The Czech real estate fund Investika bought land in Istria. They will build a luxury resort with a private beach on them. The expected value of the project near the Croatian city of Pula is expected to exceed 2.5 billion crowns (over 100 million euros).
Realitní fund Investika bought four hectares of land with its own direct access to the sea, which is on plots in the cadastre of the municipality of Fažana opposite the Brijuni National Park. There are up to thirty 30 multi-storey luxury villas to grow here. “There is a shortage of properties of this type in Croatia, and the demand thus significantly exceeds the supply,” said portfolio manager of the fund Václav Kovář.
The company now needs to obtain approval of the territorial development plan in the so-called Tourist Development Area – a zone where the local authorities are counting on the expansion of facilities for tourists. After obtaining all permits, the fund plans to prepare the land for construction. After that, both long-term ownership with the later sale of the land itself, as well as development and the subsequent sale or rental of new villas, are considered. “Alternatively, we can choose a combination of both options,” said Kovář.
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REPORT: Tereza Maxová’s Turkish resort offers real luxury. Czechs also go here
The luxury resort Kaplankaya near the Turkish city of Bodrum was included among the top holiday destinations in the prestigious Daily Mail selection this year. The resort, which offers 140 rooms and 27 villas, was built by Tereza Maxová together with her husband, Turkish billionaire Burak Oymen. A reporter from the business portal newstream.cz visited the resort. “Czechs are definitely among the visitors from the top ten countries,” revealed Sarp Okçuoğlu, head of sales at Six Senses, which operates the resort.
After entering Croatia, Realitní fund Investika manages property in four countries, in addition to the Czech Republic, Poland and Spain. Currently reaching fund capital Investment of a real estate fund of 12.1 billion crowns (almost 500 million euros). “The vision is to manage a portfolio of real estate assets across Europe with a total value of one billion euros,” stated the real estate fund, into which, according to the company’s information, investors invested 2.2 billion crowns in the first half of this year.
In the Czech Republic, Investments includes, among others, the Galerie Butovice shopping center in Prague, a six-story office building in Prague’s Anděl, a pair of Pekařská Office Park office buildings in Prague 5, or industrial sites in Jičín, Liberec and Litomyšl.
The Czechs will build another luxury holiday resort in Croatia
Twenty-four premium apartments, swimming pools and a beach bar will be built by domestic developers on the Croatian island of Pag. The investment is to rise to five million euros.
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