Vancouver, BC vs Europe “Real Estate Pricing”

We were recently in the City of Dubrovnik were we met with Ivica Savinovic from Adriac Luxury Real Estate www.adriacluxuryestate.com

Here’s what we learned…

  • Buyers pays taxes and closing costs
  • The starting home price in Dubrovnik is 3500 Euros/SqM ($500/Sqft)
  • Property in the Center of Dubrovnik (Stati Grad) can fetch 10,000 Euro/SqM ($1500/Sqft)
  • Croatia is quickly becoming an investors paradise

The purchase process is rather simple and straight forward. A typical deal can be closed in about 1 month. Investors from the UK, Germany, Russia are all quickly snapping up deals before Croatia joins the E.U. Joining the E.U often translates into a rise in the cost of housing. Croatia’s coastline is widely considered undervalued by many and is thought to see considerable rise in demand with its eventual joining of the E.U.

Croatia’s pristine waters, close proximity, stable economy, and warm climate are all contributing to the boom in Real Estate here. Many of the islands have been a haven for the wealthy Yachtsmen

Short facts about Croatia

Official name: Republic of Croatia
Official language: Croatian
Alphabet: Latin
Currency: Kuna (100 lipa)
Population (last census): 4.784.265
Number of islands: 1,185 (66 inhabited)
Capital: Zagreb (nearly 1 million inhabitants)

Total state area: 89,810 km2 (55,6822 sq.mi)
Territory area (land): 56,610 km2 (35,336 sq.mi)
Aquatorium area (internal sea line): 33,200 km2 (20,584 sq.mi)
Marine economy region (territorial sea line): 23,870 km2 (14799 sq.mi)
Total economy area: 113,680 km2 (70,481 sq.mi)
Coastline length: 5,835 km (3,617 sq.mi)
Coastline length of mainland: 1,777 km (1,101 sq.mi)
Coastline length of islands: 4,058 km (2,515 sq.mi)

 

  • Closing Costs

 

  • Buyer’s fees typically range from 3% to 6%
  • Legal fees of 1.5% of purchase price
  • Tax, similar to stamp duty, levied at 5% of the property valuation, which can differ from the purchase price

 

  • Financing and Ownership

 

  • Croatian properties may have complicated family deed histories; your legal representation should be sure to find a home with “clean” papers.
  • Foreign buyers may require permission from the local government; process takes 18 months. A Croatian limited company can be set up to avoid this; takes approximately 6 weeks.
croatiamap.gifdubrovnikmap.jpg    

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