Home » Latest » Park Avenue Property Sale Could Net Croatia 7 Million

Park Avenue Property Sale Could Net Croatia 7 Million


There is approximately 266 million USD worth of property from former diplomatic and consular properties of the former Yugoslavia, which, under succession agreements, belongs to Croatia, reports daily newspaper Jutarnji list.

There are 123 embassy and consulate buildings, residences, apartments, houses and land plots. According to the Agreement, the Croatian share in the common property is 23.5 percent, while the share in the assets of the former Yugoslavia in gold, reserves and equity, which is kept at the Bank for International Settlements, is 28.5 percent.

The Ministry of Foreign Affairs says it will look into options about what to do with the property.

“The property, which belongs to Croatia, according to estimates from the 90s, is worth 108 million, and these are properties that are not shared with other successor states of the former Yugoslavia. We now need to investigate the state of each property in terms of what needs to be done to register the transfer of ownership under the regulations of the country the properties are in,” said the Ministry of Foreign and European Affairs (MVEP), adding that they would look into what properties require additional investment, but also assess whether some properties are still required.

Properties Croatia own include a residence on Park Avenue in New York, which is valued at around 20 million USD. The MVEP intend to sell that property along with the embassy in Bonn, Germany with the money from the sales being split between Croatia, Slovenia and Serbia. Croatia would benefit to the tune of 7 million USD from the sale.

Share on:
0 / 5 (0 votes)

Related Posts

[PHOTOS] Iconic Jadran Hotel in Tučepi gets Luxury Upgrade

The new 4.5-star TUI Blue Jadran hotel, located at the end of the promenade in Tučepi on the Makarska Riviera, has opened on the weekend after a 12-million euro upgrade. The hotel, which has 161 rooms, including 12 junior suites and 11 swim-up suites offering direct access to a private pool, is the seventh hotel...

UNESCO Names New World Heritage Sites in Šibenik & Zadar

Two historic sites on Croatia’s Dalmatian coast have been named as UNESCO World Heritage Sites today. One of the most famous sights in Šibenik – St. Nicholas Fortress – and Zadar’s fortified city walls and gates have now been confirmed as UNESCO protected World Heritage sites. The decision was confirmed at the 41st meeting of...

Filmed in Croatia

By Iva Ralica Croatia has a long tradition of film production. Back in the sixties it enjoyed its golden era, in the nineties production was interrupted by the war, but began flourishing once again with the beginning of the new century. Thanks to its natural beauty filled with wide fields, rocky mountains, and gorgeous coastline,...

[VIDEO] Australia Wakes Up to Croatian Culture & Talent

People in Australia woke up this morning to a dose of Croatian culture and talent. Australian breakfast TV show Sunrise, which is broadcast on the Seven Network downunder, visited the King Tom Club in Sydney as part of their report featuring different cultures in Australia. The Seven Network is one of the main free-to-air television...

Pelješac Peninsula: 10 Things to Check Out

By Iva Ralica Pelješac, the second largest Croatian peninsula with a rich history dating back to the 7th century, stretches along the southern coast. Small hills and valleys are rich in vineyards and olive trees, which together with lemon and orange trees, create a perfect Mediterranean paradise. There is so much to see and do...