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The Close Visit Of King Harald V And Queen Sonya Of Norway To Croatia Has Lifted The Profile Of Development Plans To Turn Land Near Sucuraj, On The Eastern End Of Hvar Island, Into A Resort Rivaling Cannes
An imminent royal trip to Croatia from the King and Queen of Norway highlights the development on eastern Hvar near Sucuraj, billed as the new Cannes. The royal couple are due on an official trip to Zagreb and the seaside town of Sibenik on May 12-13, accompanied by a hundred Norwegian businessmen, who are investigating investment opportunities in the former-Yugoslav republic as reported suite101.com.
Croatia is becoming more favored as a holiday location. Curious about buying a house on an Croatian island, flat in a quiet Dalmatian town, commercial property in Dalmatia or land plot for a larger investment? According to the Law of Croatia real estate, foreign voters and companies can be owners of real-estate in all the teritory of Republic Croatia (Istria, Kvarner, Dalmatia, Continental Croatia, and all Croatian islands).
Croatian property enquiries for the winter period of 2010 to 2011 are up from the year before. They're still a long way from pre crisis levels but a serious rise never the less. Transaction volumes are still low but the amount of sales converted is rising and stockholders who have been showing interest during the past twelve months are beginning to commit. With improving industrial conditions worldwide and a signs that confidence is returning in Europe, all be it slowly and carefully, it might appear that the trend should continue in 2011.
One thing's for sure, Croatian property agents are really working for their commission. This is no bad thing. It has reduced the quantity of players in the market considerably. It has raised the standards as customers ask considerably more questions, and in general look far closer at worth. This has forced Croatian real estate agents to be more competent, informed and supplied with reasoned arguments rather than the standard sales patter. It has also helped regulate the Croatian property market slightly better as prices paid are realistic. There are no men with black brief cases lurking round the corner prepared to pay five times more than the property is essentially worth. Those times are well behind us and happily so.
Pricewise, without regard for reports of falls of between 5% and 10%, in reality Croatian property prices have fallen more like 20% to 30%. The reason behind the disparity is due to publicized and real sales values. This is particularly true for properties in Croatia coastal locations where a lot of the property is acquired by foreigners and where exchange volumes are so low that information is constrained, so much so it is tough to appraise. Additionally the existing system of monitoring Croatian real-estate prices is reasonably ineffectual because of a shortage of accurate information. The key source of data is that of the tax office, where contractual prices of Croatian property sold are registered. However , the practice of manipulating contractual prices for tax purposes is still commonly found in Croatia making available data unreliable.
In the seaside locations, foreign property owners are loads more inclined to drop prices. Most of them have experience similar price drops in their domestic markets and have swiftly become used to the idea property is worth less than it used to be and that prices are relative. For example a significant number of foreign owners have sold property in Croatia, to exploit dropping prices at home, preferring to reinvest locally. We see this trend continuing all though 2011.
When considering the Croatian property market direction for 2011, it's also vital to take a look at Croatia's economic and political situation. Now Croatia is going thru its own crisis of confidence, not least with the economy. However , considering the state of plenty of the other marginal European economies as well as it's comparative size, Croatia is not alone. It is no worse than Greece, Eire, Portugal, Spain and possibly Belgium and is perhaps better in several examples. The country actually has not been bailed out by the Western European Union or Global Financial Fund yet Moreover, as the EU is trying to introduce a rather more strategic and coordinated commercial policy approach, Croatia, shortly to be a member, should benefit.
Additionally Croatia is tackling the issue of corruption head on. There have been numerous high profile arrests including the arrest of Ivo Sanader the former prime minister, as well as a number of his ex ministers and it looks like this is just the start . With the press now having free reign in the democratic process stories of new state officials and their mysterious wealth are hitting the headlines on a consistent basis. It would seem that Croatia is somewhat unique with respect to its open tries to tackle corruption. Born by it's need and drive to join the EU Union Croatia, unlike Romania and Bulgaria, as well as some of the more established states of the EU, has needed to be brave and cope with this difficult problem upfront of Croatia EU Advent.
This has understandably caused some negative sentiment from foreign financiers short term. But then financiers are being wary for a similar reasons they're wary pretty much everywhere in Europe at the moment. We only truly see this changing once the banks start to lend again bringing with it a change in sentiment. This is particularly the argument for the second houses market. Nevertheless medium to long term, and more specifically after Croatia joins the EU end of 2012, things will definitely improve.
How will this affect the Croatia property market? Short term we are expecting there to be continued downward strain on property prices in Croatia, but with exchange volumes rising as customers and investors look to use bargains as well as some solid Croatian property investing opportunities. This is true for both the foreign and domestic customers. Medium term we expect to see Croatia join the EU, but it remains to be seen how much of a repercussion on Croatian real-estate prices it'll have. There are 2 distinct probabilities, a modest and stable effect or an inflationary drive. It'll largely depend on the EU itself and if it is in a position to resolve it's own issues and repair confidence in its own capability to manage and unify it's members on the necessary money regulation in order to stop the same sovereign debt issues some of it's members are presently facing, and very significantly the impact which has on it's other members and the EU itself.
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