News Feature

Croatia opens doors to foreign property investment

12 February 2009

Croatia's decision to open up its doors to foreign property buyers was expected to see a surge in investors heading to the region.

The response to legislation changes has so far been slow-burning though, with one expert predicting that the Adriatic nation's property boom will come on slowly.

Head of Croatia's national property traders association, Dubravko Ranilovic, told Deutsche Presse-Agentur: "With fewer documents required under the new rules … and light administration, we projected a five per cent growth in the market.

"These expectations however need to be revised downwards due to the recession."

The prediction is in contrast to Croats' previous expectations, the news agency reported, with many locals expecting the country to see an immediate flood of property investors.

Despite the so far muted response to the changes, Croatia's popularity as a tourism destination has never been stronger, as official statistics published this month revealed.

Earlier this week, it was predicted that Croatia would see a surge in tourism activity on Valentine's Day following the discovery of Istria's 'heart-shaped island'.

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