E-Knjižnica FET "Dr. Mijo Mirković"

The impact of European Union enlargement on tourism and real estate market development - Possible reprecussions for Croatia

Tica, Josip and Kesar, Oliver (2007) The impact of European Union enlargement on tourism and real estate market development - Possible reprecussions for Croatia. In: 4th International Conference "Global Challenges for Competitiveness: Business and Government Perspective", 27-29. 9. 2007., Pula, Croatia.

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A fundamental characteristic of the Croatian economy is it's biasness towards residential investments. Specific historical, anthropological, socio-psychological and economical environment (Stipetic, 2003; Gelo, 2002; Tica, 2002) has created specific form of consumer preferences when it comes to the patterns of consumption and private investments. As a consequence, Croatia is a country with population of 4.3 million inhabitants and dwelling stock of 1.94 million of dwellings (Table 2). In attempt to realise and understand consequences of the European Union (EU) integration, it is also necessary to analyse the structure of the Croatian economy. The most important export industry in Croatia is tourism and as it is generally known, according to the most of the general equilibrium models, major positive benefits in the tourist specialised region and/or country emerge out of the fixed factors in nontradable sector, namely land and real estate property (Copeland, 1991: 527). That creates a situation which turns real estate market in Croatia in an interesting option for small and large institutional and private investors. In the framework of EU integration, tourism driven economy and accompanied real estate market creates an attractive option for the international capital flows. Having in mind that correlation between investment and savings is negatively correlated with EU integration processes (Feldstein & Horioka, 1980; Blanchard & Givazzi, 2002) it is more than obvious that in Croatian case portfolio investments and FDI's are going to be almost solely focused towards real estate market and tourism in the next phase of integration (transition). This paper is structured in five main sections. Section 2 provides a brief overview of the European tourism performance at regional and subregional levels, paying special attention to EU enlargement impact on tourism growth and development in ten CEE countries that have joined the EU in January 2004. Section 3 analyzes the present state of tourism development in Croatia, pointing out some key facts regarding the forthcoming accession of Croatia to the EU. Section 4 deals with the mutual impacts of tourism development and the level of demand for real estates, discussing some critical issues regarding the sustainability of tourism development and socio-economic repercussions of real estate market liberalization. Section 5 provides a brief insight in possible scenarios of socio-economic transformation of the Croatian coastal region after the real estate market liberalization come into force. Finally, Section 6 provides a detailed microeconomic analysis of the real estate market in Croatia related to size of real estate market as well as price level of properties in different part of Croatia.

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Tip objekta: Materijal konferencije ili radionice (Paper)
Dodatne informacije: 4/2007
Ključni pojmovi: tourism, real estate, development, EU enlargement, Croatia, turizam, nekretnine, razvoj, proširenje.
Teme: 3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 330 Ekonomija općenito > 330.1 Ekonomska znanost. Osnovni ekonomski pojmovi, teorija. Vrijednost. Kapital. Fondovi
3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 338 Gospodarsko stanje. Gospodarska politika. Upravljanje gospodarstvom. Gospodarsko planiranje. Proizvodnja. Usluge. Cijene > 338.4 Proizvodnja i usluge prema gospodarskim sektorima > 338.48 Turistički promet s gospodarskog gledišta. Politika turističkog gospodarstva
Odjeli: Odjel za ekonomiju i turizam "Dr. Mijo Mirković"
Datum pohrane: 17 Oct 2012 11:38
Zadnja promjena: 08 Jan 2013 10:15
URI: http://eknjiznica.unipu.hr/id/eprint/1595

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