Zagreb, the capital city of Croatia, is affluent and has ambitious future plans that will likely attract substantial foreign direct investment to the city. Currently there is a housing deficit in Zagreb as demand for property is outstripping the supply of quality accommodation and this represents ‘opportunity’ for property investors.
Already Zagreb’s unemployment levels are half the rest of the nation’s and it has a growing middle class population who seek a very Western style standard of living. The future plans for the expansion of the city economically and strategically include the expansion of the international airport by 2011. International companies such as GlaxoSmithKline, IBM and Siemens, L’Oreal and Nestle have all established commercial bases in Zagreb and created substantial inward migration of professionals and executives all seeking a good standard of rental or resale property.
There is the opportunity to purchase many of the older buildings and apartments for renovation then rental to either the city’s large international student base, or its growing professional employee base. There are also a few new developments springing up that can be purchased pre- or mid- construction and flipped upon completion, or rented out to the city’s growing base of young professionals.
As Croatia seeks to align itself politically and economically for EU entry, so fiscal and structural reforms are being accelerated making Zagreb an even more exciting yet stabilizing emerging property market. Some industry insiders have even gone so far as to say that Zagreb will become the next Prague or Budapest.
Amberlamb.com - October 2006
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