Milan and the ferry port at Bari, as there is no train service all the way to Dubrovnik and you have to take a long bus journey from Split.
CLIMATE Dubrovnik has mild and wet winters
and hot, dry summers, and is famous for its thunderstorms. Daytime maximum temperatures in high summer reach 29 °C and around 21 °C at night. Spring and autumn see maximum temperatures between 20 °C and 28 °C. Rainfall is high, at around 100mm each month, except in July and August. Snow is very rare, but fell last winter.
THE PROPERTY MARKET Dubrovnik’s popularity for British
buyers began around 2003/04 and grew steadily until the recession of 2008. After that, according to offi cial fi gures, prices fell by around fi ve per cent in both 2009 and 2010, and by just under one percent in 2011. With the economy expected to be in recession through 2012, prices are unlikely to rise signifi cantly in the near future. However, with limited supply of properties and such high tourist demand, the long-term prospects for capital growth have to look positive.
MAKING PURCHASING EASIER Two factors that should perk up
Below: Dubrovnik Sun Gardens: a unique development with properties from £134k.
demand again in the long term is the change in the rules to make ownership by foreigners easier. Inevitably in an area so recently affected by war, the government has been wary of allowing foreigners to own land, and until 2009
we had to buy through a company. However, those rules have now been relaxed, as Croatia approaches EU membership. Croatia should offi cially become part
of the European Union on 1 July 2013, when all 27 other member states have formally ratifi ed their membership. At the same time they will adopt the euro, replacing its currency the kuna (HRK).
WHERE TO BUY You can expect to pay upwards of
€3,000 (£2,371) per square metre for an unrenovated property in Dubrovnik’s Old Town, and from €4,500 (£3,556) per square metre for somewhere that’s renovated (maybe not overly luxuriously). Pay €7,000 (£5,532) per square metre and you should get a luxury renovation with sea views. Properties within the old town tend to be small, so it should be possible to buy a studio apartment from under €100,000 (£79k). Buying such older properties you do, however, run the risk of title issues, so get a good lawyer. You may also have to deal with the municipal conservation department, which some owners have complained is time consuming and frustrating. A few kilometres up the coast in Orasac is Dubrovnik Sun Gardens, now in its fourth year of operation as one of, perhaps the, premier fi ve-star resort on the Adriatic coast. The resort has just released another 25 units of one- to three-bedroom apartments, right on the seafront and with facilities including swimming pools, spas, tennis courts and much else. Prices are from €170,000 (134k) to €608,000 (£480k), with mortgages available from Erste Bank, of 80 per cent loan-to-value at a fi xed rate of 3.3 per cent. There are statutes saying that in certain areas properties owned as holiday homes must be rented out for a percentage of the year, and the company is able to rent the apartments out at a good profi t.
FOR MORE PROPERTIES IN CROATIA, GO TO
www.aplaceinthesun.com/croatia
Freehold Resort Apartments Rental management generating competitive net yields Prices from €170,000 E-mail:
residences@dubrovniksungardens.com •
www.dubrovniksungardens.com aplaceinthesun.com 69
Where: Dubrovnik Price: from €150,000 (£119k)
One- and two-bedroom apartments in Dubrovnik with sea views. Newly-built to a high standard, with balconies and terraces.
First Property Croatia,
www.fi rstpropertycroatia.com, 00385 21 318 188
ON THE MARKET IN AND AROUND DUBROVNIK
Where: Lopud Island, off Dubrovnik Price: €590,000 (£466k)
Five bedroom villa currently let out as three holiday apartments. On car-free island a 45-minute ferry ride from Dubrovnik.
Savills,
www.savills.co.uk, 020 7016 3740
Where: Zaton Veliki Price: €1.75million (£1.38m)
Eight bedroom villa on 622m2 plot, with swimming pool and views of Zaton Bay, just outside Dubrovnik.
Savills,
www.savills.co.uk, 020 7016 3740
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