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Why To Invest In Hvar Properties

April 26, 2012 | Comments: 0 | Views: 98

A lot of people are now investing in properties. If you're still searching for an ideal investment, you should consider buying properties on island of Hvar (Croatia).

There are many reasons why you should buy a property on Hvar. Holidaymakers were able to experience and witness the beauty of the island. For those who want to invest on a holiday home, Hvar is a great choice.

The cobbled streets, stone towns, and waterside ruins are some of the main attractions of the island. There was a boom in Croatian properties way back in 2004 and since then, it has become a hot spot for attractive property price. Croatia slowly emerged into a beautiful place after the Yugoslavian war. Hilltop villages had extremely popular stone ruins that cost a lot of money. Even the coastal buildings were sold for millions and made the locals rich.

The prices of properties have skyrocketed since 2004, but the prices are much more reasonable today. For instance, properties that cost around 43,000 Euros were sold at 150,000 Euros after a few years! A property crash occurred which led to distress sales. Before long, the general price of properties has gone down.

If you plan to invest on a Hvar property, it is important that you're familiar with the process of buying in Croatia. It's best to have a competent lawyer before making a purchase. You see, property titles can be complicated. It is a very common situation to encounter a lot of owners for a particular property especially if the registered owner died many years ago.

When buying Hvar property, you will need a cadastre map and the title deed or "vlasnicki list". The map tells you where the plot is while the title deed will provide you with information on the plot's size and number, as well as the registered owners list and any charges or mortgages on the said property. During the notarized pre-contract, you have to give a 10% (or higher) deposit and the remaining balance should be paid upon the closing of the sale.

Before the year 2009, foreign buyers needed to file an application to own Hvar property at the Ministry of Justice. However, such process was very lengthy and usually took around seven years. The restriction has been lifted for some states in the US and EU members.

As mentioned, complications with the title deeds are common. Aside from this, there are still other things that you have to look into when buying Hvar property. This includes the following:

- You need a usage permit for properties built after the year 1968, as well as building permits and the location permits, - Determine the property's registered use - whether it is commercial or residential, - Make sure that you research the Hvar property thoroughly before making the final decision.

The island of Hvar is a beautiful place. There are now plenty of foreign owners of properties but there is still room for more. If you want to buy Hvar property, this is the ideal time to make an investment. With a bit of diligence and adequate knowledge on Hvar properties, you can find the best deals.

For more info about Hvar Properties, visit:

Source: EzineArticles
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