Buy hotels in Croatia region in Istria city in Novigrad

7 350 000,00 $

259.94 /м²

4Ocw0

Area

26929 м²

Hotel, accommodation in Istria. City - Novigrad

UNIQUE OFFER!

A very attractive project in Novigrad, close to the Old Town and the Old Yacht Harbor!
Exclusive location in the center! The city harbor is nearby, and the new luxury marina of Novigrad is just 100 meters away!

The property is intended for complete reconstruction. Its central location makes this site a unique urban tourist center.
Currently, there is no 4-5 star hotel in the center of Novigrad, unlike in Poreč and other cities.

The land plot includes many old buildings and ruins (the area of the land plot is 12,503 m2), on which, according to the local urban plan, buildings with a gross area of 26,929 m2 can be constructed.
The plan includes the construction of a hotel, casino, wedding hall, and restaurant + residential apartments.
The residential apartments are well-suited for rental.
The plot consists of several parts: 3,000 m2 (residential development for up to 30 apartments or villas), 3,000 m2 (up to 30 apartments or villas), and 6,546 m2 (40 rooms for a hotel, spa, casino, wedding hall).

A change of concept is possible.
The property is on the balance sheet of a Croatian company undergoing bankruptcy proceedings. The purchase must be approved by both the owner of the company and the bank, which has an unpaid credit obligation of about 4 million euros. The cost of the project may increase as bank interest on the loan accrues daily.

It is expected that ALL existing buildings will be demolished.
The cost of new construction will be around 1,500 euros per square meter (materials + labor) + project + utility tax.
The implementation of the project will require about 40-42 million euros.

The purchase procedure will require the settlement of unpaid credit issues with the bank.

NOTE: At the very first stage, a detailed presentation of the BUYER and their investment profile is required.

The agency's commission for the purchase of this specific project will be 6% from the buyer's side.

A brief tourism overview for early 2024

Below are some excerpts from the official tourism statistics of Croatia for early 2024. This is very important for investors considering investing in Croatian tourism.
We regularly monitor tourism statistics and can recommend reliable sources for analysis.

In the first quarter of 2024, Croatia welcomed 1.1 million tourists, and commercial accommodation facilities recorded 2.6 million overnight stays, which is a 16.7% increase in arrivals and a 17.2% increase in overnight stays compared to the same period in 2023.
Tourism in Croatia is steadily growing.
Domestic tourists of Croatian origin made 422,000 arrivals and 885,000 overnight stays in the first quarter of 2024, which is a 6.9% increase in tourist arrivals and an 8.6% increase in tourist nights.

During the same period, foreign tourists from other countries made 658,000 arrivals and 1.7 million overnight stays, which is a 24.0% increase in arrivals and a 22.1% increase in nights compared to the same period in 2023.

The most overnight stays were recorded by tourists from Germany (267,000 nights, accounting for 15.4% of the total number of foreign tourist nights). They were followed by tourists from Slovenia (15.3%), Austria (13.8%), Italy (6.9%), and Bosnia and Herzegovina (5.0%). All the aforementioned countries recorded an increase in the number of tourist nights in the first quarter of 2024 compared to the same period in 2023.

The highest number of tourist nights in March 2024 was recorded in Istria - 409,000 nights, accounting for 30.9% of the total number of tourist nights recorded in Croatia. Compared to March 2023, the number of tourist nights in Istria increased by 77.0%. Of the total number of nights recorded in Istria, domestic tourists accounted for 63,000 nights, while foreign tourists accounted for 346,000 nights. The most nights spent by foreign tourists in Istria were by tourists from Germany (25.6%), Austria (22.9%), Slovenia (20.7%), Italy (9.4%), and the Czech Republic (3.8%).

Following Istria is Primorje-Gorski Kotar County with 236,000 recorded tourist nights and the city of Zagreb with 167,000 recorded tourist nights.

The highest number of tourist nights in April 2024 was again recorded in Istria – 766,000, accounting for 27.6% of the total number of tourist nights recorded in Croatia. Domestic tourists recorded 115,000 nights in April 2024, which is a 7.9% decrease compared to April 2023. Foreign tourists recorded 651,000 nights in April 2024, which is a 27.9% decrease compared to April 2023.

Next is Dubrovnik-Neretva County with 432,000 tourist nights, accounting for 15.6% of the total number of tourist nights recorded in Croatia, and Split-Dalmatia County with 424,000 nights, accounting for 15.3% of the total number of tourist nights recorded in Croatia. In April 2024, compared to April 2023, Dubrovnik-Neretva County recorded an increase in the number of nights for both domestic and foreign tourists by 5.2% and 18.9%, respectively. In Split-Dalmatia County in April 2024 compared to April 2023, foreign tourists noted an increase in the number of nights by 2.4%, while domestic tourists noted a decrease in the number of nights by 7.3%.

We are awaiting statistics for May 2024, but the data provided above has already shown us some strong trends.