Property Investment in Split: An Overview
Split, the second-largest city in Croatia, is a popular tourist destination known for its rich history, stunning beaches, and vibrant nightlife. However, it is also a great place for property investment. In this article, we will provide an overview of property investment in Split, including the current state of the market, the best areas to invest in, and the potential returns on investment.
Current State of the Market
The property market in Split has been steadily growing over the past few years, with an increasing number of foreign investors showing interest in the city. According to a report by the Croatian National Bank, the number of real estate transactions in Split increased by 10% in 2020 compared to the previous year. This growth is expected to continue in the coming years, as more and more people discover the beauty and potential of this city.
Best Areas to Invest In
When it comes to property investment in Split, there are several areas that are worth considering. One of the most popular areas is the historic center of the city, which is home to many beautiful old buildings that have been renovated and turned into apartments. This area is particularly attractive to tourists, as it is close to many of the city’s main attractions, such as Diocletian’s Palace and the Riva promenade.
Another area that is worth considering is the neighborhood of Meje, which is located on the western side of the city. This area is known for its beautiful beaches, parks, and stunning views of the Adriatic Sea. It is also home to many luxury villas and apartments, making it a great place for high-end property investment.
Potential Returns on Investment
The potential returns on investment in Split can vary depending on the type of property and the location. However, in general, property prices in Split are relatively affordable compared to other popular European cities, such as Paris or London. This means that investors can expect to get a good return on their investment, particularly if they choose to invest in up-and-coming areas that are expected to grow in popularity in the coming years.
FAQs
Q: Can foreigners buy property in Split?
A: Yes, foreigners can buy property in Split. However, they will need to obtain a Croatian tax identification number and register the property with the local authorities.
Q: What is the average price of property in Split?
A: The average price of property in Split varies depending on the location and type of property. However, according to data from the Croatian Real Estate Association, the average price of an apartment in Split is around 2,500 euros per square meter.
Q: What are the taxes and fees associated with buying property in Split?
A: The taxes and fees associated with buying property in Split include a real estate transfer tax of 3%, a notary fee of around 1%, and a registration fee of around 0.15%.
Conclusion
In conclusion, property investment in Split is a great opportunity for those looking to invest in a growing market with great potential for returns. With its stunning beaches, rich history, and vibrant culture, Split is a city that is sure to attract more and more visitors in the coming years. By investing in the right areas and properties, investors can expect to see a good return on their investment and be a part of the city’s exciting growth.
