What you can buy in Zagreb for 100,000 euros
REAL ESTATE MARKET
How did we come to this?! In Zagreb you can buy almost nothing for 100,000 euros, there are waiting lists, and the sad truth is still this...
The offer is modest, and most apartments are sold before they even have time to advertise. For this amount, second-hand apartments of small square meters in the outskirts of the city are mainly offered, in which additional investment is required.
Today's real estate buyers might be shocked that everything, not so long ago, could be bought in Zagreb and at what prices.
If we take as a comparison, for example, 2014, when according to the data of the State Statistical Office the average price of an apartment in Zagreb was 1570 euros per square meter, the situation was significantly more favorable for buyers compared to today's price growth, but also the lack of supply, not only in new buildings, but also in the segment of used and affordable apartments, which is currently one of the The biggest challenges in the market.
According to the data of Lana Mihaljinac Knežević from the real estate agency Zagreb West, the realized price of apartments in Zagreb last year was 2200 euros per square meter. However, all the real estate agents we spoke to point out that average prices should not be taken “for granted” because a lot of elements influence the formation of the purchase price of each individual property, from age, build quality, location, position in the building and floor plan to the need for additional investment.
“The average price data may be surprising, but if we consider that the average is based on a large range of prices, from very high, luxury new buildings in the most attractive locations, to those much lower, less quality, second-hand properties, then it is understandable — clarifies Lana Mihaljinac Knežević.
Ten years ago, in Zagreb, according to the agencies' experience at the time, the most sold were smaller two- and three-bedroom apartments with a price of up to 100,000 euros, which was often a psychological limit when buying real estate, but also the upper limit for obtaining a loan. If today potential buyers were looking for an apartment for the same amount, they would remain, to put it mildly, disappointed with the offer.
Ferenščica, Ugljanska
Newly renovated two-bedroom apartment of 53 square meters in the basement in a multi-storey house with a total of three apartments. It consists of an entrance hall, living room, kitchen, dining room, bedroom, bathroom and separate toilet.
Price: 89.000€
Given the increase in prices in Zagreb in the last few years, it has become very challenging to find a two-bedroom apartment up to 100,000 euros in the most attractive locations. In the outskirts of the city, as well as those outside the tram zone, it is still possible to find second-hand apartments of up to 100,000 euros, some of which are not even abandoned or for complete renovation. This trend, which we have seen in Zagreb only in the last few years, has been present in large European cities for decades. Affordable real estate in elite microlocations is no longer on the market, so young people and those with average incomes are 'pushed' to the outskirts of cities or to smaller towns in the vicinity of large ones — says Lana Mihaljinac Knežević.
Diana Perger of the agency Euro-Interiors points out that today's offer of up to 100,000 euros is modest, and to evoke what everything could be bought for the same amount a decade ago, she found some realized transactions in the archive. Of the used apartments, the one with an area of 40 square meters in Trešnjevca for 52,000 euros, an apartment of 45 square meters in Črnomerc for 78,000 euros, an apartment of 56 square meters in Miramarska for 84,000 euros and an apartment of 87 square meters in the center for 110,000 euros. The offer of apartments in the new building was also satisfactory. For example, at that time you could buy 50 squares for 75,660 euros in Kustošija, then 56 squares for 76,500 euros in Gajnice, 63 squares for 85,000 euros in Vrapč, 55 squares for 100,000 euros in Jarun or, conversely, 45 squares for 103,500 euros in Bundek.
- So, it is noticeable that in those years a lot of things could be bought up to 100,000 euros and that there was a big difference between the price of a square meter of apartments in new buildings and used apartments. Nevertheless, it should be emphasized that in those years there was little quality new construction and that the 100,000 euros then are not worth the same as today. Croatia was in recession in those years, the net salary was about 5000 kuna, the prices of building materials were far lower, and the availability of labor was high. Banks were extremely cautious about placing loans, and interest rates were around 5%. Today, some calculations speak of about 30% increase in the payment power of Croatian citizens in those ten years. Loans have certainly become more accessible, interest rates are much lower, the price of construction has increased many times, the shortage of labor is palpable and, finally, there is the already mentioned APN - he emphasizes.
There are currently no apartments up to 100,000 euros offered by Euro-Interiors, but Diana Perger points out that they often do not even have time to advertise because they are sold immediately.
Savski Gaj/Lanište
One-room apartment of 28.50 square meters on the third floor of a residential building built in 2005 with an elevator. The apartment is sold furnished, the kitchen and most of the furniture is new.
It includes a storage room in the basement of the building and one parking space in front of the building.
Price: 107.000€
As with us, I suppose that with most colleagues in agencies there is a waiting list for apartments up to that amount. Currently the most affordable apartment we have is the one with an area of 32 square meters in Lanište, whose price is 107,000 euros. However, of the apartments that were sold in the last month, two, of which rarely got to be advertised, I will single out the one in the center, with an area of 25 square meters, whose price was 58,000 euros, then an apartment of 41 square meters in Gajnice which was sold for 100,000 euros, an apartment of 40 square meters was sold in Stenjevac for 108,000 euros... - he lists. He adds that in the announcement they also have a well-decorated apartment of 29 square meters in Rudeš, whose price is 89,000 euros, but he doubts that it will reach the publication of the ad.
We were also interested in whether there was new construction up to that amount.
New construction up to 100,000 euros is an urban legend. Jokes aside. The last new building we had on offer close to this amount was in March 2022 — 43 square meters in Kustošija at a price of 101,050 euros. But if such an apartment were to be sold today, it would not cost less than 120,000 euros and we would certainly have a great interest in it from our 'list' - he says.
We also contacted Opereta real estate agency, which offers apartments of up to 100,000 euros with an area of 23 to 51 square meters, and the largest offer is in the center, on Peščenica and in Dubrava.
— The apartments differ in location, but also the degree of arrangement, ie the need for investment. As many as 56 percent of apartments in this group require additional investments. Studios make up 30% of the offer, 37% are one-bedroom apartments and 30% are two-bedroom. Furthermore, 53% are apartments in the basement, ground floor and high ground floor, and 43% of the apartments in this group are on the top floor. The largest number of apartments from the offer, 93% of them, are in residential buildings — analyzes Martina Mataić Škugor from the agency Opereta nekretnine.
Trešnjevka, Rovinjska ulica (near Ozaljska)
Apartment of 43 square meters, in a building from 1968, consists of hallway, living room, kitchen with dining room, bedroom, bathroom with toilet. It has a storage room, a pantry and a terrace. Price 106.000€
He adds that these apartments are mainly bought by parents for children students, single people or buyers with excess funds for the purpose of investment, ie rent.
Centar, Krajiška
One-bedroom apartment of 30 square meters in a building from 1930. It is located on the ground floor level with access to the courtyard terrace. Price: 80.000€
— When investing in real estate up to 100,000 euros, ie real estate of smaller square footage, it is necessary to pay attention to whom such an apartment will be rented. If the apartment is to be rented to students, it should be close to colleges, dormitories and public transport. For tourist rent an apartment in the center or wider center is always a good choice. So location is the most important factor,” he says.
In Zagreb, 9723 apartments were sold last year, which is 4% more than in 2021.
With Martina Mataić Škugor from Opereta nekretnine agency, we also commented on the current situation on the real estate market, which is facing record high prices and rising interest rates on housing loans. Despite this, demand still exceeds supply.
— Today's market situation has been cumulatively influenced by several factors, the first being high demand. The first quarter of 2023 was marked by increased demand for the realization of the last round of subsidizing housing loans, which further put pressure on the market, and apartments ranging in size from 45 to 75 square meters were most in demand.
The city of Zagreb is still one of the most interesting areas for buying real estate with the highest supply and demand. Last year, 9723 apartments were sold in Zagreb, which is four percent more than in 2021. Also, our citizens view real estate as an investment and as an enduring value. More than 55 percent of real estate is purchased with savings. This is understandable because real estate brings a return of three to six percent, and the interest on savings is still quite low - he says.
He adds that there are not enough apartments built, which is confirmed by the figures: last year 18,991 new apartments were planned in Croatia, which is 14 percent more than last year, but still 26 percent less compared to 2006, when the highest number of building permits were issued.
He also adds that Schengen and the eurozone are creating new opportunities, with the great interest of foreigners in real estate in Croatia, whose share of purchases was 37 percent last year.
published on 12.06.2023 years