Interview with the managing director of the agency Euro Immobilien, Mr. Denis Sikljan

Interview with the managing director of the agency Euro Immobilien, Mr. Denis Sikljan

On May 12th, 2014 the journal Finance published an interview with the managing director of the agency Euro Immobilien, Mr. Denis Sikljan. The topic of the interview was the current situation on real estate market on the island of Krk, the interest of foreigners in buying a property in Croatia and impact of location on property value.

We are bringing you the most interesting parts of the interview:

What are the prices of real estate on the island of Krk - which are the favorite locations and in which area of Krk one can find the most favorable real estate?

The greatest demand for real estate is in the southwestern area of the island of Krk, where the prices are the highest as well. The city of Malinska with villages Vantacici and Porat is one of the strongest areas on the island. Very attractive are also the city of Krk and the city of Punat. In these areas real estate achieve the best price, as well as the highest number of sales. And in terms of investment those locations are most interesting because they are preserving the value of the properties. Best buy is in the area of Cizici, Soline, Klimno and Silo, that is, in the area of the island which is directly open to the bora wind and north-oriented. In this area the real estate are at least 30 % cheaper than in the other areas of the island.

And how did the prices of real estate look like in the past couple of years?
In the beginning of the crisis the sale was significantly slowed down, but in the past two years we experienced a slight recovery due to the pressure by other prominent countries such as Austria, Germany, Czech Republic and Slovakia, i.e., the countries that have already slowly emerged from the recession, so now we have a price increase in good and excellent locations and sales stagnation in poor locations. So the market is quite divided, that is, the location is now a significant factor in price increase.

IWhere do the most buyers come from?
In the past, over 80% of foreign buyers were Slovenes. But today this percentage decreased to 40-50%, while the percentage of buyers from other countries, such as Austria, Germany, Czech Republic and Slovakia has increased, due to the legal liberalization of their real estate market which has significantly facilitated the sales. On the other hand, Slovenia has always had good sales.

What kind of real estate are the Slovenes mostly interested in and in which locations?
The Slovenes rarely buy classic apartments with a balcony or terrace. They are mostly interested in ground floor apartments with a garden or smaller cottages, all over the island. As for the selection of location, they often buy properties in the places where they used to spend their vacation.

What kind of sales do you expect in the future?
Krk is very attractive because of its accessibility and proximity of major European cities. It is a great weekend destination with beautiful sea and nature. So I think that we have a beautiful future ahead of us.

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