Recent data shows that property prices in Croatia are already increasing rapidly, yet a recent announcement could boost the market further still.

Earlier this month the government of Croatia announced that as of 1st February 2009, people from EU member states will have the same rights to buying property as Croatian nationals. Currently, only nationals of countries holding reciprocity agreements with Croatia regarding property ownership can buy a home in the country. Even then, the buyer would need to form a company and register this with the land department of Croatia – a lengthy process.

Already a fairly popular holiday destination for Europeans, especially along the Adriatic coast, it is likely the property market in Croatia could become more popular with overseas buyers once the legislation comes into place.

Not that the property market in Croatia hasn't been booming in recent times anyway.

Last month the Croatian National Bank released a report which revealed that property prices have risen by 89.9 per cent in the past ten years, with 61.6 per cent of this increase occurring since Croatia joined the EU in 2004.

The largest single year increase happened in 2006, when property prices in Croatia shot up by 16.2 per cent.

The average price of an apartment in Zagreb, the capital of Croatia, is currently said to be 2,300 euros - 900 euros more than the amount for a similar sized property in 2003.

So, if England lose to Croatia tonight for the third time in two years, it may time to admit that if you can't beat them join them, and look into buying a property there.

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Article first published 10 September 2008