The global recession of 2008 hit the Croatian property market hard, with prices falling between 25 and 50 percent, brokers said, but in the past few years it has begun to recover.
While Dubrovnik continues to be the pearl of the Adriatic, the coastal areas of Split and Istria have seen moderate price growth, said Marko Ljutic, research and marketing manager of the real estate brokerage Dream Estates Croatia.
Dubrovnik is the most expensive market in Croatia, agents say. Although prices fell as much as 30 percent after the 2008 global financial crisis, the market has stabilized in recent years.
“Anything well located and priced correctly is selling,” said Tim Coulson, the owner of First Property Croatia, a real estate company. “Supply is still very poor, with very little new development.”
Commercial property investment activity in Europe reached its highest level since 2007, totalling €102.5 billion in the first half of 2015, the latest market analysis report shows.
The investment volume across the 16 participating countries was 25% up on the same period last year, according to the European Investment Briefing report from international real estate advisor Savills.
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