Europe | Central & Eastern Europe
Central &
Eastern Europe
Economic growth and increasing tourism volumes has led to
demand for property especially in coastal regions
Central and Eastern European (CEE) countries have also contributing towards a preference for suburban
been undergoing significant economic and policy living in many cities, such is the case with Cyprus. Here
reform. Average national GDP growth has been robust there is rising demand for larger, detached units with
(over six per cent per annum in the last four years), gardens, which also attract the upper-income markets.
leading to higher levels of investment and construction Large-scale investors buying off-plan are capitalising
activity. Housing demand in the CEE, especially Croatia, on the immaturity of these markets and the future
Montenegro, Cyprus, Turkey is driven by rapidly rising potential convergence of prices with western Europe.
incomes and the expansion of mortgage sectors, which In the longer term, however, we anticipate sustained
in turn is facilitating access to the housing market. demand for housing in CEE urban areas, as economies
Urban populations are swelling as inward migration to strengthen and consumers become increasingly affluent.
the cities increasingly puts strain on physical and social
infrastructure, exacerbating housing demand. Croatia and Montenegro
Croatia and Montenegro are located on the eastern
Economic growth coast of the Adriatic sea, boasting an attractive natural
The significant price rises recorded over the past five coastline with picturesque beaches, coves, islands and
years have been driven by high demand for, and a historical ports and towns. The Dalmatian Coast is
lack of, good quality residential stock. While there is the most popular summer sailing destination in the
demand for high-end centrally located city properties Mediterranean. Local resident populations are small in
among local wealthy individuals and expatriates, much both Croatia (4.4 million) and Montenegro (0.6 million),
of the new supply includes apartments aimed at the and tourism has increasingly become a key driver of
emerging middle-class markets, and often in cities’ both economies. Almost 90 per cent of all tourists stay
peripheral areas. Densely developed urban areas are in coastal resorts demonstrating their appeal. Interest
Property Focus
Computer generated image
Paphos, Cyprus
Cap St Georges is a
A selection of
private club of up to
50 sea front villas on
Central and Eastern
the unspoiled west
coast of Cyprus. It is
Europe’s most
located in the foothills
of Paphos a short
exciting locations
drive from Coral Bay.
Price: €4m to €10m
Hvar, Croatia Riva Resort,
Fabulous coastal house Montenegro
on the island of Hvar with Joint venture development
superb panoramic sea and opportunity. 5.2 hectare site
Contact: island views. Set in a beautiful with planning permission
Jelena Cvjetkovic protected vineyard, with no granted for 300-400
+44 (0) 20 7016 3740 neighbours. apartments and hotel.
jcvjetkovic@savills.com Price: €490,000 Price: €500-550/sqm
Computer generated image
20 savills global residential review
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