1.  Investment in residential real estate in touristic zone PROJECT DEVELOPMENT IN CROATIA

2.  Belief in future development possibilities  Enormous touristic potential  Future member EU  1000 islands : mekka of watersport WHY CROATIA

3.  Where to start? Exploring the region between Zadar and Dubrovnik. (about 450km of coastline)  Most attractive : region around and between Split and Makarska How starting to invest ?

4.  Begin 2005 : opening real estate agency in the center of Split : intermediary in sales intermediary in sales searching real estate for project development searching real estate for project development How to learn about the market ?

5.  Role notary in buying real estate is different as in Belgium !!  Ownership has to be “one to one”  Investigate of property is free of mortgages yourself!!  Studied 36 potential investment projects  Extremely high asking prices What did we learn ?

6.  We investigated 36 potential projects. You can see the drawings of a project in Podstrana only 500 meters from hotel Le Meridien. Potential investment

7.  We found a project in Mimice according to our objectives  Mimice : nice touristic location between Omisch, Brela and Makarska nice touristic location between Omisch, Brela and Makarska direct sea view direct sea view Starting in Mimice

8.  Start with small project to learn more about obtaining building permits, way of constructing, work with government and finally selling  Risk management : no bank finance. Final decision :

10.  During the buying proces we found out that it was not build in confirmation with the building permit  Coöperation of real estate agent, lawyer and notary was professional Step 1 : buying

11.  Location permit : problem with electricity and water  Building permit : has taken 2 years !! Step 2 : building permit

12.  Constructing with local building constructor Step 3 : constructing

14. To what it should become :

15.  Agree to buy on condition to have building permit : 6 weeks !!!  New road made by government Fase 2 : neigbouring land offered

16.  18 months to finalise  Good contacts with local government to solve problems  After finishing : 100% renting in touristic season. Construction :

17. Fase 2

20.  Investigate ownership and legal story of ownership yourself  Project development : USE LOCAL PARTNER  Contact with different levels of government : language !!! CONCLUSIONS :