Key regions: Europe, Brazil, France, Asia, United States
The Residential Real Estate market in Croatia has been experiencing significant growth and development in recent years.
Customer preferences: One of the main customer preferences in the Croatian Residential Real Estate market is a strong demand for properties located in coastal areas. Croatia's beautiful coastline, with its crystal-clear waters and picturesque landscapes, attracts both domestic and international buyers looking for vacation homes or investment properties. Additionally, there is a growing interest in properties located in urban areas, particularly in the capital city of Zagreb, as more people are seeking convenient and modern living spaces.
Trends in the market: A key trend in the Croatian Residential Real Estate market is the increasing popularity of apartment living. Many buyers, especially young professionals and retirees, are opting for apartments due to their affordability and low maintenance requirements. This trend is driven by the limited availability of land and the desire for a more urban and connected lifestyle. As a result, there has been a surge in the construction of apartment complexes in both coastal and urban areas. Another trend in the market is the rise of sustainable and energy-efficient properties. Buyers are increasingly concerned about the environmental impact of their homes and are seeking properties that are built with eco-friendly materials and equipped with energy-saving features. This trend is in line with global sustainability movements and reflects the growing awareness of environmental issues among buyers in Croatia.
Local special circumstances: Croatia's Residential Real Estate market is influenced by its unique geographic location and tourism industry. The country's coastal areas, including popular destinations such as Dubrovnik and Split, attract a large number of tourists each year. This has led to a high demand for rental properties, especially during the summer months. As a result, many investors are purchasing properties in these areas to capitalize on the tourism market and generate rental income. Furthermore, Croatia's accession to the European Union in 2013 has had a positive impact on its Residential Real Estate market. The EU membership has increased investor confidence and opened up opportunities for foreign buyers to invest in Croatian properties. This has contributed to the growth of the market and the influx of international capital.
Underlying macroeconomic factors: The development of the Croatian Residential Real Estate market can be attributed to several underlying macroeconomic factors. The country's stable economic growth, low interest rates, and favorable mortgage conditions have made it easier for buyers to enter the market and secure financing. Additionally, Croatia's improved infrastructure, including better road connections and increased air travel, has made the country more accessible and attractive to both domestic and international buyers. In conclusion, the Residential Real Estate market in Croatia is experiencing growth and development driven by customer preferences for coastal and urban properties, the increasing popularity of apartment living, and the demand for sustainable and energy-efficient homes. The local special circumstances, such as the country's tourism industry and EU membership, further contribute to the market's growth. Underlying macroeconomic factors, including stable economic growth and favorable mortgage conditions, also play a significant role in shaping the market.
Data coverage:
Figures are based on total and average value of residential real estate, residential estate transactions and leases.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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