When you ask any real estate expert what is the average price per square meter of an apartment in Zagreb by neighborhood, few will give a succinct answer. In a situation of still high demand for real estate, prices are very colorful.

Therefore, in the same residental street you can find two properties with completely different prices. There is a logical difference if it is a question of new construction and old construction, but very often old construction follows new construction at the same rate.

The formation of real estate prices is influenced by several factors: location, proximity to public transport, schools, kindergartens, year of construction, floor, condition of the building, and at the time of all possible increases in energy prices and the amount of utilities. Not infrequently, there is also a completely subjective assessment of sellers who monitor the percentage growth of real estate prices in Zagreb in general.

And according to the latest data, the price of a square meter apartment in Zagreb in 2022 is 15 percent higher than last year.

The price per square meter of an apartment in Zagreb by neighborhood in three categories

Advertised real estate prices are often not the real ones, achieved in the process of buying and selling. The achieved prices are recorded by the Tax Administration, if we are to believe the prices entered in the contracts. In fact, real estate agencies have a large database and knowledge about prices, which have daily insight into real estate purchase and sale transactions.

In order to give you a more realistic picture of the real estate market in Zagreb, real estate agent Filip Ćulibrk, with his experience in the field, came to our aid. According to his assessment, real estate prices in Zagreb by neighborhood can be viewed through three categories: new construction, Center and older construction.

The price of a new building in Zagreb

The highest prices are achieved by the prices of new buildings.
Yes, there are apartments priced at 8,000 euros per square meter, but they are the exception, not the rule  It is about a smaller number of luxury apartments in prestigious locations. And yes, there is demand.




There is still not enough new construction to meet demand.

Interest in residential real estate has increased despite the high prices per square meter. The earthquake and home office method implemented during the pandemic truly affected the interest in safer construction and more spacious apartments where we now work.

The price of a new building is very different when we look at it by neighborhood, says Filip Ćulibrk, a real estate agent from Starling.

Already now, due to more expensive materials and labor and the increase in the cost of construction itself, the price of new construction in suburban settlements such as Zaprešić cannot be found below 2 thousand euros per square meter. On average, I would say around 2,400 euros/m² are the prices of new buildings in the outskirts of Zagreb. In the more attractive and sought-after locations in the city of Zagreb, the price of new buildings reaches 5 thousand euros per square meter.

Filip Ćulibrk, real estate agent

 

Apartment prices in the center of Zagreb

The center is a location that is in the spotlight. After the earthquake, investments are being made in building renovations and strengthening, and interest in daily rent is returning. Now some average prices are rising towards 2,500 euros/m², estimates Filip.


The city center is a popular location

However, this is only a rough average, the situation is varied and very individual because the price is influenced by many parameters.

I could say from my practice that in the Center prices range from 2 to 3 thousand euros per square meter, with a tendency to increase. What affects it all? It is important if the building has an elevator, what floor it is on, and above all how  damaged it was during the earthquake or  has it been renovated. If the apartment is in the middle of the building, on the first or second floor, reinforced structures, with changed chimneys or facade, such a property can certainly reach a price of 3,000 euros/m2.

Filip Ćulibrk, real estate agent

On the other hand, these are mostly large apartments of around 100 square meters or more, which can have only two bedrooms, so a more favorable price can be negotiated due to the large square footage.

Why is that so?

For a similar price, the buyer can choose an apartment in a new building with less square footage and the same number of rooms. For this reason, buyers choose larger apartments that can be converted into multi-room apartments.

Thus, larger apartments in the center pay off compared to new construction (which is lacking in the center).


The price of the renovation affects the price of the apartment


Of course, there are also apartments that can be found for less than 2,000 euros/m², but such apartments are in buildings that suffered more in the earthquake, the renovation of the building has not yet begun, possibly apartments in the basement or attic, and often the documentation of the apartment or building can be incomplete.

The price of an old building in Zagreb

Older construction, especially buildings made of reinforced concrete, largely due to the fear of earthquakes, is more interesting and acceptable to many buyers because it is cheaper than new construction.

In the tram zone, a furnished two-room older apartment can reach a price of 3,000 euros. Many wonder how this is possible!

However, developments in the real estate market are directly related to global and local economic conditions. The price of renovation and decoration has gone up. Masters are currently difficult to find and welcome, they are waiting for months just like all other necessary materials, including the delivery of furniture.

After a long search, many people realized that it is more worthwhile to buy a furnished and even furnished apartment. Such buyers, who cannot wait, are ready to allocate 2,800 to 3,200 per square meter for the old apartment, ready to move into. It is still cheaper than new construction.

Filip Ćulibrk, real estate agent

More advice for sellers

Each apartment has its own buyer. The question is how much everyone is willing to invest valuable time and money in the buying and selling process, which can be easier and faster if you follow a few tips.

The FIRST TIP for sellers is to clean and tidy the property they are selling. Experts say this is incredibly important.

ANOTHER TIP is to let the customer look around freely and them verbalize their thoughts. THIRD, do not count on the fact that the property was sold based on a verbal agreement with the buyer.

BONUS TIP for sellers is not to put a property on the market just to check the current value, if they really don't want to sell it.