For those who remain undaunted that investing in a traditional stone cottage in need of renovation is worthwhile, there are properties all over Croatia. Jenny McKelvie takes a closer look at Istria.
As more and more second homebuyers snap up property in Croatia, savvy investors are turning their attention to traditional stone cottages, with a growing number of real estate agents based in the UK , Germany and Croatia adding these properties to their portfolios. Stone cottages can be found throughout Croatia , and if you know what you are doing you can snare that old stone cottage in the sun that you have always dreamed of without it costing the earth.
Prices in Croatia are reasonable when compared to the likes of France and Spain . A small traditional stone dwelling in the centre of the seaside resort of Rovinj, like one that was recently being sold through Avatar International for example, will set you back EUR 180,000, with a similar property in high flying Dubrovnik commanding around EUR 200,000. Croatia Estate, meanwhile, put a much larger stone house located in 1,000sqm of private land on the Kvarner Gulf island of Veli Losinj on the market for EUR 300,000.
Anyone browsing through the property schedules of an agent selling Croatian real estate will soon realise that stone cottages are divided between those that can be occupied immediately and those that are derelict or in need of renovation. Amar Sodhi from the London based Avatar International outlines the advantages and disadvantages of purchasing each type of property: "Buying a fully renovated stone cottage is a relatively risk free investment. There is a lot of uncertainty when estimating the cost of renovations. Even in the UK it is not an exact science. Anyone remodelling property in Croatia when they are miles away themselves would be wise to expect…
The full article can be found on pages 92-95 of April/May issue.