The Price Of Split Real Estate

As a general guide the price of Split property in the old town is on average somewhere between €2000 to €3000 per m2 for a period stone property depending on location and condition. However, 99% of Split real estate located in the old town require complete renovation of the interior, most need exterior touching up and a few need structural work to be carried out. Moreover, due to the location of the property in Split old town most of them are under cultural heritage protection. The Split Cultural Heritage Department must be consulted and give permission if you intend to renovate, even if you only want to restore the property without making any changes to the exterior.

It is important to consider the cost of renovating your old stone character Split property when making plans to purchase. For arguments sake the renovation will usually require the following but is not limited to; new electrical and water installations; joinery; tiling; plastering and painting. Moreover for the purposes of establishing a comparative price we will assume a standard kitchen is put in. However, furniture is excluded and we are assuming there are no structural works or works to the roof required. With this in mind you are looking at €350 per m2 for a standard finish, €500 per m2 for a quality western standard finish (4 stars) and upwards for anything better. Obviously it all depends on materials and equipment you want to use to renovate your old stone property in Split, so these prices are only a guide.

In addition to the construction price, it is important that you make an allowance in the budget for the management of your Split property project. This assumes you are not prepared to oversee the works and get the necessary permissions from the relevant authorities yourself. When hiring a project manager ideally you need someone who can be your construction supervisor and your project coordinator. It is important to note that the co-ordination aspect is often overlooked by foreign buyers who will be managing the project remotely. The coordination can take considerable time and effort when liaising with someone abroad via phone & email, if mistakes are to be avoided. It is also vital you have someone who really knows what they are doing in relation to the construction management and it is advisable to make sure they are certified by the relevant Croatian chamber, be it an architect or engineer.

There are other possible costs too, notably an architect should the buyer wish to have plans drawn up and a land surveyor who must validate the size and position of the property with the cadastral office prior to it being sent to the Department of Culture Heritage in Split and then the planning office. If we assume the apartment in question is 100m2, fees could end up around €150 per m2 for a decent land surveyor, architect and qualified project manager / coordinator.

So let us say you find your property for €2500 / m2 and it needs renovation but no structural works. For this price one would expect to find a Split property in the old town or very close to it. But you will need to be persistent to get something decent for that price. Furthermore let us assume it is 100m2 and you are renovating it to a good standard or 4 star equivalent. Therefore it would cost €500 per m2 for the renovation, plus the VAT which is €125 per m2 (25%), add on your fees of 150 €/m2 gives you €775 per m2 plus the cost of the object at €2500 per m2, which gives a price of €3425 per m2 for a completed object. You then need to furnish your 100m2 Split apartment, and to do so to a good specification you will need to spend €20,000 upwards. If we assume you spend €20,000, this equates to €200 per m2 for our 100m2 apartment. Add this to our existing €3425 per m2 and you end up at €3625 per m2.
So to summarize to purchase a property in Split old town you will need to spend between €2200 & €3000 per m2 dependent on location and condition, but you should assume it will need complete renovation as a minimum for this price. You will then need to spend €800 per m2 upwards to renovate it to a good standard which includes the cost of construction & professional fees. Furthermore, for a 100m2 you will need a minimum of €200 per m2 to furnish it. Therefore to renovate and furnish your Split property you are looking at €1000 / m2. If you add this to the initial purchase price, you are looking at between €3200 and €4000 per m2 for a well renovated Split property in a good location either inside the Diocletian Palace or close to it.
It is important to note purchase prices can vary wildly, in particular offer prices verses actual prices paid. Properties in Split old town are no different. This article is purely intended as a guide and a possible starting point for people looking to buy property in Split. Obviously, it is essential if you do intend to buy property in Split you do your research before making any financial commitment.