Eastern Drums
The Imminent 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 visit to Croatia from the King and Queen of Norway illuminates the development on eastern Hvar near Sucuraj, promoted as the new Cannes. The royal partners are due on an official visit to Zagreb and the tidal town of Sibenik on May 12-13, accompanied by a hundred Norwegian businessmen, who are investigating investing opportunities in the former-Yugoslav republic as reported suite101.com.
Croatia is beginning to become more and more favored as a vacation destination. Curious about purchasing a place on an Croatian island, flat in a quiet Dalmatian town, commercial property in Dalmatia or land plot for a bigger investment? According to the Law of Croatia real estate, foreign citizens and companies can be owners of property 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 previous year. They are still a long way from pre crisis levels but a serious rise never the less. Transaction volumes are still low but the number of sales converted is rising and investors who have been showing interest over the last twelve months are beginning to commit. With improving economic conditions worldwide and a signs that confidence is returning in Europe, all be it slowly and cautiously, it might appear that the trend should continue in 2011.
One thing's for sure, Croatian real estate agents are really working for their commission. This is no bad thing. It has reduced the number of players in the market significantly. It has also raised the standards as customers ask significantly more questions, and in general look much more closely at worth. This has forced Croatian property agents to be more competent, informed and fitted out with reasoned debates instead of the standard sales patter. It has helped regulate the Croatian property market a little better as prices paid are pragmatic. There aren't any men with black brief cases prowling round the corner prepared to pay five times more than the property is essentially worth. Those times are well behind us and thankfully so.
Price wise, with no regard for reports of falls of between 5% and 10%, in fact Croatian property prices have fallen more like 20% to 30%. The reason for the irregularity is due to advertised and exact sales values. This is particularly true for properties in Croatia coastal locations where a lot of the property is purchased by foreigners and where exchange volumes are so low that info is constrained, so much so it is tough to quantify. Furthermore the present system of monitoring Croatian property prices is reasonably ineffective due to a absence of accurate info. The primary source of info is that of the tax office, where contractual prices of Croatian property sold are registered. But the practice of manipulating contractual prices for tax purposes is still commonly found in Croatia making available information untrustworthy.
In the tidal locations, foreign property owners are loads more inclined to drop prices. Most of them have experience similar price falls in their home marketplaces and have promptly become accustomed to the idea that 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 falling prices at home, preferring to reinvest regionally. We see this trend continuing all though 2011.
When thinking about the Croatian real estate market direction for 2011, it's also important to take a look at Croatia's business and political situation. Currently Croatia is going thru its own crisis of confidence, not least with the economy. But considering the state of many of the other peripheral Western European economies as well as it's comparative size, Croatia isn't alone. It is no worse than Greece, Eire, Portugal, Spain and most likely Belgium and is probably better in several instances. The country certainly hasn't been bailed out by the Western European Union or Global Financial Fund yet Additionally, as the ECU is making an attempt to introduce a rather more strategic and coordinated economic policy approach, Croatia, shortly to be an affiliate, should benefit.
Similarly Croatia is tackling the issue of corruption head on. there were countless high profile arrests including the arrest of Ivo Sanader the former P. M. , as well as a number of his ex ministers and it looks like this is just the beginning. With the press now having free reign in the democratic process stories of new executive officials and their unexplainable wealth are hitting the reports on a regular basis. It might appear that Croatia is kind of unique with regard to its open attempts to tackle corruption. Born by it's need and drive to join the European Union Croatia, unlike Romania and Bulgaria, as well as some of the more established countries of the ECU, has needed to be brave and cope with this difficult problem up front of Croatia EU Accession.
This has obviously caused some negative sentiment from foreign backers short term. But then investors are being wary for a similar reasons they are wary just about everywhere in Europe right now. We only truly see this changing once the banks begin to lend again bringing with it a change in sentiment. This is particularly the argument for the second houses market. However , medium to long-term, and more distinctively after Croatia joins the EU end of 2012, things are sure to improve.
How will this affect the Croatia property market? Short term we are expecting there to be continued downward pressure on real estate prices in Croatia, but with exchange volumes rising as customers and speculators look to take advantage of bargains as well as some solid Croatian property investment opportunities. This is right for both the foreign and domestic consumers. Medium term we are expecting to see Croatia join the ECU, however it is yet to be seen what quantity of a repercussion on Croatian property prices it'll have. There are two distinct chances, a modest and stable effect or an inflationary drive. It'll largely rely on the ECU itself and if it is able to resolve it's own issues and mend confidence in its own ability to manage and unify it's members on the necessary fiscal regulation so as to stop the same sovereign debt issues some of it's members are currently facing, and very significantly the impact that has on it's other members and the ECU itself.
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