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Croatia is among the top 10 residential property markets that are up and coming according to the 2008 Knight Frank Annual Wealth Report. On the national level, in 2007 the residential prices rose 5.4%; on the Adriatic coast, they rose 12.4%. The global House Price index saw a growth of 5.8% in the second quarter of 2008.

Due to the improved transportation links and establishment of international businesses in Zagreb, there has been a steady increase in the affluence of lifestyle in the area, which is seen in the annual 15% growth in the cost of residential properties.

Croatia, which has been called “one of Europe’s best kept secrets” by The Times, underwent a great real estate market surge in 2007, when the average price of new housing went up twenty six percent.

According to Henley & Partners, international property consultants based in Zurich, it is expected that the Croatian real estate prices will rise an average of 100% to 150% over the next several years.

Moving towards European Union acceptance, it is expected that there will be deregulation on the restrictions regarding foreign ownership of property in Croatia, which will increase the opportunities for buyers on the international property investment market.

While the current economy is driven primarily by tourism and the manufacturing industry, as the government moves closer to European Union acceptance it has prioritized reforms in the real estate market, which is expected to become one of the driving forces behind the Croatian economy in the future.

By yanam49

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