Of particular interest is the Diocletian Palace, built in 295 AD by the Roman emperor Diocletian who ordered a residence to be built there for his retirement. It took ten years to build, what is today the last remaining Roman palace that is actually lived in, and Diocletian lived there until his death in 313 AD. Since then Split has changed hands a few times. It was conquered by the Venetians in 1420, then fell to the Austrian Hungarians in 1797, there was a brief period the French occupied the town, before becoming part of Yugoslavia in 1918. Much of the current day development occurred after 1920 when Zadar, Dalmatia’s official capital, became an Italian enclave. In 1941, after the city was occupied by the Italians, a very strong resistance movement soon evolved and the city was first liberated in 1943, after the capitulation of Italy, and then finally in October of 1944 when the first people’s government of Croatia was formed.
Today, Split is the economic, administrative, educational, sports and tourist center of Split Dalmatia County. It is also UNESCO protected and a wonderful place to visit. Moreover, it is the main transport hub for getting to the neighboring Dalmatia Islands of Hvar, Vis, Brać and Šolta. It is 3hrs and 30 minutes drive to the capital Zagreb. There is lot’s to do and see in Split; in fact it is an excellent place to base yourself if you are touring the area due to its position in the Centre of Dalmatia.
Split has a lively but civilized nightlife, you don’t find lots of drunken partygoers wandering around the town, shouting, fighting and throwing bottles. In fact Split is extremely safe and has a relaxed and friendly atmosphere. There are a good selection of clubs and bars on the seafront and in and around the old town. The old town features numerous boutiques, café bars and restaurants. It is famous for its promenade (Riva in Croatian), which is set against a backdrop of the Diocletian Palace, the old town and the sea. It has a glamorous feel whilst retaining its relaxed and charming atmosphere.
Why Buy Real Estate Split
Split property became very popular with foreign buyers at the end of the 1990’s. Prices were very low, at that time in Deutche Marks, due to the fallout of the war of the early to mid 1990’s. Since then the price of real estate in Split has increased considerably. Split property experienced its most rapid price inflation from 2000 through to 2006, where prices were growing exponentially sometimes at two, three or even four times there original value. The price increases were somewhat distorted due to the low base from which they came as a result of the war.
In 2000 it was possible to buy an old stone house in Split Old Town or close to it for under €500 per m2, although prices varied wildly as the market tried to establish itself. Prices then rose quickly up to €1000 to €1500 per m2 in 2003 / 2004 and then €2000 to €2500 in 2004 / 2005 and up to €3000 and above by 2006. This was for stone houses or apartments in Split old town that often required complete renovation.
The Split real estate market then suffered a period of price stagnation as prices peaked, transactions dried up and vendor’s maintained their unrealistically high asking prices even after the collapse Lehman Brothers and the start of the financial crisis. This status quo continued until the beginning of 2010 when vendors began to realize the price of Split real estate was unrealistic and those motivated to sell started to accept offers well below their asking prices. Since then as reality continued to bite, asking prices came down although transaction prices fell much further. Foreign owners of real estate in Split have been the quickest to react to the market as they experience similar market characteristics in their domestic markets. Many of the property investors who bought into the Split property market decided to sell up and capitalize on low prices in their domestic markets and invested there instead.
Currently those looking to buy into the Split real estate market are foreign nationals looking for an investment property or an investment / second home or a business opportunity. In fact in the last few years there have been a number of buyers who have purchased old stone period houses, renovated them and turned them into successful luxury bed & breakfast businesses. There is also a growing trend of Croatian’s who moved abroad, that have now retired and are looking for a place to own and stay when they return to visit family and friends.
If you are interested in purchasing a property in Split, or would like some more information on the Split real estate market please contact us.