October 16, 2022 - The prices of Split real estate have been rising for some time, and it is almost impossible to find an apartment where a square meter would go for less than 3,000 euros. For example, a square meter in the most expensive district of Split, Meje, costs almost 6,900 euros. The owner of the real estate agency Ivica Vulić was a guest in Novi Dan, where he shared his opinion on whether such prices can be maintained.

N1 reports. "Real estate prices rise according to the law of supply and demand," explains Ivica Vulić and adds: "Split is specific, there is not much room for expansion, the demand is high, and that is why the prices are rising. All projects are sold as soon as they obtain their building permit; they are even sold without a defined price because the owners do not know what will happen during construction in a year or two. Considering the high demand, the prices have been increasing by 20 percent annually for the last couple of years, maybe more. Split is also interesting to our customers, returnees, athletes, and entrepreneurs, that's why the prices are so high in select locations like Meje. Foreigners also invest. This situation with covid has encouraged people to invest money in real estate because the interest rates in banks are minimal, sometimes negative, so the best investment is in real estate."

Vulić believes that citizens tend to buy more because of the low-interest rates for savings in banks, so they think it is more worthwhile to invest in real estate.

When asked whether people should wait to buy real estate or not, Vulić answered: "If this situation continues, what you buy for five today, you will buy for six next year." Considering the prices of square meters of apartments, if you buy an apartment for 3,000 euros per square meter and calculate that you will pay it off through rent, it is logical that owners will keep raising the rent prices."

He says we cannot know when and how Split real estate prices will settle.

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The price of residential square meters have not stopped growing in Split, and those who wish to buy real estate in the city regularly affirm that it is no convenient or straightforward task. To give you an example, a ground floor unit in Brda even sold at a price higher than 2000 euro per square meter. Yikes. 

According to the annual Njuškalo survey on a sample of more than 150,000 real estate properties, significant growth was recorded in 2018. Apartment prices in Croatia grew by almost 8 percent last year, while housing prices rose by 4 and a half percent, reports Slobodna Dalmacija on February 4, 2019. 

“The biggest rise in apartment prices last year was recorded in Dubrovnik, where the average asking price was 3773 euro per square meter and was higher by 16 percent compared to 2017. In Split, the average asking price for a flat was 2792 euro per square meter, which is more than 11 percent higher compared to the same month of 2017,” reports Martina Kuterovac from Njuškalo.

“One of the most expensive neighborhoods is Meje, where the average asking price for an apartment is 3728 euro per square meter, growing more than five percent in 2018. Among the neighborhoods that recorded the biggest jumps in apartment prices is undoubtedly the center, where the cost in just 12 months grew by almost 18 percent. Currently, the average asking price for an apartment is 3485 euro per square meter. 

Just after is Bačvice and Varoš where the average price per square meter is 3000 euro There are also neighborhoods where the average apartment prices are far lower than the average, like, in the Split 3 area, the average asking price per square meter for an apartment is 2246 euro, while in Sućidar it is 2114 euro and they recorded a growth of 14 percent last year,” states Kuterovac.

As for housing prices in Split, they are even higher. The list of the most expensive cities is again led by Dubrovnik, though Split follows not far behind in second place. Housing owners in Split are looking for an average of 3029 euro per square meter. 

Split is usually one of the few cities where the price per square meter for a house is higher than an apartment.

“This is the result of many luxury houses sold in Split, and the most expensive ones are in Meje. There, you’ll find an average price of 5496 euro per square meter, or nearly 10 percent higher compared to 2017. There are also neighborhoods in Split where housing prices fell in 2018, so Žnjan saw a fall of almost 10 percent, and the average price per square meter for a home is about 3450 euro.

In neighborhoods such as Sućidar and Mejaši, houses are far below the city average. The average price of a house in Sućidar is 1443 euro per square meter, while homes in Mejaši are asking for less than a thousand euro, or about 905 euro per square meter,” Martina Kuterovac said.

Apartment prices per square meter by neighborhood

Meje 3.728 euro

Grad 3.485 euro

Bačvice 3.272 euro 

Varoš 3.069 euro

Žnjan 2.933 euro

Housing prices per square meter by neighborhood

Meje 5496 euro

Grad 4416 euro

Žnjan 3450 euro

Gripe 3403 euro

Manuš 3059 euro

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Italian businessman Riccardo Mazzucchelli, known for a number of real estate acquisitions, has decided to sell part of his assets in Split.