The Croatian National Bank recently released a report on property prices in the country, and over the past decade prices have risen substantially. The dramatic rise in real estate has been driven by property on the AdriaticCoast of the country, a popular holiday and second home destination for many throughout Europe.
Over the past 10 years, property prices have risen 89.9% according to the bank’s report. The bulk of that increase, 61.6%, has come since 2004, making the past few years some of the best ever for Croatian property owners and investors. 2006 saw the largest increase, with a rise of 16.2% for the year.
In addition to the popularity of the Adriatic resorts and DalmatianIslands, the capital city of Zagreb is another property hotspot for the country. In the second half of 2007, apartments in downtown Zagreb fetched an average price of €2,300 per square meter, against €1,400 five years earlier.
Croatia is looking to join the EU by the end of the decade, which will help to open the market and increase property values even more. The country is planning to open up the real estate market to all EU members by early 2009. This will help investors and those who want a place in this popular location.
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