Property Investment Croatia | Real estate for auction

Posted on July 29, 2012

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Croatian courts have a difficult task of selling a large number of houses, flats and small apartment buildings whose owners have failed to meet their obligations to banks.

Owners of mosto properties are mostly citizens, while there is much less companies with similar problems. The value of property that will be offered for auction by the end of 2009. is about 250 million kunas (more than 30 million euros), but it is very likely that the sales will be achieved with a much lower prices, even up to 50% cheaper.

According to statistics over 93% of these procedures that were conducted during the last 5 years were conducted over ordinary citizens and sometimes craftsmen. Most requests for starting the proceedings came from the banks and other financial houses, but a good part often comes from other people or state institutions.

In addition to residential real estate, a number of meadows and fields is also found for auction. Many farmers have in recent years raised large loans for improvement of production, and now are in trouble because they are incapable of returning their debt and must sell the agricultural land.

via Property Investment Croatia | TRASA Real Estate Croatia – Part 4.

Posted in: Croatia