More and more foreigners are buying property
in Croatia attracted by the prospect of Croatia joining the European
Union. Some are even buying whole islands, of
which there are more than 1,000, as Robert de Niro, Clint Eastwood
and Sharon Stone are rumoured to have done.
Regarded as the most reliable bet for second homes in Eastern
Europe, among its many charms are breathtaking, though seldom
sandy, beaches and Venetian-style towns. Dubrovnik has a picturesque
Old Town, while the Slovenian Alps villages attract winter sports
fans.
English is widely spoken in the main tourist
areas, but the language barrier can be frustrating elsewhere,
and prices are high compared with other Eastern European countries.
Although there are plenty of direct flights from the UK, transport
to many islands is poor. Generally you either have to set up a
company to buy property or obtain permission from the Ministry
of Foreign Affairs, which can take up to a year. Political instability,
however, remains a risk.
Properties commonly vary from beach side and
city apartments to spacious, detached villas and rambling rural
piles. Foreign buyers typically focus on the picturesque Dalmatian
and Istrian coasts, especially the better resorts such as Tucepi,
Brela, Porec, Rovinj and Pula, which is famous for its Roman amphitheater.
Brac, the largest Dalmatian island, and Hvar, known for its vineyards
and lavender fields, are popular. Prices have been rising spectacularly - by around
40 per cent in 2003 - and buyers should move fast. Flats in new
developments on popular islands such as Korcula and Brac are still
available at about 70 000 Euros.
Buying Process
The downside of buying here is that Croatia doesn't have banks
that do mortgages - though some, including the Royal Bank of Scotland,
are keen to get a foot in the door. That means you'll need cash
in your hot little fist to fund your Dalmatian dream home. The
crucial point when buying is to choose a property with a good
title. Britain has a reciprocal arrangement with Croatia so British
buyers are allowed own property here. A ten per cent deposit is
usual. A good agent will be able to guide you though the whole process
- expect to pay a lawyer one percent of the asking price, a land
tax of five per cent, and an agent's fee of five per cent commission
on the purchase price. Capital gains tax is payable at 35 per cent but there is no tax
if you sell after three years....
Croatia Propery Blog - blog about propery and real estate news:
Property market in Croatia open to foreigners
The Stabilisation and Association Agreement which has come into force allows for the sale of property in Croatia to EU citizens under the same conditions as Croatian nationals.
The law does not apply to the sale of agricultural land.
To date, EU citizens were able to buy property in Croatia based on reciprocity and with the approval of the [...]
Property development potential of Sipan Island near Dubrovnik
Under the title ‘ World rediscovers the Adriatic’s pearls’, Sipan island and its property development potential is featuread in today’s eddition of Daily Telegraph’s Overseas Property section.
Here is an excerpt from the article:
Croatia’s charming island villages are being renewed after centuries of decline, writes Phil McNeill. In the 11th century, when Dubrovnik was part of [...]
UK Mortgages for Croatia
Homesgofast.com, the overseas property portal are now working with international mortgage broker Frontiers Financial Services the only UK firm to offer overseas mortgages in Croatia and Montenegro. The company is also uniquely offering 100% LTV mortgages in Turkey. Many investors who wish to take advantage of low entry house prices in emerging property markets find it a [...]
The Potential for Luxury Resort Developments in Croatia
An interesting artice of potential for luxury resort developments in Croatia has been published at http://www.4hoteliers.com/ website.
The article is titled “The Potential for Luxury Resort Developments in Croatia” – here is an excerpt:
“An unspoilt nature, numerous cultural sites, more than 1,100 islands, a mild Mediterranean climate, a strong economic recovery in recent years, the expected [...]
Will
greed tarnish Croatia's gem? - DUBROVNIK, Croatia
If not for a few small monuments to the dead, one might never
dream that this medieval walled city was besieged and shelled
in 1991. The roofs have been redone in traditional red clay, the
streets and buildings in polished white limestone. Children play
soccer in the church courtyards; history and beauty are on display
wherever the eye roams. .....But the new affluence comes at a
cost, and many citizens are worried that they will be squeezed
out of this city by rising prices and that the virgin beauty of
their coast will be ruined by over development. A local newspaper
recently proclaimed, "We don't want to be the next Ibiza." >>>read
more....
Buy
your own isle, beach optional - A string of tiny
islands scattered off the Croatian coast are up for sale. Located
along the country's pristine coastline, the islands are said to
be attracting attention from people with deep pockets and a taste
for privacy. The islands may be strewn with pines and olives but
owners will have to pay extra to lease their own beaches, as they
remain government property .... >>> read more |
