State Real Estate: More than Eight Thousand Euros per Square Meter

State Real Estate d.o.o. has achieved excellent success with the first public tender for the sale of properties owned by the Republic of Croatia. For 10 out of 13 offered properties, the conclusion of purchase agreements is expected, representing a realization rate of almost 80 percent, with a total sales value of 1.25 million euros.

According to the official results of the first sale tender published by State Real Estate, the highest price per square meter was achieved for a commercial space on Frankopanska Street in Zagreb, exceeding eight thousand euros. Three bids were received for the purchase of this commercial space, including a record bid of 8438.19 euros per square meter.

The winner of the tender by the number of bids is the property advertised at Maksimirska 24 in Zagreb. For the purchase of an attic apartment in this property designated for demolition, 13 bids were received, with the highest value being 2748.21 euros per square meter, while seven bids with a square meter value of nearly 5000 euros were received for commercial spaces on the ground floor of the same street building.

The second place by the number of bids went to the apartment advertised in the basement of Bužanova 14 in Zagreb, for which a square meter amount of 2736.32 euros was achieved, while in third place is a garage at Brune Bušića 16 in Novi Zagreb, for which 10 bids were received, with the best bidder’s offer being 2024.19 euros per square meter. For the apartment advertised on the first floor of a street building at Medvedgradska 17 in Zagreb, the second highest square meter value of 6135.93 euros was achieved.

The excellent results of the tender indicate the existence of market interest, as well as the significant value of properties in conditions ranging from dilapidated, poor to relatively good when located in attractive locations with existing infrastructure. The sale of all offered properties in Zagreb and one property in Karlovac is expected. Expressions of interest and an average achieved price that is double the average starting price per square meter confirm the demand for properties in the center of Zagreb, while the response in other cities was lower or absent.

After the first completed tender, State Real Estate plans to announce four more sales tenders by the end of the year for apartments, garages, and commercial spaces that are not intended for state programs, require higher investments, and are not opportune for the Company.

After closing the first sales tender, State Real Estate opened another tender on Saturday, March 29, 2025, offering 24 commercial spaces for a ten-year lease in 10 cities across Croatia. This is the third of 10 planned tenders for the lease of state spaces.