ARTICLES LABELLED WITH TAG Croatia

Marriott International has signed an agreement with Riva's Hotels & Resorts to bring Marriott Hotels to Croatia. Located in Icici on the Opatija Riviera, the new-build hotel is anticipated to open in 2024.

Czech real estate fund Investika has decided to take another step in diversifying its real estate portfolio. Its latest acquisitions are luxury properties in Croatia for short-term rentals.

For a long time, the logistics and industrial market in Croatia has been overlooked by real estate developers, despite the country’s strategic geographical position, proximity to major European markets and developed, high-quality road network, as well as direct access to sea routes. Recent project completions and commencements, with a strong pipeline and the arrival of international developers, suggest that winds are changing, and Croatia could become a very attractive logistics market.

GTC announced that Ziv Gigi has been promoted to Executive Director for the Southeast Europe region. In his new role, he will be responsible for all operations of the office sector in Bulgaria, Romania, Serbia and Croatia. He will be in charge of executing the company's strategy and development plan, as well as all of its operational activities, including leasing and asset management. Ziv Gigi’s promotion is part of the company’s greater transformation to strengthen its country leadership to be more responsive to opportunities and challenges in local markets.

Immofinanz leads the development of retail parks across Croatia, with plans for surpassing Supernova and becoming the market leader in Croatia, while local developers remain active as well, focusing on undersupplied locations and the outskirts of large cities.

Almost ten years after becoming the 28th EU member state, Croatia is set to join both the Eurozone and Schengen Area at the beginning of 2023, integrating the country even deeper into the EU. But how will this affect the local real estate market?

GTC signed an SPA to sell its Matrix A and B office buildings in Zagreb to a strong local real estate group from Croatia. This transaction will mark a return on cost exceeding 22% and is about 7% above the book value. GTC’s ability to sell assets well above the book value demonstrates that the current discount to NAV on its share price is not justified.

Radisson Hotel Group announced the debut of its luxury lifestyle Radisson Collection brand in Croatia, with the opening of Grand Hotel Brioni Pula, A Radisson Collection Hotel. This follows an extensive £30 million repositioning of the legendary Hotel Brioni, one of Croatia’s best-known hotels, by Radisson Hotel Group’s partner PPHE Hotel Group and its Croatian subsidiary Arena Hospitality Group.

David Ebbrell, CEO and Mirta Ceranac Poljak, Managing Director for Croatia at M7 Real Estate talked to Property Forum at MIPIM about investment strategy, economic challenges and opportunities for sustainable growth.

For Croatia, as for other EECFA countries, the Russian invasion of Ukraine has been both a supply shock and a demand shock. And many of the elements of these shocks are the same for Croatia as for other EECFA countries. On the supply side, energy costs are rising as are the costs of construction materials and of construction finance. Supply chains and labour markets have also been disrupted. On the demand side, inflation has cut into consumers’ real disposable income, consumer confidence has been shaken as a result and finance for real estate purchases has become more expensive, says Michael Glazer, SEE Regional Advisor at EECFA Croatia.