number of tourist overnight stays, and these have also recorded higher property prices, according to Ivana Rašić, Economist at the Institute in Zagreb.

Property prices in 2019: the most expensive was Dubrovnik with 18,000 kuna per square meter, while the cheapest was Vukovar with 4,500 kuna per square meter.

Last year, Dubrovnik was the most expensive, while Vukovar was the cheapest. For one square meter of a one-room apartment in the far south, in Slavonia, it was possible to buy for around 4 kuna. According to the research, the growth of prices has stopped, but they are not falling. There are fewer buyers.

The sellers are still reluctant to adapt to the situation on the market; prices have reached a certain level, and what can be expected depending on the tourist season is that prices will probably start to fall in the autumn, explains Željko Uhlir, State Secretary at the Ministry of Construction and Spatial Planning.

It is possible that in the 2020 year we will see stagnation in prices, and that prices will start to decrease only in subsequent years, especially if this crisis lasts, says Maruška Vizek, Director of the Economic Institute in Zagreb.

Due to the crisis caused by the coronavirus and the earthquake, the interest of buyers is changing. More people are looking for building land and houses in the vicinity of larger cities.

In line with this, it may also be interesting in Slavonia, but in any case, cities are still the most interesting, and that is where the most business is done, says Boro Vujović, the Association of Real Estate Business at the Chamber of Commerce and Industry.

(Source: vijesti.hrt.hr)

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