ZAGREB, January 4, 2020 – The real estate market, at least judging by asking prices, is returning to the pre-crisis levels, with increases in both the volume of trading and number of transactions, Večernji List daily says in Saturday’s issue.
The Zagreb Institute of Economics and the Construction Ministry have published the second edition of the real estate market review for 2018 which shows there were 104,000 real estate sales and that the value of the properties sold totalled 32 billion kuna, which is 8.4% of Croatia’s GDP, the daily says.
The sale of farmland dominated with nearly 40,000 transactions but the value of the land sold dropped from 2017 to 1.6 billion kuna. About 13 billion kuna was generated in flat sales, followed by 6 billion kuna in construction land sales and 5.7 billion kuna in family house sales.
In 2018, the number of flats which changed owners increased by 1,500 to 24,000 and that of houses sold by 4,000 to over 11,000.
An analysis of sales contracts does not reflect a dramatic increase in property prices, which might be concluded from asking prices. In Zagreb, the median price of flats sold in 2018 went up 4.9% on the year to 9,459 kuna per square metre.
As for other parts of the country, the highest price jump was recorded in Split-Dalmatia County (+8%) with the median price of 11,669 kuna per square metre, followed by Istria County (+6.7%) with the median price of 8,722 kuna.
As for family houses, the highest median prices in 2018 were recorded in Dubrovnik, 12,000 kuna per square metre. The price of a square metre of a house in 29 coastal and island towns and municipalities ranged from 5,000 to 10,000 kuna whereas in 190 towns and municipalities in continental Croatia the price was below 1,000 kuna, Večernji List says.
More real estate news can be found in the Business section.