Croatian Coast Emerges As Prime Target For Global Real Estate Buyers - Sun and Planets Spirituality AYINRIN
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Author:His Magnificence the Crown, Kabiesi Ebo Afin! Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan Broadaylight.
There
is something for everybody in Croatia, which is gaining in popularity
among European investors, luxury home buyers and visitors.
The
reasons are plentiful: 1,170 miles of glittering Adriatic Sea coastline
with more than 1,200 islands; a real estate market accessible to
foreigners; and a reputation for safety.
Luxurious
mega-yachts—outfitted with helipads, whirlpool tubs and personal
chefs—dot its world-class marinas. Sun-seeking adventurers cruise the
Adriatic in 100-foot sailboats. Young couples sip the local wine and
dine on some of Europe’s best seafood at trendy restaurants on
cobblestone streets.
And, of course, on every street corner stunning views of land, sea and architecturally significant cityscapes greet you.
Croatia’s rich rich historical heritage
At the turn of the 4th century Emperor Diocletian built a sprawling palace in the Roman province of Illyria. Today the province is part of the southernmost region of Croatia.
The
seven-acre complex, constructed with limestone, graphite and marble,
took 10 years to build and now makes up the heart of Split, Croatia’s
second-largest city. It was designated a UNESCO World Heritage site
in 1979. Following Diocletian, the city was ruled at various times by
the republic of Venice, Hungary-Croatia, Austria and Yugoslavia, until
it became part of independent Croatia in 1992.
The country’s rich historical heritage is evident farther south in Dubrovnik,
a booming port city founded about 614 by Roman refugees. It’s also a
UNESCO site, with the massive walls that encircle the city, the
15th-century Rector’s Palace and the Cathedral of Assumption reminders
of the city’s complex past.
The
colorful tapestry of Croatia’s history is woven into its architecture
and lifestyle, says Forbes Global Properties’ director Marcus Benussi.
In the north, it’s common to find residents with Italian surnames
speaking Italian. Along the coast, you’ll see architecture influenced by
European avant-garde urban and construction trends of the early 1930s.
The culinary scene, meanwhile, is generously seasoned with middle
European and Mediterranean flavors.
Exploring the Istrian Peninsula and Dalmatian Coast
The Istrian Peninsula juts into the northern Adriatic and is home to Pula, a quaint coastal city, and the seafront port of Rovinj.
Pula
is the largest city in the region and is home to Europe’s best
preserved Roman amphitheater, which features intact towers and curved
walls. Brijuni National Park and its 14 untouched islands are north of Pula and are reached by boat.
In
Rovinj, strong Italian influences and Old World appeal are evident.
Access to its old town is limited to pedestrians and bicycles, and
five-star hotels and luxury shopping are plentiful. Narrow cobblestone
streets line the town.
Strict
regulations and a tight supply of land limit investment opportunities
in Rovinj. “In the Istrian region, it’s almost impossible to find land
to build on,” says Benussi. “This is what makes the market attractive.
Everybody wants in, but very few manage to buy.”
Securing
land on the first or second row of the seafront is a challenge, but
Rovinj and the surrounding area offer lucrative opportunities.
Benussi
notes there is a growing interest among foreign buyers in properties
with small-scale farms or vineyards. Wine tourism is a major boon to the
Istria region, attracting well-heeled individuals keen for a taste of
the local malvazija and merlot.
The
Dalmatian Coast captures most investors’ attention right now. Croatia’s
southernmost region begins in the city of Zadar and stretches south to
Dubrovnik, the “Pearl of the Adriatic Sea.” It also includes the islands
of Hvar and Brac, playgrounds of the rich and famous.
This
narrow stretch along the Adriatic Sea has cliffside mansions, charming
old stone houses and opulent villas with panoramic views. Real estate
prices in this coveted region are growing steadily, with local and
international buyers hoping to own a slice of land in the booming
coastal region.
Trophy properties on the coast are scant, and anything that comes on the market gets snapped up in “days,” Benussi says.
For US $1 million, you can “live like a king,” he adds.
Living in Croatia
The
shimmering blue water of the Adriatic Sea offers more than just
jaw-dropping views. With currents that flow upstream, the water is much
warmer and saltier than it is along the Italian coast, on the opposite
side of the Adriatic, Benussi says.
Croatia’s
unique cuisine blends influences from neighboring countries and
showcases local seafood, black truffles and rich stews. Its locally
produced olive oil, cheeses and wine are among the best in Europe.
Much of Croatia’s economic activity is linked to tourism. An estimated 50 million tourists are
expected in 2024, with forecasts estimating nearly 60 million tourists
in 2029. That’s largely because Croatia in 2023 joined both the eurozone
and Schengen Area, meaning it has adopted the euro and allows many
Europeans to enter the country without requiring border checks,
respectively.
It
also means European Union citizens can purchase real estate just as
Croatian nationals do. For those who live outside the EU, purchasing real estate in Croatia
is possible if two conditions are fulfilled: a reciprocity agreement
with the republic of Croatia and consent of the Ministry of Justice.
Many Croatians feared that the official introduction
of the euro would decrease their purchasing power and lead to an
increase in the cost of living. The country has been grappling with an
inflation rate upward of 5%, with expectations of a slowdown in price hikes this year.
Benussi
notes that the effects of the currency transition are becoming evident.
There has been an increase in European interest in Croatian real
estate, which has led to prices rising in the short term.
Data from the Croatian Bureau of Statistics
reveal that GDP grew 2.8% in 2023 and 4.3% in the fourth quarter,
surpassing analysts' initial expectations. The latest uptick marks the
12th consecutive quarter of growth in GDP.
“Croatia will very soon become a strong economical power,” Benussi said.
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