Business

Croatians Buying Cheap Real Estate in Bosnia and Herzegovina

By 5 February 2019

Two winters with a lot of snow and low temperatures, as well as a somewhat better economic situation in Croatia, were enough for lovers of skiing and other winter outdoor activities to start buying cheap real estate in Bosnia and Herzegovina once again, reports Poslovni.hr on February 5, 2019.

Websites are full of ads offering cheap real estate in neighbouring Bosnia and Herzegovina again, especially apartments and holiday homes in the mountains. Everything changed two years ago when the local authorities started investing more and found private ski centre concessionaires.

“As for the real estate prices, there is no rule. Average land price is around 20 convertible marks for a square metre, but it is not the same for a 200 or a 500 square metre plot because the larger ones are more expensive. As for the furnished mountain houses, they cost about 600 marks on average, while unfinished homes are sold for about 300 marks per square metre,” said the owner of a real estate agency, discussing the Blidinje area in Herzegovina.

Another popular area is Kupres, often called the Herzegovinian Alps. “Now is the right time to buy real estate because the prices are lower than ever,” says Dragan Kupreškić, a private investor. “At the peak of the first investment wave in 2007-2008, the price of a square metre of a house reached up to a thousand euro per square, while at Jahorina it went up to two thousand euros. Today, you can find a square metre at Čajuša, in an almost finished apartment house, for between 350 and 470 euro. For some 20,000 euro, you can get a very nice apartment, which is the price of a garage in Split or Zagreb.”

Buyers from Croatia can acquire real estate in Bosnia and Herzegovina more easily now since in 2017 a special agreement was signed between the two countries. There is no more reciprocity, quota or anything similar; all you need is an ID and, of course, money on the bank account. Since recently, the real estate sales at the ski resorts in the neighbouring country have been supported by the local banks as well.

Translated from Poslovni.hr.

More real estate news can be found in the Lifestyle section.

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