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Banks Keeping Property Prices High In Dubrovnik

With real estate prices per square meter in Croatia continuing to decline because of the recession, in the southern Dalmatian City of Dubrovnik, prices have now stagnated for more than two years, with no indication of any significant reduction in the near future, writes business portal poslovni plus.

The average price of a house with a garden in the city is 3,504 euros per square meter, in Split, also on the Dalmatian coast, it is 2,267 euros per square meter, whilst in the capital Zagreb the average price is 1,485 euros, which only confirms Dubrovnik’s position as being home to the most expensive real estate in the land.

President of the Professional Group of Real Estate Agents Frano Bezic, says that prices have remained high in Dubrovnik because the banks, who own a majority of the real estate in the City, are not interested in lowering prices.

“People who sell real estate privately usually agree to lower prices, which is not the case with the banks,” said Bezic in an interview with Slobodna Dalmacija.

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