On January 1, 2023, individuals from the EU will be able to enter Croatia without going through border procedures. Croatia’s entrance into Schengen as of January 1, 2023, was unanimously accepted by the EU’s member states on December 8, 2022. More than 400 million individuals can travel freely between member nations without going through border restrictions thanks to the Schengen area.
The removal of border restrictions between Croatia and the 22 members of the European Union as well as four non-EU nations—Iceland, Liechtenstein, Norway, and Switzerland—marks Istria/entry Croatia’s into the Schengen region.
Beginning January 1, 2023, travel between Schengen member states will no longer require border checks for land and sea crossings, however airport security checks will still be required.
Investing in Croatia
Currently there are more buyers than available real estate in Croatia as prices for real estate were always expressed in euros and were relatively affordable to foreign buyers compared to other Mediterranean countries.
Real estate in popular tourist places such as Istria has a load of possibilities because it can be an excellent and significant source of income for the investor. This is especially noticeable during the tourist season in Istria, which lasts from the beginning of April until the end of October. Renting a place can significantly increase the profitability of investing in real estate. Of course, residential real estate can generate income all year round because investing in that offers unlimited possibilities.
For foreign buyers this also means no more currency risk and much lower transaction and currency-related costs. Usually, there will be much lower interest rates applied on the financing by the banks, but due to the global recession the world is heading towards, this will not happen in the immediate aftermath of joining the eurozone.
Also, as a consequence of easier investments by foreigners, there will be an additional increase in prices over the following years, which will ultimately lead to Croatia becoming an even more attractive real estate market.
If you want to learn more about investment properties in Istria, contact us at info@hedonistrian.com.
