Analysis of real estate sales in Istria 2024

This blog brings an analysis of real estate sales in Istria during 2024, with a focus on the cities and municipalities in which Maris operates. The goal was to compare the number of properties sold with the number of currently advertised properties, in order to get a clearer picture of the average sales realization on the market.

Areas we monitor

The analysis includes the cities and municipalities: Bale, Vodnjan, Medulin, Ližnjan, Fažana, Marčana and Pula. These locations cover the key areas where Maris actively operates. The analysis shows sold properties by category:

  • Apartment / Apartment (ST/A)
  • Residential building / House
  • Building land (GZ)
  • Other (OS)

Note: The category "Other (OS)" includes properties that can sometimes be houses or apartments, but for various reasons are not clearly defined. We do not do a detailed percentage analysis here, but we include them in the total figures.

Analysis Results

Source: Total sold: e-nekretnine (Tax Administration) ** Total advertised: www.njuškalo.hr

Key insights

  • The highest percentage of sales realizations in relation to advertised properties is in Bale, with 24% sold.
  • The most active markets are Vodnjan, Medulin and Pula, which is expected given the popularity of these locations for tourist rental and long-term investment.
  • On average, 6%-24% of advertised properties are sold, depending on the location and property category.
  • Flats and apartments (ST/A) dominate sales, especially in Pula and Medulin, where tourism strongly influences demand.
  • The category “Other (OS)” provides interesting insight, but is difficult to analyze precisely due to the diversity of properties included.
  • Building plots in Marčana are prominently present on the market, which is likely a consequence of infrastructure problems and the current decline in construction. These factors further complicate the sale of land in this area.
  • Pool houses: According to additional analysis, 95% of pool houses remain on the market for more than 15 months, indicating a slower sales dynamics. However, it is not always clear whether these houses are sold or removed from advertising.

Conclusion

This analysis shows that there is a significant disparity between the number of advertised and sold properties in Istria. It is important to note that there is a possibility of "duplicates" in advertised properties, as most sellers use multiple agencies for sales. Also, properties sold in the "Other (OS)" category are often houses or apartments, which allows them to be associated with these categories. Only the Njuškalo portal was taken into account, which means that not all properties that were advertised on the market are included here. On the other hand, not all realized sales are recorded in the sold properties database, so I reserve the right to an error in this data.

Despite this, it is evident that some areas have a large number of advertised properties, while sales in 2024 were relatively modest. For example, in Medulin, there were as many as 3,416 advertised properties, while only 277 were sold, indicating a significant imbalance between supply and demand. This trend is particularly pronounced for properties such as houses with pools, where it is estimated that the majority of such properties remain on the market for more than 15 months. It is important to note that it is not always clear whether these houses have been sold or have been removed from advertising, which further complicates the analysis. At the same time, I notice a trend of an increased number of new listings, which can be a challenge for sellers.

Sellers who want to achieve a successful sale should consider the need for a higher level of marketing, such as professional photography, digital ads, advertising on social networks and other modern approaches that increase visibility and attract the attention of potential buyers. Special emphasis should be placed on video presentations and paid ads via Google and social networks, as they represent the pinnacle of successful advertising. Classic advertising through a few portals and agency sites is no longer enough to ensure visibility. In a time when the number of buyers is decreasing and competition is increasing, it is important that your ad is noticeable and attracts the attention of buyers.

If you are thinking about selling or buying a property, these statistics can serve as a guide. Numbers and statistics are a key element in both the valuation of a property and the purchase. Unfortunately, most people are still guided by emotional assessments, advice from neighbors or by browsing portals where properties like the one from their neighbor - which has been for sale for 5 years. Of course, there are also emotional buyers, but the basis of everything is still numbers. At Maris, we regularly monitor trends and help clients achieve the best results.

For more information or a professional valuation of your property, please feel free to contact us.

Aljoša from Maris
aljosa@maris.hr