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As for renting, luxury real estate is doing the best, as well as luxury boats, Vujović points out.
Boro Vujović, director of the Opereta real estate agency, was a guest on Dnevnik N1 where he spoke about the reasons for the rise in real estate prices in Croatia and forecasts for the future period.
Boro Vujović explains how the increase in real estate prices was influenced by the increase in the price of construction materials:
“The fact is that interest in real estate exists. Something unexpected happened – the corona was supposed to lead to a negative correction of prices, but they started in a positive way, i.e. they went up in price. One of the reasons is inflation, i.e. the fact that states have released a large amount of money into circulation and part of the people who have funds are looking for ways to save the value of money and are buying real estate, and the price of construction materials is also rising. This year, it increased between 25 and 30 percent, and this will affect the price of a square meter in the coming period.”
He says that it is impossible to predict the limit to which prices will rise, that will ultimately determine the purchasing power of citizens.
“It may happen that the prices of materials rise, but the purchasing power of citizens does not rise. Prices can rise to the point where citizens can buy real estate. If the prices rise too much and the citizens cannot keep up with it, then we will have a stagnation in the market which is already easily visible. APN was a big demand generator in September, now it’s gone and it can be seen that the demand is lower than last year. Prices can rise, but they cannot skyrocket, because then the question is who will buy these properties”, adds Vujović.
Interested parties
He points out that foreigners are particularly interested in real estate on the coast:
“Each year, on average, about 30% of all purchases are made by foreigners. There is interest, especially after the corona and the situation that people can work from home. There is great interest in real estate on the coast, and in this context, real estate prices in Croatia are cheap compared to Germany, Austria and Slovenia. The interest of foreigners in real estate on the coast has increased.”
He adds that more luxurious real estate fares better: “It can be seen in the last period that the more luxurious the real estate, the better it fares and the easier it is to sell. There are not many such customers, but for some, money is not a problem. Properties of average value are the most represented, but there is a greater demand for luxury properties than before, but their market share is still small in relation to the overall turnover.”
Luxury properties are the best for rent
As for renting, luxury real estate is doing the best, as well as luxury boats, Vujović points out.
“The more luxurious the property, the greater the interest, and it is more difficult to find such a vacant property, even though there is not even a vacant bed on the coast,” he says, adding that there is increasing interest in the hinterland:
“There is increasing interest in the hinterland, especially in Istria. It is easier to rent a house with a pool 15 km from the sea than an apartment 15 meters from the sea. Foreigners want intimacy, isolation and not mixing with a large number of people, that has changed since the corona.”
Author: Poslovni.hr
