Saturday, 08 August 2020
Real estate market in Croatia Real estate market in Croatia Pixabay

Croatian real estate market makes up 10 percent of GDP in 2019

By  Jun 20, 2020

The total value of real estate sold in Croatia in 2019 amounted to 39.8 billion Kuna, which represented 10 percent of gross domestic product, and that value is 23.7 percent higher than in 2018,” stated the expert panel “Real Estate Market of the Republic of Croatia,” on Friday.

The meeting was organized by the Institute of Economics Zagreb and the Ministry of Construction and Physical Planning, and presented the publication "Real Estate Market Review of the Republic of Croatia in 2019", which analysed the main trends in the markets of apartments, family houses, business premises, agricultural, construction and forest land.

The analysis showed that 111,673 transactions were realized on the real estate market last year, which was a 6.5 percent growth on an annual level. The largest number of transactions related to agricultural land, 34.3 percent, with 23.7 percent or almost 25 thousand followed by flats or apartments, construction land transactions was 17.1 thousand, and family houses 14 thousand transactions.

According to the number of purchase and sale transactions, the City of Zagreb stands out, with more than 13.5 thousand, followed by Split with two thousand, Zadar 1,480, Rijeka with 1,304 and Osijek, with 1,775 transactions.

Ivana Rašić from the Zagreb Institute of Economics pointed out that the analysis shows that the growth of real estate prices is related to the intensity of tourist activity, so where there are more tourist overnight stays, so real estate prices are higher.

This meant, of course, that Dubrovnik had in 2019 the highest price per square meter of real estate in Croatia, around 18 thousand Kuna. Whilst the average price per metre squared in other coastal destinations was between 10 and 15 thousand Kunas, and the price in Zagreb was 9,641 Kuna.

The lowest price of apartments was recorded in Vukovar-Srijem County, 3,577, and as Rašić points out, the difference in the purchase price of a square meter of an apartment between Vukovar-Srijem and Dubrovnik-Neretva County is 10,013, which means that the price of one square meter in the southernmost Croatian county buy 3.8 square meters in the easternmost.

 

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


Find us on Facebook