Earthquake fears fail to deter the market as property prices rise in Zagreb

Zagreb, Croatia Copyright Romulic and Stojcic

April 12, 2021 – Both the earthquake and the ongoing Coronavirus crisis fail to slow down the real estate market as property prices in Zagreb appear to be on the rise.

As Poslovni Dnevnik writes, with more or less intensity, the whole of Europe has been under a number of restrictions and restrictions throughout 2020, which has led to a significant decline in economic activity, but regardless, it is only real estate prices that have continued to rise as if they were in the best of times. .

The jump in real estate prices again in the pandemic-dominated 2020 was the largest in the past 14 years, as countries such as Luxembourg, Poland, Denmark, the Czech Republic, Portugal and Germany rebounded in price increases in the year the coronavirus pandemic broke out. Meters in homes were more expensive, saw a jump of 8-17 percent, and only Ireland, Spain, Italy and Malta at the end of last year saw an increase of less than 2 percent compared to the last quarter of 2019, writes Vecernji List.

Here in Croatia, things in this regard were above the EU average with an annual price increase of just over six percent. In addition to the coronavirus pandemic, we also saw two powerful earthquakes within a year, but this effect mainly affected the volume of sales: apartments and houses were being ‘traded’ less than they had been before, but properties that found their way into the new owners were sold. At a higher price.

Zagreb real estate prices in the same physical city have risen 41 percent over the past five years, along the Adriatic coast, the five-year jump was somewhat more modest – reaching 27 percent, and in the rest of the country, area is a foot. Square. Of an apartment or house it was on average 13 percent.

According to the Croatian Statistical Office, from 2015 to the end of 2020, new square meters of real estate prices grew at a rate of ten percent, and properties for sale saw a rise of up to a third.

Regardless of Zagreb’s real estate prices, when it comes to Croatia as a whole, the start of an even bigger price hike coincided with the state’s subsidized housing program, through which 17.5 thousand apartments have been sold so far, and for which the state has allocated a whopping 1.2 billion kuna.

The plan aims to continue this form of support until the end of 2023, so that government subsidies covering 30 to 51 percent of the monthly loan installment can be provided to at least 10,000 new clients across the country. The first to obtain such loans in 2017 were the best, as they received both subsidies and cheap square meters, and all those who decided to buy later faced significant price increases.

For them, it is still a fairly suitable investment due to the low interest rates and five-year state support. Each child born extends the benefit for an additional two years. The jump in prices was naturally more pronounced in the larger cities, as many small towns and villages appeared mostly empty. Europe is not inclined to receive similar subsidies, but its prices are rising for various reasons, which raises concerns that the market will overheat and then end up falling again somewhat sharply.

After the stock market, the real estate market is seen as a litmus paper in the direction that the entire economy can go.

To find out more about real estate prices in Zagreb and other real estate in Croatia, from rental to purchase, check out real estate in Croatia.

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