Real estate investment is fast becoming an option for making money, and buying property in Croatia is being seen as a good investment choice. Croatia has a strong market economy and is considered to be one of the most advanced economies of South Eastern Europe since it became an independent country. mm.hr
In earlier years, the rules and regulations governing buying property in Croatia was restrictive because Croatia used to be under foreign rule. Around 1990, this changed and the rules towards buying property in Croatian markets began to change. The liberalization of the rules made it possible for foreign investors to invest in real estate within the country. Foreign investors were initially reluctant to invest in the markets owing to the fact that the Croatian government was unstable. However, the liberal attitude of the government towards foreign investments could make the Croatian real estate market one of the most popular property markets for investors. Many real estate experts who have studied the progress of the Croatian property market have concluded that investing in residential property in Croatia today will have many benefits. The experts have also predicted, that overtime it is expected many foreigners will buy property in Croatia as the returns are predicted to be strong.
There are a number of trends amongst those buying property in Croatia. Property investment, coming from foreign nationals, was at first not usually seen within single-family home residential neighbourhoods. Foreign nationals tended to invest in apartments and properties in the countryside that could be used as a holiday home. However, the popularity of residential property amongst foreigners is showing a steady increase and the movement in this arena has been unhurried and premeditated.
Croatia has more than an attractive property market to offer investors. Croatia has been blessed with a natural beauty that has a pristine quality and an alluring charm. The fact that much of the flora and fauna of the country can be used to attract tourists from all over the world has made it an upcoming holiday destination. The climate is varied – in the interior regions the summers are hot and dry and the winters cold and humid. In the mountainous regions the summers are fresh and snow can be heavy in the winter times. In the costal regions the summers are hot and the winters mild and humid. Croatia is proving popular with tourists who want the sun and tourists who want to enjoy winter sports at the ski resorts. The Croatian government is now taking strong steps towards ensuring that the tourism sector of the country can be used to support its economy, and as a result, holiday homes, resorts and hotels are looking to be the next preferred investment option in the country.
Prior to buying property in Croatia, it is wise to do some research around the subject especially as there are several steps involved before a property can be purchased, which includes: an offer made and accepted, then property searches to verify that the property title is clean and undisputed; Ministry of Justice (MoJ) approval is required to verify the buyer is a citizen of an approved country; there is Land Registration and Real Estate Transfer Tax (RETT) to be paid, which is similar to UK Stamp Duty. In order to ensure the property is bought legally, it is advisable to hire the services of an English-speaking lawyer, and/or seek advice from an overseas holiday club as they have specialist information to hand.