From the vantage point of today, property prices in Croatia, particularly on the coast and in Zagreb, peaked at the beginning of March. In fact, even then, real estate experts were warning that they were unrealistically high in many cases. Then the pandemic and with within ten days of the introduction of restrictions on movement, real estate was of no interest to anyone. Not that the market stood still. The first changes were seen in falling rental prices for apartments, but there was also weakness in commercial rents for offices and service space. The numbers were already noticeably lower in time for the March figures, but the movement downwards continued in April. The earthquake that hit Zagreb in March also shook its real estate market, leading to advertisements for rents in downtown flats that are 30 percent off their pre-tremor prices. Paradoxically, rental levels have actually fallen, despite increased demand from people whose homes were damaged. Apartments are now being offered for 10 percent less than they were before the crisis. Overall, a fall in real estate prices of up to 30 percent is expected to play out over the next few months.
