Author: Jelena Kravoščanec Todorović Zagreb is the largest city of Croatia, and when talking about the real estate market, we can say it's also the city with the largest real estate sales and the largest market. The prices of real estate properties in Zagreb are, on average, higher than in other cities in continental Croatia. However, this is not unusual, given the exceptionally high demand for properties. Everyone wants an apartment in Zagreb. In addition to searching for real estate for living or occasional stay, many buy them as an investment for long-term or short-term rental. Considering the low interest rates in banks, a rented apartment provides much higher returns on investment. Especially if it's converted into an apartment and rented by the day. Of course, it's necessary to mention that the rise in the number of tourists in the city is also reflected in the real estate market. The tourist traffic in Zagreb is growing faster than in the rest of Croatia, on average by 12% per year, while that number for the rest of the country is, on average, around 5.5% per year. Guests, besides using accommodation in hotels and hostels, are increasingly using private accommodation. As a result, there are almost no apartments for long-term rent in Donji and Gornji Grad, or there are at significantly higher prices than a few years ago. The city center is certainly the most attractive, but apartments for short-term rent are also being rented out in other parts of the city, which is one of the reasons for the current higher prices of long-term rentals. Therefore, the average rent price is higher by 10% compared to 2016. It's interesting to note that in 2013, there were 250 registered housing units available, and today there are 3,000, and that number is still growing. We can certainly say that the market has completely turned and from the buyer's market it has become the seller's market that today dictates the terms. Currently, there is greater demand for high-quality properties in good locations than there are on the market, which results in good properties in good locations may reach a higher price than the current market price, and it will find a buyer in a very short time. Again, buyers are most interested in properties in the tram zone, and the least sought-after quarters in the city are those that are outside the tram zone and have no accompanying infrastructure for family life. According to statistics, the western part of the city has recorded the smallest change in prices of 2.9%, while the largest annual change has been recorded in New Zagreb, where prices were around 6% higher than in 2016. On the eastern part of the city, prices rose by 4% on an annual basis. And while the price of apartments is slowly rising, with the average price of an apartment in Zagreb being 1480€/m2, in the same time, the value of houses does not show significant growth. The average sought-after price of a house is, on average, 20% lower than the price of an apartment. The most sought-after houses in the Zagreb area are small family houses with modern design, such as those that are the least, and there are many traditional family houses, multi-story houses that were once built, but are no longer of interest to the market. Despite the low demand for houses, sellers still have high expectations, which ultimately results in an uncomparable lower sale in relation to apartments. Compared to previous years, it is clear that there is a larger number of new buildings on the market, and this year an additional increase in newly built properties is expected. Investors prefer locations that are within the tram zone, or within newly built quarters that have ensure an accompanying infrastructure. Aware of the possibility of competition on the market, they can secure only with proper documentation and quality execution, which is not always the case in the previous years. All rights reserved © opereta.hr

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