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Overview of Dalmatia and the region's real estate market

02.04.2019
Author: Dinara Gracheva
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Interest in real estate in Croatia continues to be high in recent years and even dozens of years - the country is the owner of a water area of over 33,000 square kilometers and an impressive number of islands with more than 1,000 items. The region of Dalmatia and housing in its territory is considered one of the most attractive in the country.

Back in the IV century, the Roman emperor Diocletian, solemnly renouncing power, retired from society in Dalmatia, which at that time was called Illyria. To the numerous calls of his comrades-in-arms to return to the rule of the empire, he answered: "If you saw what kind of cabbage I managed to grow, then you would not make me such proposals." The emperors in these parts are already gone, but cabbage and other rich flora continue their rapid growth, attracting the next powerful of this world, who decided to live surrounded by the sea, islands, numerous oyster and fish farms and houses for every taste and color.

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Croatian pearl

Dalmatia, that is, in the northwestern coastal part of Croatia, washed by the waters of the Adriatic Sea, is characterized by a Mediterranean climate with hot and dry summers. Winters are mild and rainy here, and the average temperature in January does not drop below 5-6 degrees Celsius. A moderately hot and humid climate with hot summers covers most of Dalmatia from the sea inland. Dalmatia is the leader in terms of the amount of sunshine in Croatia, where the average is about 2,700 hours per year.

Dalmatia is divided into the northern part with the main centers in the cities of Zadar and Sibenik, the middle part with the center in Split and the south part, where the main city is Dubrovnik. Each of these parts of the region is characterized by the presence of numerous bays, sandy and pebble beaches, fishing, yachting and other water sports are actively developed here. It is not surprising that such excellent indicators, coupled with the local language, which is quite understandable for Russian-speaking tourists, contribute to an active growth in demand for local real estate.

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Dalmatia is Croatia's leader in housing prices

According to Eurostat, Croatia is one of the three leading countries where the cost of housing is growing the fastest: for example, the difference between the indicators of the second and third quarters of 2018 was 2.8%, behind only Holland and Malta in the increase in the price of residential real estate. Such an increase in the cost of housing in Croatia is associated with an increase in demand - due to low interest rates on savings deposits, residents of the country, disappointed with this type of income, began to invest in local real estate.

It is in Split, the center of central Dalmatia, the second largest city after the capital Zagreb, that real estate prices are currently growing the most. For example, you can already find offers for apartments located on the ground floor, where the cost per square meter exceeds 2000 euros. As for the national average, the most expensive housing is in Dubrovnik, Split and Zagreb - 3811, 2744, 1917 euros per square meter, respectively.

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Thus, real estate in Dalmatia is the clear leader in Croatia in terms of prices, growth and volume of demand. For example, in Split, prices have increased by 11% over the past year, while in Croatia as a whole, this figure was about 8.5%. Experts believe that the current pricing policy in the local real estate market has approached the historical indicators of the highest prices ten years ago, when one square meter in a Croatian apartment on the secondary market was estimated at 2,000 euros.

All over the country - especially on the Dalmatian coast - active residential and commercial development and reconstruction of the coastal area continues, new marinas are opening. The European Union is actively involved in construction and legislative issues in the country: this year, under pressure from the European Commission, the Croatian Ministry of Construction and Territorial Construction issued a decree on the mass appraisal of real estate, which will subsequently have to be transformed into the introduction of a real estate tax, however, due to numerous unresolved property issues across the country, the implementation of its launch is still in question.

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Prices

The most expensive real estate in Dalmatia and Croatia is located in Dubrovnik, known all over the world for its old walled city, which survived the Venetian, French and Austro-Hungarian domination, thanks to which the city has a rich and varied architecture. Now, on the local real estate market of Dubrovnik and its outskirts, you can find offers of houses and villas for sale located on the first line of the sea with a cost of 2-3 million euros. Among the proposals, you can even find medieval palazzo, which, after reconstruction and renovation, can be converted into a castle villa or an exclusive hotel.

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More modest modern villas of 100-150 sqm can be purchased near Dubrovnik for about 500,000 euros. The cost of an apartment in these parts starts from 200,000 euros and more and more often on the market you can find offers that are part of modern residential complexes with infrastructure worthy of the level of a first-class hotel.

Split is the hometown and last refuge of Emperor Diocletian, where he grew his ideal cabbage. Having become part of the Venetian Republic, Split enjoyed a certain autonomy. The surroundings of Split, especially the coast of the Kastela Bay, became a favorite vacation spot for wealthy Venetians - many of the villas and palaces they built have survived to this day. Houses and apartments in Split can be purchased for 100,000 euros, but most often it will be an object with a small living space and will most likely be located at some distance from the city itself.

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But the building may have a 500-year history and at the same time have a completely modern renovation. Compact apartments in Split itself have a market price of 200,000 euros. The cost of houses in the city varies from size, age and quality of execution - budget options range from 500,000 euros to 1 million euros, and completely premium options have a price of both 3 million euros and 6 million euros.

Zadar is an ideal place for fans of architectural excellence who prefer to spend their free time in the clear sea and on its coast. The city is lavishly built up with medieval houses, but the remains of the Roman forum have survived to this day.

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In Zadar, an apartment of about 50 square meters with 1-2 bedrooms can be purchased for more than 100,000 euros, but higher quality properties with good species characteristics approach the cost of 200,000 euros. Interesting villas on the outskirts of Zadar (10-20 km from the city) can be purchased in the range of 700-800,000 euros, everything that is located within Zadar itself has a cost exceeding 1 million euros.

Thank you for your help in preparing the material:

Tatiana Pavlyuk, directors of CROATIA4YOU

Anna Koryavtseva, expert at Vuleta doo

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