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'Fascinating' Croatia cited for investment

Thursday, 8 May 2008 12:00 AM

The eastern European nation of Croatia has been singled out as a possible overseas investment destination by overseas analysts Amberlamb.

The organisation explains the "countries stunning, beautiful, dramatic and incredibly fascinating" is likely to be a big draw for investment.

"Despite the rise in the cost of real estate, the cost of living in Croatia remains affordable - what's more, the quality of life in Croatia is so fabulous," said Rhiannon Davies, director of Amberlamb.

"The pace of life is slower, the climate is more attractive than the British climate for example, and the people are welcoming."

According to Amberlamb, Croatia also has improving infrastructure and healthcare standards. It is also relatively accessible if traveling from the UK.

There is also a strong rental market in the country, with the Croatian tourist board recording almost 11 million tourists' visits - foreign and domestic - to the country between January and November 2007.

This represents a rise of eight per cent from the same period in 2006.

However, there are concerns over planning restrictions in the country.

"Croatia's government have been quite famous for the restrictions they have put on planning proposals to protect certain parts of the nation in the past," said Ms Davies.

"Backing them up are the people who are becoming more vociferous in their protests against the nation being sold off to foreign buyers."

There have been significant public protests, for instance, against the proposed sale of part of the island of Piskera in the Kornati National Park.

Croatia is also still outside the European Union, but its close proximity makes membership a real possibility in the medium term. As such, prices, which have already been increasing "dramatically" according to Amberlamb, could see a further boost.

"Croatia is still downgraded because of its pre-EU status meaning it could witness a strong upward price swing in the medium term again," concluded Ms Davies.

Chris O'Toole

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