VALENCIAN UNSOLD PROPERTY TO BECOME SOCIAL HOUSING

It has never been more important to look at real growth rather than have emotions take the overhand in the decicion the country to invest in. Everyone who spends only a few weeks per year in his second home is an investor (a 'belegger'). Europe's tectonic plates are shifting quicker than ever and what always seemed a sound investment and a country that was so familiar to us now looks bitter. Our advise: do the homework, compare the prices, check the good old system of offer and demand. This article below was published on the OPP (overseas property professional) website explaining what can happen with a house abroad.:

VALENCIAN UNSOLD PROPERTY TO BECOME SOCIAL HOUSING

Valencia’s Generalitat regional government has asked the central government in Madrid for permission to introduce regulations enabling it to sell some of the thousands of unsold properties lying empty in the region as VPO or social housing.VPO, (Vivienda de proteccion official) classed property is offered to first time buyers, or people on relatively low incomes, subsidised by developers and government as way of helping certain sections of the community onto the housing ladder.Valencia’s regional councillor for housing, José Ramón García Antón, met with national minister for housing Beatriz Corredor, to discuss the proposal, which would initially offer some 10,000 properties under the VPO scheme with price reductions of around €15,000. The subsidised stock would only be available to households with a combined income of under €45,000 per year. Certain VPO projects in Alicante for example are only available to families earning under €20,000 per year.Reports vary as to the amount of unsold stock on the Spanish market, however according to CB Richard Ellis the figure stands at one million, with 50,000 – 100,000 of those located across Valencia. A recent report published in El Pais supports this and suggested that one third of the 1.8 million properties built in Spain since 2005 remain unsold.


Increase in interest

Analysts believe that as more stock languishes on the market, and developers struggle to find investors to take this up, more projects will be reconfigured to accept VPO buyers.“There are some advantages for VPO projects (Vivienda de proteccion oficial) for developers,” said Charles de Ros Wallace, director general of Spanish-based CAM Bank. “This means that the end buyers are subsidised if they buy a VPO house and therefore we are going to see some developers reconverting certain developments into VPO projects throughout 2008. This will take off, dependent on the price that the government establishes for VPO, and if it is economical for the developer.”One of Spain’s largest developers, Martinsa-Fadesa, has already taken this step and is offering 47 units in its Costa Esuri project in Ayamonte, Huelva to domestic first time buyers after an approach by the region’s Socialist government.The arrangement with Ayamonte City Council will offer “advantageous financing conditions” to young professionals under the age of 35 who are on low incomes and residents in the area. Those eligible can rent the property at €450 per month after which time they can buy the property at the same monthly rate fixed for five years.

Porto Mariccio golf resort in Croatia




Porto Mariccio is a new development, to be built on the west coast of Istria, Croatia, with an opening date of 2009. Consisting of a Kempinski-run hotel, apartments, a 350-berth marina, and a Jack Nicklaus golf course, this is an ambitious investment of EUR 207.6 million.


Nicklaus course engineers are already on site, working on the design of the 18 hole course, with club house and golfing academy. Nicklaus joined with AB Maris to make this magnificent dream come to fruition.
(It is no mean accomplishment. A golf course planned for the medieval hilltop village of Motovun was stopped in its tracks, because local land-owners hiked up the price, thinking foreign developers would be willing to pay… but the developers simply walked away – for now at least! Investors should beware of some land-owners who try to drive-up land prices beyond what is reasonable. Croatians acknowledge that this is happening, even for land destined for private villas. Even so, the eventual ROI will still be attractive)
Nearby, a short distance from the complex, is another coastal development at Dragonera. This will consist of luxury rental villas and supporting facilities. So, both sites will be fully self-contained.
The Dragonera development is led by Nevio Medica, managing director of Daria d.o.o., based in Porec, Istria. His company will manage the site on behalf of Kempinski. The Mariccio site will have a five star 250-room luxury hotel, 300 apartments and 90 villas. The hotel and villas, designed by Wimberly Allison Tong & Goo, occupy 128 hectares. Kempinski also manage a huge site on the north-west coast that is currently doubling its size, combining both the existing Skiper Resort and the new Adriatic resort.
A tall man, Nevio casually exudes confidence. When he speaks he has a twinkle in his eye that immediately puts you at ease, and he has that laid-back approach found amongst most Istrian businessmen.
During my visit, arranged by Head of Istrian Tourism, Denis Ivosevic, Nevio explained the two projects, and then took me to an upstairs office where a team of architects were in the middle of a brainstorming session, working on the overall plans. Even so, they kindly allowed me to meet them as they spoke of their mammoth task. They are accompanied by an Istrian consultant architect, Davor Matticchio, based in Pula on the south coast, who is well versed in both design and the Croatian politics that influence such projects.


Nevio summed up their vision of the two projects and, referring to the Dragonera site, he gave me a single-word definition of ‘luxury’… “Space”. Though space is something we rarely think about when enjoying luxury developments, it is one of those qualities we notice when it is not there!
Denis took me on review visits to a number of hotels and, armed with this single word, ‘space’, I noticed that, in every instance, space was a salient feature, whether it was in the lobbies, corridors, or rooms. Without doubt space – the absence of objects – adds to the opulent ambience. The plans I saw of proposed villas are a conscious effort to give clients plenty of space, both inside and outside. Unlike so many lesser developments, there is no attempt by Nevio and his team to cram every square metre of land with as many buildings as possible.
Though the two projects will enhance the environment and give jobs to many people, I get the impression that the Croatian government is slow to respond to the need to keep big investments moving at a faster pace. For example, land can be cleared in readiness on both sites; on the Mariccio site this involves demolishing an existing vacation village built about 25 years ago for Croatian workers to enjoy holidays. It is already past its prime and unattractive, and will be replaced by a luxury hotel with apartments and facilities, plus the golf course. The Dragonera site only has to clear trees. Yet, consent to actually start building is being given slowly.
Onlookers might bemoan the fact that many trees will be removed to make way for building and luxury accommodation. But, this is not as environmentally bad as it looks, for other trees and plants will replace the ones that are lost. Presently, the sites have trees packed tightly together and, as any visitor will notice, Istria has extensive variagated forestry anyway. Nevio is convinced that the projects will not only provide many jobs, but would enhance the environment in a managed way, and bring in high-income tourists whose money will aid the economic growth of Istria.
It is often assumed that the slowness of officials is caused by incompetence, but this is not the case. I asked if the cause was a vestigial retention of the communistic mindset, but Davor explained that Istria was never fully communist, but governed through a ‘softer’ kind of socialism. Through talking with a number of Croatians, I discovered that the slowness of government to issue relevant certificates and approvals was due not to incompetence, but to anxiety about making mistakes.
This is evidenced by the complicated way certain building laws are written. The many laws are internally consistent, but there is never a guarantee that each separate law is consistent with each other! Thus, even if a developer gets one law right and complies with every clause, he may fall foul of another law, because its contents are not fully compatible with all the other laws. It means that the application process is agonisingly slow and complicated.
Therefore, investors in Croatia must be patient. Any attempt at rushing the authorities will not get you very far. Both Nevio and Davor simply shrugged their shoulders, their expressions displaying a knowing acceptance of their national quirks and building regulations. Patience works big dividends, so investors should adopt a more relaxed attitude and accept local conditions.
When writing travel articles, writers are urged never to use over-employed terms such as ‘stunning’, but these are stunning developments in a stunning environment. Each complex will be managed by the Kempinski group, one of the oldest hotel collections in Europe, originating in the 1800s. Even its website won the ‘Tourism Web Award 2006’.
Both sites are opposite the beautiful Brioni Islands, and yacht owners can easily find their way beyond, to Venice and the east coast of Italy, for day trips. The area is served by five airports: Venice and Trieste in Italy (from Trieste you have to drive through the southern tip of Slovenia, but this presents no problems); Ljubljana in Slovenia; Pula and Rijeka (high season) in Croatia, with shuttle times of between half an hour to two hours. It must be admitted that Pula airport is not yet up to international standards and needs sprucing-up, but it will get there when more tourists pass through its gates. (At the moment the average incoming passenger number per flight is just 108).



Brioni Islands


However, the marina at Mariccio indicates that many clients will arrive at a more leisurely pace in yachts.
Investment opportunities abound in Istria, and in Croatia as a whole. From what I have seen, Istrian developers and managers are keen to maintain the concepts of natural beauty, with a sensitive eye on wellness and environmental enhancement. And if the hive of activity I witnessed at Nevio’s is anything to go by, they are willing to work very hard to present a new Croatian presence on the international luxury tourism scene.
Look out for the launch of Porto Mariccio and Dragonera; they will be well worth the wait, as professional benchmarks for all investments of this type.


credits: story written by Barry Napier for Hotels online website.

The five golden rules for an emerging market


By Graham Norwood on Saturday, April 12 , 2008

So what makes an emerging property market? The question struck me last week on a tour of Zagreb, the capital of Croatia, which wants to be the latest country to carry the adjective ‘emerging’.Croatia is pursuing a classic route, following five golden rules for emergence.
Firstly, it is looking outwards for its property market with British, German and Spanish developers already working on office, retail and residential schemes in Zagreb and the main tourist locations of Istria, Split and Dubrovnic. Many more foreign-led schemes are expected to be started in the next two years.
Secondly, Croatia is looking outwards for small and large scale investors, too.“This entire block of apartments is being marketed solely to British buyers. We’re also considering selling later to Irish and Middle Eastern developers.
There will be new Grade A offices built, too, and we anticipate these are interesting to property funds from around the world,” explains Tatjana Tosic of Avenia Savills, the first Western estate agency to set up in the city, as she shows me around a new scheme.
Thirdly, it recognises that infrastructure is all. The airport is being enlarged, new trams are being introduced to the 15 daytime and four overnight lines, and underground car parks are planned for the centre. Motorways opened in 2004 have made Zagreb a convenient hub for business and tourism in central Europe.
Fourthly, like so many nations, demographics and geography are making Croatia stronger. It now has 25,000 new students seeking rental accommodation annually thanks to its growing universities.
Major multinationals like Siemens, Ericsson, T-Mobile and Coca-Cola have set up bases in Zagreb with more corporate relocations soon, providing demand for modern offices and executive housing.
Meanwhile there is a shortage of affordable residential accommodation for first-time buyers, producing a strong domestic rental market as young people save to purchase.
Fifthly, Croatia is setting all these specific ‘on the ground’ characteristics against a backdrop of working hard to be an international player, after years of being regarded by the Middle East and the West as a volatile, war-torn ‘separatist’ nation.
Earlier this month Nato invited Croatia to begin membership talks with US President George W Bush visiting Zagreb and praising the country for reforms. Croatia was declared a ‘candidate country’ for European Union membership in 2004 and is widely expected to become a full member within the next three years.
It’s hard not to be impressed.I was expecting Croatia to be a country that – because it had lagged behind the likes of Bulgaria, Hungary and Latvia in joining the EU – was less confident and less competitive. What I found was a self-aware country knowing exactly what to do to draw in international capital and global interest.That approach is already paying off.
Newmark Knight Frank, the real estate company based in New York and London which produces a unique quarterly residential world-price index, is already flagging Croatia as one of Europe’s best performing markets throughout 2008.
“The annual rate of 11.6 per cent growth appears to resemble something of a return to form for Croatia, after rates of house price inflation dipped below six per cent towards the end of 2005. The highest values per square metre for residential property are found in apartments in the capital,” says Liam Bailey, NKF’s head of residential research.
This is yet another warning to the established property capitals of the world not to become complacent.For Croatia you could easily substitute other countries moving to the centre stage of the global property market – Poland and Russia in central Europe, Abu Dhabi and Qatar joining Dubai in the Middle East, the likes of China, India, Pakistan and Singapore in Asia, and Argentina and Brazil in South America.
All are making major charges to win international approval for commercial schemes, and each of them has representatives trying to woo the former powerhouses of western Europe and North America for investment.
I regard that time in Zagreb as another example of those tectonic plates moving, with the world and its powers changing before my eyes.
In 20 years time things may be very different: the players we now regard as emerging are expected to be dominant forces, if not acting singly then certainly by acting together.
Arguably China and India have already moved ahead of the United Kingdom for modern office space attracting commercial investors. So it would be foolish not to see the same trend gathering pace in other property sectors too.
It’s a changing world of real estate out there. Very soon, the emerging markets will have emerged – and then the property map will really change. - Graham Norwood is property correspondent for The Observer.

Golf in Croatia

Golf in Croatia
from: http://www.brijuni.hr/, written by Robert Trent Jones, Jr.

“I met a traveler from an antique land….” Shelley’s famous poem “Ozymandias” began.

Recently I attended a golf conference on Brijuni, a beautiful Adriatic island off the Istria Peninsula of Croatia. They played a ProAm on the recently restored golf course there which had been abandoned in 1939. This was not a modern design. It was an antique. There were un-irrigated fairways flowing as nature had provided, simple tee markers on uneven but raised tee boxes, and most interestingly, small sand greens or “browns”. Sand greens have been used in hot desert locations wherever the British Empire laid out a course to amuse its colonists or provide sport for its soldiers and in oil countries of the Middle and Far East and Texas.

At Brijuni the players included the young European professionals who were charmed by this unusual game of golf. It was a step back in time before OPEC was founded in a Brijuni conference hall by third-world oil producers, before communism, before World War II, when barons and princesses played with the social elite. There are Roman ruins on the island nearby and the deer and other animals graze the fairways -- they are the mowers of the grass. There are other simple charming venues in distant lands from the rubber plantations in Malaysia to the geyser-filled lava flows of Iceland. These natural layouts simply follow the land to holes with flagsticks and an invitation for a beautiful walk.

Today when modern courses are too long, too expensive and too hard and take too much time, try an antique course where nature simply charms and stirs the golfer’s imagination of why the game of golf, in all its forms, has given enjoyment for half a millennium.

The more modern golf course variation at Penha Longa Golf Club in Portugal includes a hole played under an antique Roman aqueduct. At Cancun, Mexico, a Mayan Chacmool statue oversees your putts on a green. These are golf courses in the ruins. Will they withstand the test of time? Only time will tell.

No credit crunch for upcoming markets

According to the latest research from Colliers International, the global property consultants, there should be a slow but steady recovery in investment volumes in the EMEA region (Europe, Middle East & Africa) in the second half of 2008, following the sharp decline in transactions that resulted from the credit crunch.
In its EMEA Investment Market Overview 2008, Colliers suggests that many Eastern European countries, including Russia, Poland, Romania, Serbia and Bulgaria, are expecting even higher investment volumes in 2008 than were recorded in 2007. The volume of capital chasing investment product in Eastern European markets, says Colliers, still exceeds the supply of quality product, which has led to more forward funding and purchase of products under development. Georgi Kirov, Head of the Investment & Corporate Advisory Department at Colliers International Bulgaria, reports: “The investment market in southeast Europe currently faces a shortage of operational investment product and, as a result, many of the recent transactions are forward purchase of properties under development. In some of the schemes, investors are providing development financing as well.” The largest impact of the credit crisis thus far has been concentrated in Western Europe, most notably in the UK, which saw the greatest outward movement in yields. Mark Charlton, Director of Research Services at Colliers CRE in London noted: “the re-pricing that is occurring is likely to make UK property look increasingly attractive to investors in the second half of 2008.” According to the Colliers report, prime yields in Ireland remain among the lowest in the region, while Russia, Serbia and Croatia have some of the highest yields in EMEA. Although the yield shift has been most severe in the UK, where prime yields have increased by 75 basis points in some cases, Spain, France, Germany, Italy and the Netherlands also saw increased yields in the latter half of 2007. Jos Schussel, Leader of the Colliers EMEA Investment Business Team concluded, “Real estate markets in some countries have seen only minimal effects from the credit crunch, and leasing markets in many countries remain healthy. With a return to global financial stability and recovering economies on both sides of the Atlantic we would anticipate yields gradually improving from 2009 onwards.” Source: Colliers

Istria is in de picture. we see that everywhere. It has a bigger high quality stock of real estate on offer than Dalmatia does. And it is possible to build easier. A lot is happening in Istria: golf, equestrian developments, villa's in gated communities.


The beauteous and historically wealthy peninsula of Istria is commonly considered to belong exclusively to Croatia, and yet tiny portions of this charming and bewitching sea caressed landmass, which was, belong to Slovenia and Italy with the whole of the region having once been under Italian control.
The World Travel and Tourism Council predict that personal travel and tourism annual activity growth in Croatia will average between 7.9% and 5.5% between now and 2016, and already travel and tourism accounts for around 22% of Croatia's GDP with Istria being one of the main regions of the nation to attract international visitors.
As a result of this fact Istria - christened 'the Pearl of the Adriatic' by George Bernard Shaw - is now one of the regions of Croatia most in receipt of public and private investment. It is also the most accessible part of the nation as well, with visitors able to fly in to Pula Airport with low cost carriers such as Ryanair and Flyglobespan, or access the region by car having arrived at nearby Zagreb or Rijecka airports, Airport FVG Ronchi dei Legionari in Trst, Airport Marco Polo in Venice or Ljubljana Airport.
Rental yields rising
With talk of prices having risen by 20% in Croatia in recent years in The Guardian newspaper and some local property consultants boasting of potential 100 - 150% returns in the medium term, Knight Frank casts some further light on the situation by advising that Croatian property prices rose by 30.7 % between 2002 and 2006 and that rental yields of between 5 and 7% are possible in the most popular areas – of which Istria is very much one.
Caroline Hollingworth, Managing Director of Hollingworth & Associates, commented: “The Istrian Peninsula has become one of Croatia’s hottest property markets as it is extremely well-connected to the rest of Europe. There are superb new roads and motorways, five airports to choose from, which include low cost flight operators, and a number of new marinas and golf courses under way.
“This tourist-friendly infrastructure is ensuring that the area’s stunning coastline and beautiful countryside is now starting to truly capitalise on its potential. Ever increasing visitor numbers and Istria’s ongoing recognition as an ideal holiday destination is making it an extremely popular property hotspot. Plus the increasing tourist numbers offer immediate opportunity for rental income.”

Focus on Istria

Istria is in the picture, we see that everywhere. The reason: it has a larger, and ever increasing stock of real estate on offer. What you wanted to find is to be found in Istria: seaviews, freestanding villa, own garden, close to everything but not in the middle of it.


The beauteous and historically wealthy peninsula of Istria is commonly considered to belong exclusively to Croatia, and yet tiny portions of this charming and bewitching sea caressed landmass, which was, belong to Slovenia and Italy with the whole of the region having once been under Italian control.
The World Travel and Tourism Council predict that personal travel and tourism annual activity growth in Croatia will average between 7.9% and 5.5% between now and 2016, and already travel and tourism accounts for around 22% of Croatia's GDP with Istria being one of the main regions of the nation to attract international visitors.
As a result of this fact Istria - christened 'the Pearl of the Adriatic' by George Bernard Shaw - is now one of the regions of Croatia most in receipt of public and private investment. It is also the most accessible part of the nation as well, with visitors able to fly in to Pula Airport with low cost carriers such as Ryanair and Flyglobespan, or access the region by car having arrived at nearby Zagreb or Rijecka airports, Airport FVG Ronchi dei Legionari in Trst, Airport Marco Polo in Venice or Ljubljana Airport.
Rental yields rising
With talk of prices having risen by 20% in Croatia in recent years in The Guardian newspaper and some local property consultants boasting of potential 100 - 150% returns in the medium term, Knight Frank casts some further light on the situation by advising that Croatian property prices rose by 30.7 % between 2002 and 2006 and that rental yields of between 5 and 7% are possible in the most popular areas – of which Istria is very much one.
Caroline Hollingworth, Managing Director of Hollingworth & Associates, commented: “The Istrian Peninsula has become one of Croatia’s hottest property markets as it is extremely well-connected to the rest of Europe. There are superb new roads and motorways, five airports to choose from, which include low cost flight operators, and a number of new marinas and golf courses under way.
“This tourist-friendly infrastructure is ensuring that the area’s stunning coastline and beautiful countryside is now starting to truly capitalise on its potential. Ever increasing visitor numbers and Istria’s ongoing recognition as an ideal holiday destination is making it an extremely popular property hotspot. Plus the increasing tourist numbers offer immediate opportunity for rental income.”

The Best Country For Tax-Advantaged Residence & Real Estate Investment In Europe

What country combines beautiful scenery, first-class amenities, low prices and a convenient location within a two-hour flight from virtually any point in Europe? Not to mention unique tax advantages for persons who receive certain types of foreign income or a foreign pension?
The answer is Croatia—a well-known European tourist destination 15 years ago, but only now recovering from the widespread perception that it is not a “safe” country to visit.
That perception is false. When Croatia declared independence from Yugoslavia in 1991, a four-year war with Serbia followed. Although most of Croatia remained untouched by the war, the nation still suffers from a reputation as a (former) war zone. This has distracted attention from Croatia’s clear seas, the more than thousand islands, romantic fishing villages, beautiful beaches, vineyards, Roman remains and medieval towns.
Croatia occupies an area only slightly larger than Switzerland, but has a spectacular 6,000 km coastline (mainland coastline of 1,777 km and island coastlines of 4,058 km) on the Adriatic Sea with 1,185 islands, of which only 66 are inhabited. This coast is considered to be the most beautiful in Europe with innumerable bays, inlets, coves and beaches. Most islands receive more than 2,600 hours of sunshine a year. Besides a beautiful coast and countryside, there is also a rich culture to explore. On the Adriatic coast alone there are five UNESCO World Heritage sites.
Croatia is also at peace—and has been for nearly a decade. Since its successful bid for independence, it has become a member of the United Nations, the World Trade Organization, the NATO Partnership for Peace Program and is now negotiating for membership in the European Union. It is expected that Croatia will join the EU by 2010. The Constitution of Croatia establishes Croatia as a parliamentary democracy and guarantees the right and inviolability of private property. Rights acquired through capital investment are constitutionally guaranteed. Free transfer and repatriation of profits and capital are guaranteed.
Croatia’s natural beauty, rich culture and history, its low cost of living and its fiscal advantages make it one of the most attractive locations for residence and retirement in Europe.
Receive Dividends, Interest and Capital Gains—All Tax-Free!
Croatian residents are generally taxed on their worldwide income. However, there are important exemptions, which make Croatia attractive for tax-advantaged residency. With proper planning, dividends, interest payments, pensions received from abroad, capital gains from trading securities and other financial assets and capital gains from long-term holdings in real estate all can be received tax-free. Croatia also offers important tax advantages to yacht owners.

Foreign nationals who wish to stay longer than three months in Croatia must obtain a residence permit. To obtain one it is sufficient to have a yacht moored in a Croatian marina or to rent or own an apartment. An application for residence involves submitting various government forms and identification documents, including proof of sufficient funds, and requires a visit to Croatia followed by six to eight weeks processing time. The residence permit is valid for maximum of one year and can be easily renewed.
You become resident for tax purposes in Croatia in one of two ways: physical presence or available accommodation. You meet the physical presence test if you stay for at least 183 days under circumstances that indicate your visit is not temporary. The 183-day visit may overlap calendar years. You meet the available accommodation test if you have accommodation in Croatia at your exclusive and continuous disposal for at least 183 days under circumstances that indicate you intend to keep and use it.
Your length of stay is not important, nor does it matter if the accommodation is owned or rented. Such “deemed residence” is very attractive for foreigners who wish to maintain legal residence in Croatia without having to be physically present for a minimum period.
20% Annual Profits in Real Estate
Prices of Croatian real estate have been increasing at an average rate of 20% per annum in recent years. However, in top locations prices have risen much more quickly. In the past 12 months, real estate prices in many parts of the Dalmatian coast have doubled. There is a high demand for luxury real estate on the Adriatic coast, yet there is only limited supply.
Foreign persons can purchase real estate in Croatia providing that they get approval by the Ministry of Foreign Affairs. Such approval may take up to six months. However, the restrictions can legally be avoided if a Croatian company buys the property, which can be entirely owned and controlled by a foreign person. Using a company for this purpose also avoids capital gains tax and the 5% transfer tax on the subsequent sale of the property. In view of future EU membership, Croatia is already adjusting its laws and regulations to comply with EU standards. For example, the current restrictions on foreign real estate ownership will be abolished in just two years from now, a fact that will no doubt make Croatia even more attractive for foreigners in the future. (Christian H. Kälin is a specialist in international tax and estate planning and a partner at Henley & Partners in Zurich. He is also a founding partner of Verica® Trust & Capital Management AG in Zug, Switzerland.)

Split: Tourism Skyrocketing

From 2001 to 2006, Split saw an annual increase in tourism of 17% which makes it the European holiday destination enjoying the highest growth of visitors for that period. The European Cities Marketing Association reported that Split topped their survey of 93 locations across Europe. The trend levelled off a bit in 2007 as many Split hotels were closed for renovation, according to www.balkaninsight.com. In 2006, some 200,000 visitors passed through Split, most of them Americans. The average stay was 2.2 days, just enough to run around Diocletian’s Palace and see some Split sights before heading off to the Croatian islands.

Opatija’s Plavi Podrum: What a Restaurant

The critics have spoken and the verdict is: Opatija’s Plavi Podrum restaurant is in the top hundred of the world’s best restaurants. Restaurant magazine plus other professionals in the dining trade, put out an annual list of the 50 best restaurantsin the world. Plavi Podrum didn’t quite make that cut but it was a runner up and was rated number 94 out of 100. It’s the first Croatian restaurant to make the list.
What’s so special about Plavi Podrum? They didn’t say. One can imagine that the super-fresh seafood might have helped not to mention Croatia’s best known sommelier, Daniela Kramaric Tariba, who handles the wine cellar and suggests one of 250 wines to go with your dish. The menu is strictly seasonal, drawing on some of Istria’s most famous products such as asparagus, nettle and truffles. It’s also Opatija’s oldest restaurant with a magical view over the port. That would be the port of Volosko, for the restaurant is a little past Opatija in the delightful fishing village of Volosko.

This is syndicated from Croatia Travel Blog, and written by Croatia Traveller.