25 April, 2015
Hvar Olive Bay
Exclusive private paradise
Premium world class second home destination is growing just meters from the sea on Island of Hvar, setting a new standards in ownership, building philosophy, environment and value of investment
Croatia has simply become one of the most popular European destinations. There are many good reasons for that, the main ones are related to preserved and beautiful nature combined with great food and rich cultural heritage. The proximity to European countries by plane or car and relaxed lifestyle in safe surrounding makes Croatia not only popular for tourists, but also for potential owners of real estate who want to posses their own ‘piece of paradise’. The growing trend in Europe is a need for second home, far from stress of everyday life, or simply a nice place with clean environment for retirement times. Therefore it is not hard to understand why demand for the luxury accommodation in Croatia is huge and growing every year. In the other hand, finding a good property has never been an easy task, due to complicated ownership issues, slow regulative government bodies and simple fact that it is not easy for foreigners to create personal ‘paradise’ being miles away from the site where it has to be realized. We were really happy to discover that since this spring one project stands between the many, offering simply everything that wealthy individuals might need on one site, without any obstacle standing between good will and realization of their dreams. The project which is currently on market is called Olive Bay and consists of 75.000 square meters large waterfront site located on premium location, on Hvar Island. High end real estate planned to be built there includes luxury villas, a boutique hotel and multiunit apartments, all hidden in the pine wood forest with ‘best seat’ villas located barely a few meters from the sea. The Olive Bay is a unique project in Croatia and a first of its kind to be realized, and would be realized in a very short period. All the bureaucracy issues have been solved, the infrastructure is there and there is only one owner of the whole property, Croatian Land Holding. The location site has been planned in a way that there can be no surprises in the future in the sense of looking into the skyscraper after building a private villa, that is possibly the most important thing related to ‘monolith ownership’. With the project ‘ready to use’ it is also important to say that zoning is residential, meaning that future buyers will have freehold ownership of the property. Simply, the strategy of the owner is to create premium world class second home destination in Croatia and so far it looks that the success is guaranteed. It is not only because the project has been taken to ready to build phase, but the logic of investment seems to have no flaws. Some wise people use to say: location, location and location… The site is located in the bay of Stari Grad, 12 kilometers from city of Hvar, the most popular summer destination in Croatia. Within minutes one can be in Hvar but still enjoy peaceful surrounding of the home. In the other hand the connectivity with Split via ferries or new hydroplane transport is matter of minutes walking, and for the ones enjoying flying on general aviation, the landing strip of Brač international airport is 30 minutes away. One doesn’t need to describe Hvar as a fancy destination, but it is interesting that near by UNESCO protected Stari Grad Plain has 2.400 years old remains of civilization, one of the oldest in this region, as a historical fact about quality of life in the area. The environment of the Olive Bay is as one would expect from such a project. Unspoiled bay with crystal clear sea, pebble and sandy beaches, mooring dock for boat pick up and great sunset views. It is estimated that average investment in luxury villa would be between 1 and 1.3 million euro, that is half of today’s market value of similar object. When completed, the project should also rise the value of real estate (capital appreciation growth), and for the potential owners, there is an option of concierge services and rent management, that can make a difference with estimated income between 100.000 and 150.000 euro per year (for a luxury property). In order to make development process simple and safe for clients, Olive Bay has established partnership with largest construction companies in Croatia, as well as with the best architectural studios and project management companies. In this way the buyer can choose the site, appoint architect, construction and project management company, to run entire process of villa construction on his behalf and provide best possible ‘key in hand’ service, so the planning and construction process should take not more than one year.