Fast Market Research recommends "Croatia Real Estate Report Q1 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/11/2012 -- The Croatia Real Estate report examines the commercial office, retail, industrial and construction sectors and considers the impact of a dour outlook for the economy, which we estimate will post a full-year recession in 2012.
With a focus on the three principal cities of Split, Zagreb and Zadar, the report covers the rental market performance in terms of rates and yields over the past 18 months - including newly collected data covering H112 - and examines how best to maximise returns in the commercial real estate market, while minimising investment risk. Exposure to the eurozone sovereign debt crisis is impacting export demand and will also manifest itself as ever-important tourist figures fall going into 2013, while severe austerity measures will squeeze consumer and government spending alike. Foreign direct investment will slow and credit streams will tighten as domestic banks feel the knock-on effects of EU banking regulations.
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The property market is inevitably being impacted, last year saw stagnant or falling rents in all cities, while yields fell across the board. Rents were also under pressure from a strong supply pipeline. Retail was a bright spot, with rents increasing in all cities boosted by strong tourist arrivals and consumer confidence picking up slightly as the country emerged from recession.
Key recent news has been the decision by the EU to close negotiations on accession. Croatia is now scheduled to join the EU on July 1 2013. EU membership will have a number of positive affects on both the economy as a whole and the construction/real estate sector in particular.
- The outlook for the Croatian infrastructure sector continues to remain grim in the face of slackened economic growth both domestically and within the region. Although the government's pledge to inject EUR13bn into the country's infrastructure sector and Croatia's accession to the EU by 2013 clearly creates room for optimism, BMI leans on the cautious side.
- We forecast that Croatia's construction sector is poised for a further 0.4% y-o-y contraction in real terms in 2012 - its fourth consecutive year of decline - as businesses remain cautious about making new investments, and the government postpones existing projects.
- Weak domestic demand as a result of low confidence, fiscal austerity measures and a weak labour market will put Croatia in recession this year. Looking to 2013, accession to the EU and concurrent funds and an improved outlook for the global economy, which will boost Croatian exports, will see a return to growth at 1.0%.
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