New Croatian property law to be passed for EU citizens
According to a report recently released by the Croatian National Bank average property prices have increased substantially in Croatia over the past 10 years.
A bulk increase of 61.6% in property prices in Croatia occurred when the country applied for European Membership and became an official candidate in 2004.
It is predicted that the country is to experience further capital growth in the New Year with the Croatian Government taking the decision to grant EU member States with the same property buying rights as its own citizens. The new law due to come into effect from the 1st of February 2009 will enable European Union Citizens to buy property in Croatia on the same basis as Croatians.
Along with the popularity of the Adriatic resorts and Dalmatian Islands the capital city of Zagreb and the southern city Dubrovnik are two of Croatia’s top property hotspots, meaning that their property prices are expected to grow considerably within a short space of time. Dubrovnik remains the most expensive location. Property there is selling at up to €6,000 per square meter. Further down the coast Croatian properties are much more affordable with prices rarely topping €2,000 per square meter while an apartment located downtown Zagreb has an average price tag of €2,500 euro square meter.
Croatia has long been regarded as one of the most beautiful parts of Europe with its sublime stretch of Adriatic coast. In recent years is has become ever more popular as a holiday destination which has lead to an interest in purchasing property in the country. Last year alone Croatia attracted in the region of ten million tourists and according to the World Travel and Tourism Council, tourism in the country is set to rise annually by 8% between now and 2015.
With the removal of the current restrictions in place and with the introduction of a new law regarding the purchase of property, home buying in the Balkan state will now be easier for the European holiday maker and investor alike and undoubtedly Croatia property will become more attractive to a larger international market.
Adriatic Riviera