With European Union membership looming, Croatia's real estate market is booming as Europeans seek an affordable place in the sun and locals seek a fast profit.
But with property prices touching 10,000 euros ($12,700) per square metre in parts of Dubrovnik, the Adriatic city that is top destination for property-buying foreigners, the country's authorities are facing calls to curb the invasion and ensure locals are not priced out of the market.
"If you want to buy any property in the Dubrovnik city area, be prepared to pay at least 300,000 euros," is one of the first things Slavica Gavranic tells her clients.
That will fetch you an average-sized flat, possibly inside Dubrovnik's medieval walls, where the price of a square metre ranges from 4,000 to 10,000 euros. Outside the old walls, it varies from 2,500 to 5,000 euros.
Gavranic runs Dubrovnik Sun, one of several booming estate agencies. "Our clients are mostly English, Irish and Dutch," she said.
"We have a lot of foreigners who are making inquiries about what they can buy, saying they can spend up to 200,000 euros. Our answer is simple - there's virtually nothing you can buy for that money in the wider Dubrovnik area."
The potentially lucrative market has prompted a number of foreign-owned agents to open up businesses.
Comments
Comments are closed.