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Overseas Property News
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Croatia property market made more accessible to foreigners
Country: Croatia
23 January 2009
From next month, overseas nationals will be permitted to buy property in Croatia on the same terms as local Croatians, although the existing restrictions placed on buying agricultural land and forests will not change. In the past, foreigners had found it hard to secure permission to buy home in Croatia.
Since early last year, the Croatian authorities have only given to go-ahead to around 3,600 applications from overseas property buyers, which is a low approval rate, when taking into consideration the fact that in excess of 8,000 applications were submitted in the past couple of years.
Furthermore, potential buyers from some countries were only permitted to buy property in Croatia by forming a company, even then, this would be subject to reciprocal rights being issued to Croatian citizens to buy property in the would-be buyers home country.
Editorial comment
Croatia’s decision to open up its property market to foreigners is likely to increase international demand for Croatian property, and potentially drive property prices across some parts of the country moving forward, especially as Croatia hopes to join the European Union over the next few years.
See Also: croatia
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