Sunday, 19 November 2017
Game of Thrones making real estate more expensive in Dubrovnik Game of Thrones making real estate more expensive in Dubrovnik

Game of Thrones pushes up real estate prices in Dubrovnik

By  Jan 10, 2017

The latest edition of the German newspaper ''Welt am Sonntag'' brings an extensive article on real estate prices along Croatia's coastline. As an example, it mentions the Swiss entrepreneur Dennis Bandack who bought a small hotel on the island of Korcula for 2.7 million Euros and plans on buying nine more hotels.

The author of the article emphasizes that Bandack could have invested in any other Mediterranean destinations but....''Bandack sees Croatia as a country with the best ratio between price and profit and he is not alone in this. Croatia attracts more and more hoteliers''.

The great development of tourism in Croatia is emphasized as the main reason for this trend, but the article also points out that the purchase of property on the Croatian coast is a good move for private investors because ''in popular destinations in the western Mediterranean real estate prices have risen. On the other hand, it seems that Croatia provides favourable opportunity. According to analysts this winter brought a slight decrease of real estate prices''.

dbk real estate

Dubrovnik cashing in on Game of Thrones fame 

At the same time, the article advises investors to be very careful when purchasing real estate as well as to double check ownership relations and the validity of the construction permit.

Matthew Montagu Pollock the publisher of the international information service for real estate rentals Global Property Guide says that the most expensive tourist properties are in Dalmatia. The main reason for such high prices he sees in the long tourist tradition of the region and in the filming of the HBO series Game of Thrones in Dubrovnik which attracts many fans. But he also warns that once the series finish filming in Dubrovnik the interest for Dubrovnik will decrease. ''Probably the prices of weekend houses and apartments around Dubrovnik will decline very soon. But in the long term, investors will probably benefit from real estate in the region''.

''The pearl of the Adriatic will always attract tourists'', says Thomas Beyerle from the real estate company Catella.

The article also mentioned Istria as an example of the region in which real estate value will rise especially due to its geographical location i.e. the vicinity of Germany and Austria as well as to many international stars such as Gwyneth Paltrow, Tom Cruise and Bernie Ecclestone who were thrilled with the Croatian peninsula.

In addition, the author of the text pointed out figures from Matthew Montagu Pollock which show that by renting holiday houses and apartments in Croatia an average profit of 6.2 percent can be generated. Pollock also advises foreign investors who want to rent ''in large'' to open a company in Croatia in order to save on taxes.

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The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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