What could an idyllic island provide you with besides the right holiday? It could also provide you with the concept of owning a vacation home within the enchanting island. But before you make any hasty action in making such an enormous decision, you should know two important factors in buying a property. First you must understand how easy it’s to purchase Hvar properties and what are the possible drawbacks of the property.
As vacationers, wander through the scenic cobbled thoroughfares of the different stone towns in Dalmatia, real estate’s price in Croatia becomes a common point of debate. One cannot help but imagine about owning and turning a seaside ruin property into a majestic home perfect for holidays. As Croatia’s premier island, it is not surprising that more prospective buyers are looking into owning a property in Hvar.
The Country’s Property Prosperity of 2004
Emerging from the aftershock of war in the neighbouring country Yugoslavia in 2004, Croatia was considered as the following real estate hot spot. Prices of properties were cut-rate and fortunes were amassed on Hvar Properties. Buyers from foreign countries came off the ferries and purchased anything they might afford. The hilltop locals sold off their hilltop properties became rubbles as meagre as 10,000 euros while those that owned prime coastal structures made a fortune in selling their properties. The case of the stone ruin on Rudine Peninsula, Mala Rudina, was sold 3 times. Each time the property was sold, the price increased by 100%. Although such will not be a typical raise in price, it left the final level in prices in selling properties in 2004.
Practices in Buying Hvar Properties
When buying a property in any place, it’s advisable that you just get a competent lawyer. Property titles in Croatia are complicated since it’s possible you’ll find your desired property is owned by more than 50 persons, a normal scenario when the unique registrant died 50 years ago. It’s a must to know that a very powerful document you need in buying a property within the country are these two:
Vlasnicki list or title deed which provides information on plot size and number, list of property’s charges or mortgages, and list of registered property owners.
Catastar map that identifies the plot.
It’s a standard practice to pay the standard 10% as deposit against a certified pre-contract and upon completion would be the balance. Before February of 2009, foreign purchasers must apply for a permit from the Ministry of Justice in owning Hvar Properties. But such restriction was lifted for members of EU in addition to several American states.
Other than title issues, you should consider these things when buying property in Croatia:
Properties constructed after 1968 will need to have usage permit except for building permits to construct legally.
You need to check on the building permit since it must be registered for commercial use. Permits issued for residential use a few years ago will nullify your license to build a property as there was a recent change in the law.
An intensive research on the land purchase must be made. Building lands are graded differently and building permits rarely granted. If it’s possible, you could buy Hvar properties where building permits are already granted.
Foreigners are profiting from the chance to buy Hvar properties in the gorgeous island. A substantial number of properties have been bought as well as renovated. Given proper meticulousness, you should purchase your own property in Croatia in a really affordable price.