Croatian Coast Emerges As Prime Target For Global Real Estate Buyers – Forbes

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.

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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 says.

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