The Austrian daily Die Presse wrote about real estate on the Adriatic coast in Croatia and Montenegro where a lot of tourism potential is seen. Prices are also similar – five thousand Euro per square metre for the most luxurious villas and best sea views
Over 200 sunny days per year, five thousand kilometres of coast and islands, all not too far from Austria. Considering the maxi used by real estate agents about position being paramount, property in Croatia and Montenegro have the best cards to be in the top states where Austrians own luxury property, Tportal.hr reported on July 4, 2016.
However, this business has been slow over the last years as before EU accession there was plenty of legal uncertainty, while after that it became evident there wasn’t a lot of luxury property, Die Presse wrote in an article on the potential of luxury tourism, increasingly interesting to wealthy Austrians.
The Austrian daily cites Srđan Javorčić from the Split company CIO Real Estate, saying there has been a 5% annual growth on the property business on the Adriatic since 2014.
The property is mostly bought by Slovenians, with Germans in second place and Austrians in third. Most property is sold in Istria, Opatija and on Krk island as they are easily accessible by car from the listed nations. Buyers care about position, while prices for a house close to shore can go up to 5,500 Euro per square metre, but further away can be found for two to four thousand Euro, depending on the position.
Owner of real estate agency Kochreal Eggert Koch predicts a very lively market of land parcels will develop on the Adriatic coast, available from 400 to 1,000 Euro per square metre and close to shore.
Koch details the legal security has improved since Croatia became an EU member, with low interest rates helping the market grow, but due to traditionally complicated property and legal relationships it is best to hire a domestic lawyer. He warns to have plenty of patience when building in the Croatian coastline as “permits are not obtained quickly.”
The article end with a description of the tourism project near Split, where in the next 15 months six luxury villas and ten apartments will be built, only ten metres from the shore. The price – 4.9 million Euro.