Housing prices in Croatia continued their upward trajectory in 2023, with the average asking price per square meter of an apartment at the national level increasing by 21 percent compared to last year, amounting to 3,223 euros, according to analysts from Njuškalo who analyzed the real estate market’s state on an annual basis and compared the 2023 data with the previous year.
As for houses, the average asking price per square meter of a house skyrocketed by a staggering 40 percent, reaching 2,606 euros.
The most expensive regions remain Istria, Dubrovnik-Neretva, and Split-Dalmatia counties. In Istria, the average asking price for an apartment was 3,836 euros per square meter, while for a house it was 3,183 euros. In Dubrovnik-Neretva, the average asking price for an apartment was 3,602 euros, and for a house, it was 2,699 euros. Split-Dalmatia was close with its average asking price of 3,590 euros for an apartment, while houses were valued at a slightly lower average asking price of 2,960 euros.
The highest number of listings was for apartments sized between 61 to 80 m2 (28.1%) and those from 41 to 60 m2 (24.8%). When looking at price brackets, the largest supply was in the category of 2,001 to 3,000 euros per m2 (33.7%) and that of 3,001 to 4,000 euros per m2 (31.1%).
In most of the country, supply and demand are aligned. Exceptions, as in previous years, are Primorje-Gorski Kotar and Istria counties, which had a higher supply than demand. On the other hand, in continental Croatia (excluding the City of Zagreb and Zagreb County), demand was slightly higher than supply, they add.
State of Affairs in Zagreb
The average asking price per square meter of an apartment in Zagreb was 2,987 euros, and for a house 1,795 euros. The highest number of listings was for apartments in the price range of 2,001 to 3,000 euros per m2 (48.66%), and such apartments were also the most sought after (48.02% of total demand). The supply was slightly higher for apartments in the price range of 3,001 to 4,000 euros per m2 (30.95%) compared to the demand for such properties (28.45%).
The most sought-after apartments were those from 41 to 60 m2 (32.19%), but there were slightly fewer available (26.14%). There was also high demand for apartments from 21 to 40 m2 (24.00%), but only half as many were offered (12.11%).
When looking at the supply and demand ratio by Zagreb neighborhoods, the most sought-after apartments were in the areas of Trešnjevka-south (11%), Maksimir (10%), and Lower Town (9%) and Trešnjevka-north (9%). In the latter, supply exceeded demand (11%), while in the other mentioned neighborhoods, supply did not keep up with demand. The highest supply (along with Trešnjevka-north) was recorded in the Novi Zagreb-west neighborhood (11%), but demand for apartments there was slightly lower (7%).
The most expensive square meters in Zagreb, when it comes to apartment sales, are in the neighborhoods of Trešnjevka-south (3,392 euros), Upper Town-Medveščak (3,252 euros), and Trnje (3,248) and Lower Town (3,263 euros). Houses are most valued in Upper Town-Medveščak (3,000 euros per m2) and Lower Town (2,924 euros per m2).
The cheapest places to live are Sesvete, where the asking price for an apartment is the lowest at 2,194 euros, and for a house, it is 1,151 euros. However, the cheapest square meter for a house is still in Gornja Dubrava (1,137 euros).
Price Growth in the Rest of the Country
In the rest of the country, prices have also risen. The city of Rijeka recorded a significant increase in asking prices for apartments of as much as 26%, with an average asking price of 2,661 euros per m2. A similar situation is seen in Split, where asking prices rose by 20%, and the price per square meter of an apartment reached an incredible 4,061 euros. Asking prices for apartments in Osijek increased by 17%, bringing the average square meter price to 1,733 euros. In Velika Gorica, there was a noticeable increase of 11% (2,417 euros), in Samobor 10% (2,580 euros), in Zaprešić 4% (2,245 euros), and in Ivanić-Grad a slight increase of 1% (1,917 euros) compared to 2022.
When it comes to house sales, the largest price increase is seen in Osijek (15%), where the average asking price per square meter is 963 euros. Then in Samobor (12%), with an average asking price of 1,458 euros per m2, Rijeka (11% and an average of 1,877 euros) and Split (11% and an average of 4,162 euros). Asking prices for houses also rose in Ivanić-Grad by 6%, with an average price of 1,158 euros per square meter, while Zaprešić is the only one recording a decline in asking prices for houses, down by 8%, with an average price of 1,241 euros per m2.
