CROATIA AND KORCULA PROPERTY INVESTMENT INFORMATION
The statements that are made in this section are based on information that is freely available and is our interpretation thereof. The aim is to provide sufficient information that you can determine if it is a sound and sensible investment to buy property in Croatia and Korcula Island based on general trends and their logical extension rather than endless comparisons and explanations of decimal point movements and ratios.
WHY BUY PROPERTY IN KORCULA/CROATIA?
As an investor Korcula/Croatia offers you:
- a young and relatively undiscovered and underdeveloped market
- with assession into the EU coinciding with the recovery of the world economy
- where the government is committed to maintaining the unique character of its coastline
- where demand for these properties remains high throughout.
(1) Although the Croatian property market was not immune to the effects of the world economic crises the impact was much less severe than in other countries which means that it will also be one of the first countries to experience the results of a recovery. Croatia has only been independent and without war since 1995. Therefore the property market is still very young and under developed that certainly creates a situation where you have much more opportunity than risk.
(2) Croatia will accede to the EU on 1 July 2013. As with all countries that joined the EU there is a natural and generic increase in property values and Croatia will be no exception. If you couple the timing of this accession with the continued recovery of the world and European economies then the impact can only be multiplied.
(3) The unique feeling of unspoilt nature that Croatia offers is recognised by the Croatian Government as worth protecting and is understood that it constitutes much of what makes Croatian property special. To this end they have implemented very strict urbanisation plans, especially along the coast and islands to protect this aspect. For you as the investor this is reassuring news as a situation of overdevelopment ,like what happened in Portugal or Spain, will not be allowed to occur in Croatia and in so doing ensure your property will remain something out of the ordinary and sought after.
(4) If you consider, as we do, that the majority of buyers will be second or holiday home purchasers then you cannot get past the fact that due the to international economic crises banks and other institutions have almost completely stopped lending money to prospective buyers. However the demand for such properties remains high as they are extremely desirable. The lending situation cannot remain as it currently is indefinitely and once restrictions are relaxed it will result in an even further increase in demand and price for these properties. Croatian property transactions have gained a reputation for being unduly complex and sometimes very difficult to conclude. This is due to fractured ownership, unskilled agents and often an poorly informed sellers. This perception is reasonable and in many cases true and can cause much frustration. Korcula Projekti will guarantee that any property we put on offer will be vetted and you will experience no such delays or frustrations. Any new build property will be sold directly from Korcula Projekti to you with no risk of these complications.
WHY BUY PROPERTY ON KORCULA ISLAND?
Korcula Island is a unique location even for Croatia. All of the statements above are applicable and to an even larger extent to property on Korucla Island. The fact that the main attraction of Korcula Island is Korcula Old Town which is a protected UNESCO World Heritage Site provides even further assurances that the character will remain special and unspoilt. Project Zrnovo Bay is the only property development of it's kind on Korcula Island and will offer exceptional value and beauty. Further enhancing Korcula Island property`s appeal is the easy travel to and from Korcula with it's central location almost exactly halfway between the two coastal cities of Split and Dubrovnik. There are continuous ferries to and from both cities and to the mainland via Orebic.
For buyers who are able to invest in Korucla property now or in the near future is absolutely the right time to enter the market. Consider all of the above and it becomes almost inevitable that Korcula property prices will increase and returns will be far beyond what other European properties can offer at present.