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Archived Articles
Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.
He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.
In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.
Global Real Estate Project
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Croatia: Investment advantages gradually running outBright prospects for EU membership not later than 2009-2010, good political climate, developing economy, skyrocketing real estate prices, Croatia has it all. To believe the words of the local experts, the country will keep that way for the pleasure of investors, especially for the foreigners, looking for affordable retirement. In fact Croatia may fall victim of its earlier successes. The prices are quickly approaching the average for the same kind of markets. The interethnic peace may cause confusion in the property rights field. In the domain of EU integration, Croatia can only dream perform better. Only a year after former submission of application (see the table of relationships with EU), the country was accepted by Brussels to begin negotiations. 2007 is considered as most probable date of ending the talks and given the technical time for ratification by 27 other members (Bulgaria and Romania by that time may become already members in addition to 25 current members), 2009-2010 will be a realistic date for joining EU. It may seem as bad fate to wait until 2009 for a membership, but the real process of joining will take only 4 years (2005-2009) instead of 6 years for Poland (1998-2004) or 8 years for Bulgaria (1999-2007). Approaching EU has already created controversy in the way local experts see the future real estate trends. As in many countries from the region where the prices are still below the EU average, the foreign investors are lured by the promises of quick and certain gains. The recent history of skyrocketing prices by 20-30 and even 50% in some areas is in a sense a proof of the viability of the local market. On the other hand, these recent trends are in fact signs that the investors may not be allowed to reap similar harvests in the future. When comparing the prices in Croatia and EU, one shouldn't look at countries like Germany, or UK, but instead the interest should be focused on nations like Croatia, perhaps Greece or Portugal, small nations trying to attract foreign investors using the same factors (sunny weather, warmer climate, political tranquility, EU current or future membership). Looking at these countries make Croatian future trends look much less promising. With prices ranging between $1,500-2,000/sq.m* and plots near the sea coast priced at 50-100/sq.m, Croatia is already marching the similar quality properties in Portugal and almost reaching those in Greece. Besides, Croatia's prices are higher than in other regional contenders like Bulgaria and Romania. To be honest, Croatia has one comparative advantage over the other main contenders, including even Greece or Portugal. This former Yugoslav republic is at short hand distance from Germany, one of the main markets of tourists and investors, which is an important factor. Another important detail is that Croatia has always been considered as a society leaning towards Germany, a fact known in Germany as well. On the other hand, countries like Greece have more diversified and still more opened economies making them attracting additional investors. To sum up, Croatia has chances to match Greek price levels but it will hardly be able to go further as promised by the local advertisers. Another issue that usually can't be found in the nice looking booklets about the Croatian properties is the fate of the Serbian minority. According to UN figures, since 1991-1995 some 280,000 ethnic Serbs fled Croatia and recently only 100,000 have returned. Many of these refugees left their properties, which still need to be restituted. Of course such policy won't get any warm support by the ordinary Croats. They are not alone. In fact, anywhere in the Balkans restitution of property to any ethnic minority is a painful and unpopular move, most often possible only under a direct political pressure from abroad. The return of Serb refugees and the restitution of their property is one of the key demands put forth by the EU before allowing Croatia to join the block. If they want to join, Croats must comply. The practical consequence coming out from this policy is that any investor should pay double attention when choosing a property, no matter its size, location and price, because the seller could turn to be not the legitimate owner or at least not the legitimate owner after the restitution.
Country profile:--------- EU-Croatian past bilateral relations
EU-Croatian plans for the future
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See also the directory of companies providing real estate services in, and general real estate information of Croatia.
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