Sarajevo Bosnia Real Estate
For the first time in Sarajevo, a generation is growing up that knows no other system of capitalism.
Abdulah Al-Sanousi enjoys a pleasant atmosphere in an apartment in Sarajevo, where his family bought the apartment to escape the summer heat at home in Kuwait - an investment that polarises local opinion. Bosnia has fallen out of favor with foreign real estate investment since the 1992 Bosnian war - which claimed more than 100,000 lives - began in 1995. Prices have risen 100 percent in Bosnia, a nation still rebuilding itself after the ethnic war of the 1990s that devastated more than half of the country's 2.5 million inhabitants. Al Khaja, who opened his business in the city's central business district in 2006, said the housing and real estate market was in steady growth.
But as tourism continues to grow in the country, real estate investors are beginning to explore opportunities in Bosnia, especially Sarajevo. Investors from Syria, Jordan, and Kuwait have focused on real estate investments, but not much has happened yet, because Gulf Arabs are not allowed to own property in Croatia or Bosnia under Bosnian law.
The good news is that foreigners do not need to ask for permission to buy property in Bosnia and Herzegovina. You can rent property in Bosnia & Herzegovina without having to obtain a rental license from the authorities.
At some point in the future, Bosnia and Herzegovina will become a member of the European Community, and if it does so, the price of property will be much higher than it is at present. The valuation of real estate is not regulated in Bosnia and Herzegovina, but there are national institutions that offer this service. Real estate agents with local knowledge of property prices will prove invaluable, whether they are real estate agents, brokers, agents with experience in property valuation or even estate agents. The emerging real estate market in Croatia and the developing country of Croatia is the same as in other industrialized countries such as the United States, Germany and France.
Sarajevo is a popular destination for Arabs who generally buy houses, apartments and land for the construction of office buildings. If you are, as they say, seeking refuge from the dry summer in the Gulf, arriving early in the morning and ending up buying property and investing in a business that is ultimately a good investment for you and your family, or even yourself. If you hire a trusted lawyer to purchase real estate in Bosnia and Herzegovina, you will in some cases bear all costs including the start-up costs of the company. It is easier to complete a property purchase if you use the company channel, although it will cost you more than it would have cost to do so with a private broker, broker-intermediary or other broker in other countries.
In fact, there are some cases where the authorities are valuing your property at a lower price just to make sure that you are not able to declare its value to reduce the 5% property tax.
According to the Foreign Investment Promotion Agency, foreign investors benefit from a 5% tax rate on the sale of real estate in Bosnia and Herzegovina. In Sarajevo there are no real estate agents serving the official market, and land and property ownership contracts transferred to foreigners in Bosnia and Herzegovina often do not have the necessary documentation for legally secure transactions. Moreover, the Real Estate Law is not fully implemented in Serbia, as the "Real Estate Books" are often outdated and many of them were destroyed during the civil war. Registration of registered companies and transfer of ownership and property rights are subject to a number of restrictions, such as registration requirements, registration fees and registration procedures.
One of these companies is the Sarajevo-based First Star, whose real estate portfolio is estimated at about 8 million km. The largest shopping centre in Bosnia covers 2.5 million square kilometres, with a total area of 1.6 million square metres, and there are more than 1,000 hotels, restaurants, shops, hotels and restaurants.
BBI Centar was built on the site of the former state department store, the BBI Centre, when Bosnia and Herzegovina was part of the SFR Yugoslavia. In the picturesque hills surrounding the capital of the Balkan country, there are a large number of hotels specifically designed for visitors from the Gulf states. Arab investors have been attracted by Bosna Bank International (B BI), which was founded in Sarajevo in 2000 by a Gulf bank with "Islamic banking principles" and has organised a number of real estate projects to attract such financing to the Balkans. It was founded with the aim of investing in a real estate project in Bosnia and Herzegovina.
The 125-year-old Marian Court, which gave the district its name, is one of the oldest hotels in Sarajevo and the largest hotel in Bosnia and Herzegovina. It is home to a number of hotels, restaurants, cafés, shops and restaurants as well as restaurants and bars.