Sunny days ahead for Croatia's real estate market

The real estate market will complete 2015 with a decline in prices of 2-3 per cent, which is lower than the depreciation in 2014, which saw a price drop of 9 per cent, and the recovery of this market seems in the offing, it was said at a forum of realtors in Zagreb on Friday.

Josip Zaher, the vice president of the Croatian Chamber of Commerce (HGK), which organised the forum, said that positive trends could be noticed on the real estate market this year, such as as a deceleration in the price drop.

"The market will definitely not reach the levels from 2008, when 60,000 transactions were conducted in Croatia. This year we will have had 30,000 transactions," Zaher said, welcoming the fact that prices were dropping at a slower rate.

Business should improve in the coming years on the back of the improving purchasing power of citizens, he added.

Zaher also noted that the professionalism in the real estate sector had been upgraded in recent years, with over 3,000 applicants passing exams for real estate agents, while there are 877 real estate agencies entered into the relevant registry.

Construction Ministry official Nada Mardjetko Skoro spoke about the importance of the energy certification of property.

"We have the example of Vienna, where energy efficiency levels are more important than location in some cases of property sale," she said.

She warned that 50% of buildings in Croatia had been built before 1970, when not much attention had been paid to energy efficiency.

Last update: Fri, 13/11/2015 - 20:51
Author: 

More from Business

Management buyout of Djuro Djakovic Montaza from Bilfinger under way

The management of "Bilfinger Djuro Djakovic Montaza" company specialised in steel construction including the...

German energy firms entitled to damages for nuclear shutdown policy

German energy companies are entitled to "appropriate" compensation for the government's 2011 decision to rush ahead...

Amazon tests checkout-free food store

Online retail giant Amazon is testing a new type of physical store in the US that promises no lines or checkouts,...

BMW to repay record 72 million dollars to Australian car buyers

BMW will have to pay back 72 million Australian dollars (53.8 million US dollars) to car buyers in Australia who...

Eurogroup finance ministers agree to debt relief for Greece

Finance ministers from the countries that use the euro agreed Monday in Brussels to a series of relief measures for...