The Croatian property market is expected to remain strong in 2023 and into 2024, with continued demand from both domestic and international buyers. The country’s attractive climate, stunning coastline, and rich culture make it a popular destination for tourists and retirees alike.
Here is a more detailed look at the Croatian property market outlook for 2023:
Demand
Demand for Croatian property is expected to remain strong in 2023, driven by a number of factors, including:
- Economic growth: The Croatian economy is expected to grow by 3.5% in 2023, which will boost consumer confidence and spending.
- Low interest rates: Interest rates in Croatia are currently at record lows, making it a good time to borrow money to buy property.
- Attractive climate: Croatia has a Mediterranean climate with warm, dry summers and mild winters. This makes it a popular destination for tourists and retirees alike.
- Stunning coastline: Croatia has over 6,000 kilometers of coastline, with numerous islands and beaches. This makes it a popular destination for holidaymakers and investors alike.
- Rich culture: Croatia has a rich history and culture, with many UNESCO World Heritage Sites. This makes it an attractive destination for people from all over the world.
Supply
The supply of Croatian property is limited, which is helping to drive up prices. This is particularly true in popular tourist destinations such as Dubrovnik, Split, and Hvar.
The Croatian government is taking steps to increase the supply of property, such as by offering tax breaks for developers. However, it is likely to take some time for this to have a significant impact on the market.
Prices
Property prices in Croatia have been rising steadily in recent years. This trend is expected to continue in 2023, with prices forecast to rise by an average of 5%.
However, it is important to note that prices vary significantly depending on the location and type of property. For example, prices in Dubrovnik are much higher than prices in rural areas.
Investment potential
Croatia offers a good investment opportunity for buyers looking to purchase property in a country with a growing economy, attractive climate, and stunning coastline.
However, it is important to do your research before investing in Croatian property. It is also important to work with a qualified real estate agent who can help you find the right property for your needs and budget.
Here are some specific trends to watch in the Croatian property market in 2023:
- Continued growth in the luxury property market: The demand for luxury property in Croatia is expected to continue to grow in 2023, driven by wealthy buyers from both domestic and international markets.
- Increasing interest in second homes: More and more people are buying second homes in Croatia, attracted by the country’s climate, coastline, and culture.
- Growing popularity of rural areas: Rural areas in Croatia are becoming increasingly popular with buyers looking for a more peaceful and relaxed lifestyle.
- Rising demand for commercial property: The demand for commercial property in Croatia is also expected to rise in 2023, driven by the country’s growing economy.
Overall, the outlook for the Croatian property market in 2023 is positive. Demand for property is expected to remain strong, while supply is limited. This is likely to lead to continued price growth, particularly in popular tourist destinations and the luxury property market.
