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The expectation that the changes in the Law on ownership that allows EU citizens equal access to the purchase of real estate in Croatia will lead to a drastic increase of sales to foreign citizens and thus save the coastal real estate market, have so far been wrong.

Since February, when the new Law came into force, foreigners have become less interested and purchased fewer properties than last year. Although the official statistics are not available, the Croatian Chamber of Commerce and real estate agencies have confirmed these statistics. The decrease in property sales has nothing to do with the law, but is the result of the global crisis in Europe, given that foreigners have traditionally mainly purchased vacation properties. “The law did not result in any drastic changes, mainly because the changes to the legislation (liberalization) effect the countries of Western Europe, which is significantly effected by the economic recession.