{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Property sales in Dubrovnik at a standstill' data-url='/boclips/videos/5c54bf62d8eafeecae142bb3' data-video-url='/boclips/videos/5c54bf62d8eafeecae142bb3' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nProperty sales in Dubrovnik at a standstill\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e6th August 2008, Dubrovnik, Croatia1. Wide shot Dubrovnik, Old Town2. Wide shot St John fortress, a view from the hill of Srd3. Wide shot old Town and its high street 4. Mid shot building with a balcony5. Tilt down houses in the town6....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e6th August 2008, Dubrovnik, Croatia\u003cbr/\u003e1. Wide shot Dubrovnik, Old Town\u003cbr/\u003e2. Wide shot St John fortress, a view from the hill of Srd\u003cbr/\u003e3. Wide shot old Town and its high street \u003cbr/\u003e4. Mid shot building with a balcony\u003cbr/\u003e5. Tilt down houses in the town\u003cbr/\u003e6. Wide shot palaces along the high street\u003cbr/\u003e7. Wide shot  view of the south part of the town from the hill of Srd\u003cbr/\u003e8. SOUNDBITE: (Croatian): Frano Brzic, President of the County Association of Real Estate Agents:\u003cbr/\u003e\"I handled one real estate that was sold at one million German marks / 719949.34 USD in 1999 and at seven million Euro / 9,748,503.37 USD in 2006. However, those cases are very rare, they are not common. Nowadays, one can only find real estates of low quality but very expensive ones. Consequently, there are no customers who want buy them.\" \u003cbr/\u003e9. Wide shot Dubrovnik city walls\u003cbr/\u003e10. Pan right tourists on the city walls by the sea\u003cbr/\u003e11. Wide shot house on the city walls, which was sold at 580,000 Euro \u003cbr/\u003e12. Wide shot same house with a view of the island of Lokrum \u003cbr/\u003e13. Zoom in beach and a cafe under the city walls \u003cbr/\u003e14. Mid shot swimmers under the city walls \u003cbr/\u003e15. Mid shot window and a bicycle \u003cbr/\u003e16. Close up street lamp\u003cbr/\u003e17. Mid shot entrance to the house from the city walls \u003cbr/\u003e18. Wide shot tourists passing by the house on the city walls \u003cbr/\u003e19. Mid shot tourists buying admission tickets to visit the city walls \u003cbr/\u003e20. Wide shot: tourists climbing the city walls \u003cbr/\u003e21. SOUNDBITE: (Croatian): Niko Kapetanic, Secretary of The Society of Friends of Dubrovnik Heritage: \u003cbr/\u003e\"If a very rich person shows up, we could have problems. We would have uncontrolled entrance to the city walls. In sport language - weakness in our defence. That's why we decided to buy. In order to be able to continue maintaining the city walls in a high quality manner.\"\u003cbr/\u003e22. Wide shot tourists on the city walls \u003cbr/\u003e23. Pan cafe on the city walls \u003cbr/\u003e24. Wide shot house next the city walls \u003cbr/\u003e25. Mid shot woman in house shutting the window \u003cbr/\u003e26. Various houses in the Old Town \u003cbr/\u003e27. SOUNDBITE: (Croatian): Frano Brzic, President of the County Association of Real Estate Agents:\u003cbr/\u003e\"A two bed-room apartment with one bathroom, bad access, no elevator, no garage is sold at a similar price to real estate in Nice or Cannes, that has all the required amenities.\"\u003cbr/\u003e28. Wide shot high street Stradun \u003cbr/\u003e29. Wide shot houses in the Old Town \u003cbr/\u003e30. Wide sho: Old Town roofs, from above \u003cbr/\u003e34. Dubrovnik, Old Town \u003cbr/\u003eSince the end of the war in the Balkans, the Croatian housing market has been enjoying a property boom.  \u003cbr/\u003eBut the current global financial crisis has started to make its mark. \u003cbr/\u003eA recent study by the Croatian Central Bank shows prices that increased by 85.9% over the last 10 years have reached their peak and are heading for a slump.  \u003cbr/\u003eThe adriatic coastal city of Dubrovnik has been a relatively cheap destination for real estate buyers in the past ten years. \u003cbr/\u003eInternational buyers were attracted to house prices often as much as five times lower than in similar European towns. \u003cbr/\u003eAccording to Frano Brzic, President of the County Association of the Real Estate Agents, in 2007 the majority of international buyers in Dubrovnik were English and Irish. This year he says most buyers are from Russia, France and Italy.\u003cbr/\u003eVillas by the sea and properties in the old medieval town of UNESCO-protected Dubrovnik, were snapped up, fuelling investor interest, raising demand and in turn raising prices. \u003cbr/\u003eIn September 2007 the average cost of a house in the Adriatic region was 1,739 Euro / 2,419.70 USD per square metre (m2).  The average flat cost 1,985 Euro / 2,761.99 USD per m2. \u003cbr/\u003eSpool forward to September 2008 and the average price of a house has jumped to 1,915 Euro / 2,664.85 USD  per m2  and 2,130 Euro / 2,965.46 USD per m2 for a flat. \u003cbr/\u003eThese figures exclude the inflated prices in the Old City in Dubrovnik  where average properties are priced as high as 6,315 Euro / 8,794.31 USD per m2.(SOURCE: : \"Burza nekretnina\" (Property Stock Market), Association of the\u003cbr/\u003eReal Estate Agents, Republic of Croatia).\u003cbr/\u003eBut now, according to Brzic, sales have reached a virtual stand still in the Dubrovnik, because the only properties up for sale are low quality and overpriced. \u003cbr/\u003eA house on Dubrovnik 's city walls has just been sold at 580,000 Euro / 807,711.81 USD, or approximately 13,000 Euro / 18,105.90 USD per m2. \u003cbr/\u003eThe property comes with a stunning view of the island of Lokrum and a beach below the city walls. But at 44 m2 it's less than half the size of an average house in Dubrovnik.\u003cbr/\u003eIt's a triumph for the buyers - the Society of Friends of Dubrovnik Heritage, but despite the high price a disappointing sale for the vendor - last year the asking price was 700,000 Euro / 975,178.59 USD.\u003cbr/\u003eThe Society of Friends of Dubrovnik Heritage is a non-profit organisation with the main objective to maintain the city walls. They are financed in accordance with a special agreement with the town administration, whereby they have been authorised to charge visitors an entrance fee. \u003cbr/\u003eThey estimate that this year approximately 750,000 tourists will pay 50 Croatian kunas (ca Euro 7 or USD 10.25) to walk the walls. \u003cbr/\u003eNiko Kapetanic, Secretary of The Society of Friends of Dubrovnik Heritage says they only bought the house out of fear of losing controlled access to the city walls. \u003cbr/\u003eThere are several similar properties in the Old Town that are currently on the market - all of similar sizes.\u003cbr/\u003eFrano Brzic fears a crash is imminent. He says small apartments with one bathroom, bad access, no lift and no garage are being put up for sale at the same prices as luxury properties in Nice or Cannes and it is turning potential buyers away.\u003cbr/\u003eBut there is hope on the horizon. \u003cbr/\u003eConstruction of new apartments, in accordance with the European standards, will soon start in Cavtat, a small town located only 15 kilometres from the Dubrovnik Old Town. \u003cbr/\u003eThe law enabling citizens of the European Union countries to buy real estate under the same conditions as Croatian citizens will be in force on February 1, 2009. \u003cbr/\u003eThe members of the Association believe this could trigger the real estate market in Dubrovnik area.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid 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