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Luxuy Lapad villa Luxuy Lapad villa The New York Times

The New York Times goes house hunting in Dubrovnik

By  Jan 27, 2016

Looking for your dream home by the seaside, why not try Dubrovnik. The New York Times real estate section have released an article about Dubrovnik property business and if you have 2.5 million Euros burning a hole in your back pocket then they have found the perfect property for you.

“This three-bedroom two-bath villa, built in 1910 on Lapad Bay, part of the Adriatic Sea, is about a 30-minute walk from Dubrovnik’s Old Town,” opens the article in the New York Times advertising a luxurious villa in Dubrovnik on the market at a cool $2.73 million. Adding that “The 2,325-square-foot two-story stone home is on the Lapad Peninsula, one of the most expensive areas in Dubrovnik.”

With the property market in Dubrovnik still relatively stagnant after the boom years from 2005 to 2008 this article might help to attract interest again. Dubrovnik has been a popular holiday home destination for the British, Germans and the Irish, but these markets have slowly dried up as property prices rose and the global financial crisis struck. Real estate prices in Dubrovnik are still the most expensive in Croatia, with the average price of an apartment around 3,200 Euros per metre squared. The days of foreign buyers looking for a good financial investment have long gone and now real estate agents are marketing Dubrovnik a lifestyle choice. Speaking to the New York Times Tim Coulson the owner of First Property Croatia said that “Price expectation from vendors has become more realistic, but many are still unrealistic.”

“Croatia joined the European Union in 2013, which has made it easier for Europeans to buy property. But the volume of sales is still very low compared with the peak years, agents say,” writes the New York Times. And whilst it is the case that EU citizens can purchase property easier in Croatia it is still complicated for people who live outside of the EU to navigate the paperwork.