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Croatia Marketbeat

5/8/2024

Zagreb 

Relatively strong employment growth is expected in the domestic labour market (around 1.8% in 2024), with a further rise in nominal wages, though at a slower pace, followed by a gradual recovery in real wages. The ILO unemployment rate might be 6% in 2024. With the unwinding of past shocks, inflation is expected to continue decelerating in the coming months amid subdued current inflationary pressures. Estimates show that the average annual consumer price inflation rate in Croatia could be more than halved, from 8.4% in 2023 to 3.5% in 2024, driven by the expected decline in all the main inflation components, in particular core inflation. The backdrop of lower energy and food commodity prices paired with normalised supply chains might contribute to a marked 7.25-7.75% slowdown in the inflation of food and industrial products.  

CURRENT MARKETBEATS

Europa office building, Brussels
CROATIA Q1 2024 OFFICE DATA

A slowdown in the market is evident in Q1 with a fall in take up compared to the same quarter last year. Demand remains strongest in the CBD, though the locations of new developments suggest that interest is growing among investors in the broader central areas of Zagreb. Overall vacancy has reached historic lows, following steady demand and a lack of new deliveries in the quarter.

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People walking in shopping mall, blurry
CROATIA H2 2023 RETAIL DATA

12 Retail parks were opened across Croatia in 2023, comprising 136,740 sqm GLA of retail space. However, there were no changes in shopping centre stock in 2023. Leasing activity in general was slow, with retail parks emerging as the main choice for retailers. Rental Levels in the leading Zagreb shopping centres maintain a rather stable level during the 2023, ranging between EUR 30-45/sqm/month. Prime yields for retail properties in Zagreb also remained at the similar level, i.e., 7.25% for modern shopping centres and 8.00-8.50% for retail parks, while the prime yields for high-street locations stayed at the level of 7.00%.

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