More than 20 investment projects in tourism, infrastructure and repair sectors in Croatia attempt and attract Italian investors once they go on display at the Italian Property Expo which is to be held from 5 to 7 June in Milano.
The project 'Be CROactive', which has been launched back in 2007 through the Croatian Chamber of Commerce while using aim of promoting Croatian products and attracting investors to the country, will offer investors the chance to invest in such projects as the modernisation and extension of the Rijeka city airport.
Other investment opportunities in the Italian expo include the Pasman Resort, a 5,000 person capacity luxury resort project on the Adriatic island of Pasman and a shopping centre project in the town of Slavonski Brod in eastern Croatia, reported portal Tportal.
Tourism was just about the most important sectors in Croatia this year, generating revenue of 6 billion Euros.
Since breaking free of Jugoslavia in the early nineties, Croatia did hard to rebuild the tourist industry which it was famous for inside the seventies and eighties. Within the slogan ' The Mediterranean as it accustomed to be', it has moved steadily ahead.
Following concerns by their tourist authorities, who saw for themselves the effects of over development of the Spanish coastline, the continent moved to protect its amazing coastline and put restrictions on development directly on the coast and even certain restrictions on developments approximately 1km back. They also realised if they were to have sustainable tourism, they will need to consider the best use of what they had to offer. The end result of this has been to move towards higher net worth tourism, attracting a wealthier sort of tourist and working at this.
Places like the Italianate Istria were ideal. The Northern part includes a wonderful hinterland, redolent of Tuscany or Umbria, with fascinating hilltop towns, like Grosnjan and Motovun with jazz and film festivals. The vineyards and olive groves surrounding traditional stone houses were many people's dream location, particularly if it was such an accessible region.
Ryanair fly all year round into Trieste, just across the border in Italy and have flights in to Pula, in Istria, in the summer, whilst Thomson fly there from regional airports like Bristol and Manchester. Even Venice is just a couple of hours away, by car or hydrofoil and both Easyjet and Ryanair fly there, including flights from places like Liverpool. For folks coming from further afield, Zagreb airport is Three hours away from Istria, and Ljubljana, in Slovenia, slightly less. Are both linked to Istria by modern motorways, as they are Venice.
The infrastructure has been steadily improving, as new motorways happen to be built, designed by Britain's Ove Arup, and Broadband and GSM wireless internet access are now widely available. The brand new marina at Novigrad complemented the existing ones at Pula, Vrsar and Umag. Savudrija hosted Istria's first 5 star hotel, followed by another at Rovinj. Three new golf courses have already got permission and the 18 hole Kempinski one out of Savudrija is already open.
In the wake with this, property prices have been increasing steadily. Stone houses with pools are particularly popular, as practically they have good capital growth potential, there exists a huge demand for them for holiday rentals. Owners rent out through websites like www.ownersdirect.co.uk.
The northern county of Istria's great strength is position, always critical. The majority of Europe drives there, as it is the nearest point on the Mediterranean. If you need to fly, Istria has its own airport at Pula but is flanked by other airports at Rijeka/Krk and Trieste (Italy, only an hour away) with Treviso couple of hours.
For other parts of Croatia, you can find international airports at Split and Dubrovnik.
If the eco lobbying really kicks in and international calls flights to places like Turkey, Florida, the Cape Verde Islands and more exotic locations become prohibitively expensive, resulting in falls in property values, Croatia is still holding up.
Buying in Croatia, for foreigners, was once relatively complicated, but for the last three years EU nationals have had the legal right to buy Croatian residential property in their own names.
The right to buy for non EU nationals depends on something called reciprocity. Basically, if Croatians can find in their country, they can buy house here, although permission will probably be required from the Ministry of Justice before registration within the Land Registry can take place. It was once the Ministry of Foreign Affairs and a lot of websites that have not updated still claim this. EU nationals don't require such permission.
For anyone from the country not offering reciprocity, stop worrying, as we simply set up a Croatian company for the children. A Croatian company can buy any situation that a Croatian national can, including agricultural land and unusually large properties, that are otherwise restricted to Croatian nationals. Croatian companies may be 100% foreign owned.
Property ownership is readily verified online and reputable agents will check this themselves before offering property. The entry will record, inter alia, specific things like whether an Usage Permit has been granted, whether there is multiple owner and what mortgages and other liens are on the property.
When buying a property, the buyer pays a 5% Property Transfer Tax. For property on the market by a developer registered for PDV (VAT), the 5% is only on the land value. For property offered by a non PDV registered entity, the 5% will probably be on the value of the property as a whole. If the price included the currently (April 2012)25% PDV, which will have been calculated on the building value, this is recoverable if the buyer buys through a company that actively trades, for example, rents out. The vast majority of new property offered in Croatia includes PDV if it is applicable, within the advertised price.
Things like utilities cost similarly to prices abroad, although as water is metered, it is going to probably cost less, as an owner is simply paying for water used when they're using their property. Local taxes are very low compared to, say, UK ones. UK ones must cover all sorts of things like Fire, Police, Education and Ambulance services that in Croatia are handled by central government. In Croatia these are only expected to cover street cleaning and rubbish removal, each of which are very frequent and are consequently usually lower than L200 p.a.
Croatia joins the EU in 2013 and costs will likely rise again, since they did elsewhere. The country is very good for retirement, not just for its obvious attractions like the landscape, yachting facilities and good food. Pension wages are not taxed here. EU citizens retiring here may have automatic residency rights.
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If you are planning to get some home in Croatia, then you must analyze Croatia real estate .
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