Croatian property on the up

Croatian property is becoming an increasingly popular option for overseas investors looking for affordable property in a good climate.

Most investors in the area are English, Irish and Dutch, Slavica Gavranic, manager of Croatian estate agent Dubrovnik Sun, told Reuters.

The Adriatic city of Dubrovnik is reportedly the most popular area, where property prices can reach €10,000 (£6,900) per square metre inside the city’s medieval walls. Outside the walls prices can range from €2,500 to €5,000.

Ms Gavranic said that booming demand is continuing to push up prices and anybody interested in buying a property in the Dubrovnik city area should be prepared to pay at least €300,000 for an average-sized flat.

The upward push that demand has exerted on prices has led to concerns among authorities in Croatia that local buyers are being pushed out of the market.

Overseas investors’ entrance to the market is also being made easier by foreign-owned agents opening businesses in the area to cater for them, although Ms Gavranic states that Croats have their own advantage as they are more familiar with the market and local laws.

The Croatian property market is set to open up even further over the coming years, as the country drives towards EU membership in 2009.

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