ZAGREB, 15 May 2021 - The APN Real Estate Agency received 4,739 applications for home loan subsidies submitted in the sixth call, the Physical Planning, Construction and State Assets Ministry said on Saturday.

Applications could be submitted from 29 March to 14 May and the sixth call saw the highest number of applications submitted to date.

The amount planned for the subsidies this year is HRK 50 million, but Minister Darko Horvat said that given the record interest, if that was not enough, additional funds would be ensured.

He said young families recognised this government measure as a good one and that in the past four years more than 17,500 subsidised home loans were approved. During that time more than 3,000 children were born, which he said made this also a demographic measure.

APN has so far processed 2,134 applications submitted this year, approving 2,066. The average amount of a subsidised loan is €76,000 and the average repayment period is 22 years.

Most of the applications approved this year so far were submitted in Zagreb.

Applications could be submitted by persons under 45 who don't own a flat or a house.

On 26 February, APN signed agreements with 14 banks on home loan subsidies. The highest interest rates offered ranged from 2.09 to 3.50% for kuna loans and from 2.15 to 3.50% for euro loans.

For more news in Croatia, follow TCN's dedicated page.

ZAGREB, 5 March, 2021 - Over the past 12 months interest in buying a house in Zagreb dropped by 10% while at the same time interest in house purchase in Gorski Kotar, Lika and Istria grew significantly, shows an analysis by the Njuškalo online classified site.

Even though there have been no major changes in asking prices for real estate in Zagreb over the past 12 months, trends related to demand point to changes in customers' interest, which is probably due to a series of earthquakes that hit central Croatia in 2020.

Whereas last year clients increasingly searched for houses in Zagreb, rather than flats, over the past 12 months the interest in buying a house in Zagreb dropped by 10%.

In the entire country the interest in house and flat purchases grew less than one percent on the year but some regions have become much more attractive.

In the central mountainous Primorje-Gorski Kotar County, the interest in buying a house rose by 26.75% in the last 12 months, while in Istria it went up by 25%. Ads for properties in Lika-Senj County, too, saw an increase in views of 22.4%.

The average asking price for houses in Primorje-Gorski Kotar County was €1,595 per square metre, in Istria County it was €1,799 and in Lika-Senj County €1,160.

Potential buyers also increasingly searched for houses in Zadar County, as well as in the region of Međimurje, with interest in buying real estate there going up by 11%.

Interest in flats in Zagreb up 5.6%

From February 2020 to February 2021 interest in buying a flat in Zagreb grew by 5.6%, with the average asking price exceeding €2,150 in February 2021.

Among the cities where asking prices have continued growing are Osijek, Zadar and Pula, with Rijeka seeing the highest increase, of 6.4%, for the second consecutive month. Even though Split was previously in this group, it has been stagnating now in terms of the average asking price, Njuškalo says.

Rent in Zagreb down 9%, demand down 6%

Over the past 12 months, the rent on flats in Zagreb dropped by 9% and demand in the first two months of this year dropped 6% compared to the same period of 2020.

The average rent in Zagreb was €539, with most flats for rent having an area of 40-70 square metres, and the only flats to see an increase in the cost of rent on the year were those with an area of 20 square metres. The cost of rent for such flats went up by 3.2% to an average €231 per month.

The cost of rent dropped the most in the downtown area of Zagreb, by 11%, however, the average cost of rent still exceeds €700 a month, the online site says.

A well-known Croatian entrepreneur has abandoned his plans to transform a historical building in Pula, Croatia into a hotel and lost his 785,000 HRK (105,000 EUR) deposit after he was informed by government officials of unexpected additional costs.

Another Failed Croatia Real Estate Venture

Another real estate venture has failed in Croatia, this time in the historical center of Pula according to Barbara Ban/Novac/Jutarnji List on December 31, 2019. This project involved the renovation of Scracin building, which formerly housed the Croatian Pension Insurance Office (HZMO) and Croatian Health Insurance Office (HZZO). The building is located next to the Zlatna vrata (Golden Gate) or Slavoluk Sergijevaca (Arch of Sergius) landmark.

The buyer, renowned Istrian entrepreneur Kristijan Floričić, allegedly abandoned the purchase of the building priced at 15.7 million HRK (2.1 million EUR) and lost a sizeable deposit of 785,000 HRK (105,000 EUR) after he realized that, due to the number of unanticipated conservation projects and required research, he would not be able accomplish everything he had planned, which was to transform the property into a hotel. In December, TCN covered another much larger failed real estate venture, which was abandoned by investors for eerily similar reasons, on the island of Pašman. Back in Pula, the Scracin building is on the market again as of December 11, under the exact same conditions and for the exact same price.

Kristijan Floričić | Facebook

Buyer Informed of Costs and Restrictions After Deposit

Unofficially, problems arose after Floričić submitted his offer, and he found out that he would have to invest a considerable amount of money in research before he could move forward with his renovation plans. The conservators would not allow specific renovations to the building and the conditions they set for the buyer allegedly amounted to a multi-million HRK investment, which is why Floričić decided in the end that the project would be unprofitable. What kind of research was necessary and whether that research required a multi-million HRK investment could not be confirmed because the Pula Conservation Department could not be reached for comment. But this building, built between 1880 and 1881, and destroyed in a 2014 fire, will unfortunately remain vacant until further notice.

The building owners are claiming that Floričić knew what kind of property he was buying because the tender noted that the building was a cultural asset.

Building Registered as Protected Cultural Property

“According to the provisions of the Law on Protection and Preservation of Cultural Property, before the procedure of sale by public tender, the real estate was offered to the Republic of Croatia (Ministry of State Property), the County of Istria and the City of Pula. These authorities showed no interest in the purchase, and on October 10, 2018; a public tender for the real estate sale was published in Narodne novine, Glas Istre, and on the HZZO and HZMO websites.”

“The tender stated that the so-called Scracin Palace is a property of a cultural value and had been entered in the Register of Cultural Properties of the Republic of Croatia and the List of Protected Cultural Properties. Each potential bidder had the opportunity to inspect the real estate, as well as access to the Register of Cultural Properties of the Republic of Croatia. The buyer also had the opportunity to inform the ministry of their potential plans related to the renovation of a cultural property,” the Croatian Health Insurance Office pointed out.

They added that the bidder had fulfilled all the conditions of the tender and his bid had been selected as the most favorable one, but he eventually decided that he did not want to finalize the purchase contract.

Zlatna vrata and Scracin Building | Vintage Postcard | Facebook

Buyer Abandoned Purchase and Lost 105,000 EUR Deposit

“After the conditions for the finalization of the real estate purchase contract were fulfilled (the prior consent of the Governing Council of the co-owners and the Government of the Republic of Croatia), the selected bidder-buyer was invited to finalize the purchase contract. However, the buyer abandoned the finalization of the purchase contract because, according to him, the real estate has certain material defects which make it impossible to use for the specified purpose, which was the completion his planned project. Since the co-owners of the real estate do not believe that the material defects were not known to the bidder at the time of submitting the bid, the selected bidder has lost the right to recover the deposit,” according to a statement from Croatian Health Insurance Office.

They add that it was stated in the conditions of the public tender that the successful tender applicant was obliged to finalize a purchase contract with the sellers of the real estate within 30 day from the invitation to finalize the purchase contract. Otherwise he would forfeit his deposit.

Building Back on the Market: Same Price and Conditions

The building is now on sale again for the price of 15.7 million HRK (2.1 million EUR) as it was previously and is available to view as of January 14. Bidders are required to pay a five percent deposit of the initial price of the property, or 785,000 HRK (105,000 EUR). The deadline for bid submissions is January 17, and bids will open to the public on January 23. The building itself is about one thousand square meters, with an additional 576 square meter building and a 15 square meter auxiliary building. They state that the property is for sale in its current state, which is "as-is".

Follow our Business page to keep track of failed (and successful) business ventures in Croatia.

Downtown Zagreb will soon be getting its first green sustainable buildings! VMD Model, a developer based in Zagreb, will shortly begin construction on a unique green project right in the center of the city. It will revitalize a block in Donji grad, right next to the former Nada Dimić factory on Branimirova ulica, which is currently a large neglected space and parking lot.

As Korana Sutlić/Novac/JutarnjiList reveals in an exclusive on November 17, 2019; the 3LHD architecture studio won the competition for preliminary design of the project, which was conducted by VMD Model. Everything will be arranged around one fundamental concept: A new park; not just a neighborhood!

New Zagreb Green Spaces

Although this is primarily a residential project in the center of bustling Zagreb, it will be defined by green spaces, peace and quiet. Cars will not be visible within the neighborhood, but hidden underground. In addition to enhancing the value of the natural environment, this setting will reduce the effects of the urban heat island, noise and CO2 emissions. The buildings will also house Zagreb's very first vertical gardens. The block will not be closed off and the public will have access to a new park and passage from Branimirova to Ulica kneza Borne, much like the existing Ratkajev prolaz.

The project will be situated on a block of Zagreb, which follows the railway line, and is bordered by Branimirova, Bornina, Domagojeva and Erdödyeva streets. The site is a residential and industrial block, which housed the former Nada Dimić and Penkala factories. Since their closure in the 1990s, the buildings between the two streets have collapsed and have been demolished. This has created a large empty open space in the heart of the city, which offers an opportunity to create a valuable urban-architectural space. In recent decades, there have been several projects in this zone, which have led to a significantly higher building density than the current VMD Model project proposal.

- An analysis of the traditional blocks in Zagreb’s Donji grad revealed that public passages have always been present, and the creation of parks within the blocks of high-rise buildings, originated the concept of the new green urban block - says Saša Begović, architect, and one of the founders of the 3LHD studio.

High Standard of Urban Living

This feature of Zagreb's Donji grad block structure, which inspired the project, will promote a high standard of urban living and distinct lifestyle and cultural opportunities all within a high urban density environment. The layout of the planned neighborhood will provide space for multiple purposes: housing, business and recreation.

 A pedestrian path will be created between the north-south block of Branimirova ulica and Bornina ulica, and will replace the traditional block structure there.

- In contrast to the restrained design of the street façades, the interior of the block will be indented by multiple buildings surrounded by a park, whose dimensions and floor plans will be cascaded in height, closely corresponding with the park and green gardens within the block. A fundamental component of ​​the new block will be the pedestrian connection of the two streets, clear visibility, access to the city and the block, and the creation of a new large green area: an urban park within the interior of the block - explains Saša Begović, adding that the introduction of the park will improve the quality of housing not only for the residents within the block, but also those living in surrounding buildings.

Green Apartments and Townhouses

The project will include several different residential categories. Two-story houses (so-called townhouses) will be situated in a row with gardens, which will offer a very high quality of life and will be connected to the terrain, within the quiet interior of the block. There will also be apartments with larger terraces, which enhance the quality of outdoor living, and apartments with large walkways, city views and recognizable Zagreb vistas. The largest apartments will be housed on the top floor and have terraces with views of the entire city of Zagreb.

- We believe that, in partnership with a respected investor like VMD Model, we will be able to complete this very interesting project, which provides Zagreb with a new green urban oasis right in the heart of the city - says Saša Begović from 3LHD.

Neven Mikec, the Director of VMD Model, also shared his thoughts about the project, which will be a major stride in home construction.

- When we purchased this space, which has unfortunately been long-neglected, our desire was to create a green oasis, not only for the residents but for the entire block, and for the city of Zagreb. The project's vision is a new park for the city, not a new neighborhood. The main motive is to create something new, which is in line with green and sustainable construction - says Neven Mikec.

He is very pleased, he adds, with his choice of the winning entry, because the architects of 3LHD studio were inspired by his idea to add a "green theme" to the city center.

- It is also a project with much lighter building density than previous urban projects in this area. This layout will include residential spaces along with park architecture. The block will not be closed off for residents but open to the entire neighborhood - adds Mikec.

Engaging Local Artists

This project is a novelty in residential construction, and like the one completed last year on Buzanova ulica, it insists on sustainable construction. That project, which offers the benefit of a micro-community, will be taken a step further by the creators of the project on Branimirova ulica. Young artists have also been hired for the exterior of the building on Buzanova ulica, and will find ways to incorporate their art there, says Neven Mikec.

- We have never backed a housing construction project like this, and it will be the pride of our company and the city - he says.

The project will also include a kindergarten, which will be accessible to everyone, and offer plenty of outdoor space, and a playground for children, whom will be surrounded by greenery all day. Flower boxes will adorn the buildings and “green walls” are also in the plans. Rainwater harvesting will supply water for the greenery maintenance system. Plants will be cared for by VMD service, the company which maintains their other buildings.

On the ground floor there will be several townhouses with two stories with a garden. At the request of the investor, the project was conceived so that parking, garbage disposal and similar components will all be hidden underground.

- It would be great if our project inspires the further visual improvement of the neighborhood - Mikec adds.

The exact details, however, cannot be revealed yet, because this is still a conceptual design, he adds. The development and design will follow, so there is still no set price for the apartments, for example.

- We hope that we can start work in the spring - Neven Mikec concludes.

The completion of this project will certainly contribute to the development of this part of Zagreb. It will also create a very attractive space on the upper portion of Branimirova ulica, which has already improved to some extent with the renovation of the Branimir Center and Hotel Canopy. In the long run, it will be connected to the neighboring Gredelj zone, which is also undergoing revitalization.

For more information on Zagreb life, follow our Lifestyle section here. Also check out our sections: Made in Croatia here and Business here for the latest construction projects and real estate developments in Croatia.

For information on their upcoming architecture projects, check out the 3HLD website here.

As Novac/Korlana Sutlic writes on the 26th of February, 2019, Središće, a popular neighbourhood in Novi Zagreb often referred to as Bundek, in reference to the well-frequented Zagreb lake and park, has recently gained the status of the most desirable neighbourhood in Novi Zagreb. By reaching this level of popularity, when looking at the demand for flats, it is now ranked alongside Vrbani III, Trešnjevka and Trnje.

The very first jump in demand for quality apartments in Središće came after Bundek park was done up and after RIT Croatia (Rochester Institute of Technology Croatia) was opened in the area, and then the demand grew a bit more after the completion of the American International School in Zagreb (AISZ) just several months ago.

The popularity of the neighbourhood has also contributed to the birth of the recent construction of some new residential buildings, which are part of the Središće area. The biggest demand is for smaller quality three-bedroom and smaller four-room apartments, ranging between 60 and 90 square metres in size, the price of which is not greater than 200,000 euros. The market prices are high, some even reaching up to 3,000 euros for a well-equipped apartment.

The Središće area of Novi Zagreb boasts a great many amenities and ease of access to them. Along with the American Educational Institution and Bundek park, it is located near the Avenue Mall, the neighbourhood is also home to the Museum of Contemporary Art near the Hippodrome, and even has a hypermarket. One of Croatia's best private kindergartens is located at Bundek Centre, and it's also worth mentioning that Središće's close proximity to the very heart of Zagreb is something else that earns the area brownie points.

''All this contributes to its value,'' says Boro Vujović, the director of the Operta property agency.

Even the very name Središće speaks volumes to Croatian speakers, for non-Croatian speakers, the name indicates that it is centrally positioned in Novi Zagreb, while only Mladosti bridge (Most mladosti) and the river separate it from the wider city centre, according to Sergio Serdarušić, the director of Eurovila agency.

''The growth of demand for Bundek began a few years ago when the Zagrebačka banka built Bundek Centre. The recent arrival of the aforementioned American school has of course further influenced the popularity of the neighbourhood itself. Središće is fortunate in that it is positioned next to Bundek lake, which is one of the major reasons for its popularity. Just like on the other side lie Western neighborhoods such as Vrbani III made a big leap forward [in terms of popularity], something similar is happening here. Novi Zagreb itself is beautifully planned out building-wise, but there's no room for new buildings, while over here afew new construction sites have been opened in this area, which is also a plus for the market,'' added Serdarušić.

In addition, the area of Središće is exceptionally well connected with roads and by public transport to Zagreb's city centre, Franjo Tudjman Airport and the A1 motorway. Quite recently, the construction of a public elementary school began, which will also be a plus for the area.

''Each new piece of content additionally enhances an area. There's already a lot of interesting content [in Središće], including those things which are needed for everyday life, such as shops, banks, services, restaurants, cafes...'' noted Serdarušić.

The price of new builds over the past few years has increased from 1.600 to 2.400 euros per square metre. The price depends on the microlocation, the quality of the building, the location of the apartment within the building itself, its degree of decoration, the floor and of course its overall layout. However, as they say from the previously mentioned Eurovilla agency, some of the smaller apartments can also come with rather impressive price tags up to 3,000 euros per square metre.

However, as Središće doesn't actually have enough luxury and large apartments for diplomats who would like to live near the American school, many remained in Šalata, where this institution was previously located. The demand is bigger than the offer, and Središće is currently the most expensive quarter in Novi Zagreb when it comes to prices per square metre, but they're now at their very peak.

"We had a case a few years ago in Bundek Centre, after the apartments were sold at 1.600 euros per square metre, just a couple of months later, one apartment in that same building was sold for almost double the price per square metre because the buyer was urgently seeking property close to the American high school.

But these are the exceptions, although that building is now managing to keep hold of a high price. In Bundek's new buildings, square metres were being sold for around 2,300 euros. Now apartments in some older buildings in the area have jumped in price, and sellers are looking for 2,000 euros per square metre for the best ones, some of them even offer well-equipped apartments in newer buildings for 3,000 euros per square metre,'' said Boro Vujović, adding that he believed that this trend would eventually level itself out come summertime when people start moving into the large new Meander building, which is now sold out. He believes that this will lower the deficit.

Those particularly interested in this part of Novi Zagreb on the other side of the Sava river, he adds, are US Embassy staff, and now there are American education institutions conveniently located there, too.

The apartments in Središće are also being claimed by employees of companies located in Novi Zagreb. In the long run, there is a chance, however slight, that the fall of its popularity could occur if the quarter becomes too built up, because there are currently several unbuilt areas, in which many construction companies are interested.

''Središće already has a traffic problem upon entering the area when coming from the city centre via the bridge. That needs to be better resolved. I don't think the additional construction will have a negative impact on its popularity, but it's better to have air in the neighbourhood. The recently constructed buildings have a wide access road and, in general terms, in this area, Novi Zagreb is very well designed and should not be over-built,'' concluded Eurovilla's Serdarušić.

Make sure to stay up to date with more on Croatian property by following our dedicated lifestyle page. If it's just Zagreb you're interested in, give Total Zagreb a follow.

Click here for the original article by Korana Sutlic for Novac/Jutarnji

A large Šibenik investment is underway, with construction permits expected to be granted in the spring, and works set to begin just after the end of 2019's summer tourist season.

As Suzana Varosanec/Poslovni Dnevnik writes on the 2nd of January, 2019, Zagreb Montaža Grupa (Montage Group) and ZM Development for design and construction, both headquartered in Zagreb, have gone about preparing the ground in the historic Dalmatian city of Šibenik for this year in order to intensify new, large real estate projects - Draga and Podsolarsko. The total value of the foreseen investments is approximately 110 million euro..

Partnership with the Austrians

Otherwise, this project refers to one of the largest Croatian construction companies with about 1,500 employees, and which is mostly engaged in jobs related to European Union export markets. It appears that the Draga project will be realised in partnership with an Austrian real estate company, while Podsolarsko will be run independently. Judging by what is known at the moment, both projects are gradually moving towards realisation at the same time, a fact which seems to have served as a "trigger" for completing the necessary spatial-planning and other paperwork for Podsolarsko at the end of 2018.

As they are currently navigating through the waters of the highest status of administrative preparation in Šibenik, and a quick procedure for the issuing of the necessary building permits is expected, which according to the current announcements should be resolved in the spring. After the upcoming summer tourist season, these projects are going to be realised with the execution of the first construction work. Thus, newly-built facilities will be built, covering a total area of ​​approximately 70,000 m2.

Within the scope of this project which encompasses a large Šibenik investment, Draga is preparing an additional offer of substantial garage space for the market. The design of the necessary solutions for such an offer is already under way with a design bureau from Barcelona in charge of Draga, while one of Zagreb's architectural offices is undertaking the design work for Podsolarsko.

As part of the Draga project, with a planned investment of about 50 million euro, 40,000 m2 of new garage-retail and residential space in the centre of Šibenik is planned. As the design and plan extends where today's city market currently stands, which will require for it to be temporarily relocated to part of today's parking area next to Šibenik bus station, the first phase of this project must be completed within eighteen months of the beginning of construction.

After the realisation of the main part of the project, the second phase is expected to be the construction of apartments and business premises. There will be a modern residential area boasting an impressive 30,000 m2 of living space, the construction of a mini marina for up to 65 boats is also set to take place.

The second phase of the plan involves the construction of hotels with about 250 accommodation units, they'll allegedly be of a high category, and this stands as an investment that cannot be less than 60 million euro, they say.

Sources close to the Zagreb Montaža Grupa say that both Šibenik investment projects have already attracted the interest of potential buyers.

Make sure to stay up to date with our dedicated business page for more information on this Šibenik investment, and much more.

Click here for the original article by Suzana Varosanec for Poslovni Dnevnik

Questions about property in Croatia are common, and while the prices vary dramatically in various regions of the country, with places like Split and Dubrovnik typically dominating, there have been some significant fluctuations.

As Novac.hr/Jutarnji/Iva Novak writes on the 15th of December, 2018, Crozilla.com's data on property in Croatia showed that average prices of advertised houses rose by 0.8 percent in November. When comparing them to apartments, which are still more expensive than houses, the difference was almost 21 percent.

Dubrovnik, with a difference of 10 percent, and Poreč with 2.5 percent, remained, as they did in previous months, rare cities in which houses were more expensive than apartments. The biggest monthly increase was recorded in Dubrovnik, where prices rose 5.8 percent, so the value per square metre in a house, with the price of a garden included, rose to 4,145 euros.

For a square metre of a house in Poreč, an average of 1,911 euros was requested, which is 0.4 percent more than it was during the previous month. The biggest difference in prices during November posted on Crozilla.com in Bjelovar, where houses were more than 44 percent cheaper than apartments, and then in Osijek where the difference was 39 percent, followed by Varaždin, at 36.3 percent.

The average advertised price of houses in Bjelovar was only 434 euros per square metre, which is 0.9 percent less than the month before. In Osijek, their value rose by 1.2 percent, while the price per square metre was only 587 euros. The data also showed that houses in Varaždin increased by 0.6 percent on average, and 713 euros was being asked per square metre.

In Zagreb, house prices were almost 34 percent lower than apartment prices, and the price per square metre advertised was 1,261 euros on average, representing a monthly increase of 0.7 percent. In Slavonski Brod, a 634 euros per square metre of a house was demanded, which is almost 21 percent less than the price of the apartment there.

The value of houses fell by 0.3 percent on the monthly level, as well as in Senj, where they were 25 percent cheaper than apartments, and their average cost was 1,195 euros per square metre. Lower monthly value in the amount of 0.9 percent was recorded in Umag, where 1,877 euros was being requested per square metre for a house, which is 7.8 percent less than the average price of apartments there.

In Opatija, house prices fell by 1.1 percent, and the value of their ''square metres'' dropped to 2,216 euros, which is almost 25 percent less than the advertised apartment price. There was a similar difference in the prices of houses and flats in Šibenik, where the average square metre price in a house averaged 1,529 euros, which is 0.1 percent less than it was during the previous month.

In Zadar, however, houses were about 23 percent cheaper than apartments.

Their monthly values ​​increased by 0.5 percent in November, and the price per square metre, with a garden included, stood at 1,698 euros. The prices of houses in Split rose by 3.8 percent on a monthly basis and reached 2,417 euros per square metre. Housing there during November was about 15 percent cheaper than apartments there were, and such a difference in prices was also recorded in Rijeka, where 1,229 euros per square metre were being demanded, 0.8 percent more than the previous month.

In Pula, according to Crozilla.com, prices on a monthly basis increased by 0.3 percent, so the price per square metre of a house demanded 1,459 euros on average, which is 13.1 percent less than the price of the apartment.

Make sure to follow our dedicated lifestyle page for more information on property in Croatia and much more.

Click here for the original article by Iva Novak for Novac.hr/Jutarnji

Property prices in Croatia are a popular talking point, and just as with everything else in the country, there are usually huge variations depending upon the area of the country you choose.

Dubrovnik is well known for its extortionate property prices, with Split also quickly following suit, with Zagreb and the capital city's surroundings not yet in the same range, but being quickly on the rise.

As Poslovni Dnevnik writes on the 1st of November, 2018, despite the country's ever-concerning demographic crisis and the steady flow of emigration of Croatia's often very talented youth, coupled with more stringent lending standards, the general demand for apartments and other types of homes isn't decreasing, yet. For example, apartment prices in Zagreb are already close to the formerly historically high levels they were at around ten years ago when it was far from abnormal to pay over 2,000 euros per square metre for a relatively average apartment in an older building in the city.

While real estate prices continue to rise only very slightly throughout the European Union as a whole, the increase in property prices in Croatia compared to the EU average is, probably surprisingly to some, rather striking. Property prices in Croatia rose by an impressive 8.5 percent in the first quarter of this year when compared to the growth seen during the same period last year. In the last quarter of 2017, prices rose by 7.6 percent, according to a report by tportal.

Njuškalo conducted its monthly survey back in September this year, and the results quite clearly show that apartment prices in Croatia rose by 7.13 percent year-on-year, and house prices grew slightly more than four percent.

The most expensive apartments can be found, rather unsurprisingly, in Croatia's southernmost city, Dubrovnik, where the average market price is about 3,811 euros per square metre, in Split, prices stand at 2,744 euros per square metre, while the average in the capital city of Zagreb, while steadily on the up, remains significantly lower, at 1,917 euros per square metre.

The popular Dalmatian city of Zadar stands out in terms of growth, and the average square metre in an apartment increased by 12 percent, and is now generally sold at 2,075 euros.

Want to find out more about property prices in Croatia, business, investments and the general state of play of Croatia's domestic economy? Make sure to follow our business page.

Croatia's property market has to be seen as a regionally indispensable part of economic development.

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