Mr. Teo Ranić (WOLEP member, Croatia): „Each of us has Clients seeking to purchase property across Europe. There is a lot of potential for collaboration”

Read here part 1 of our WOLEP Talk with Mr. Teo Ranić

WOLEP: How would you assess the cost of real estate in Croatia relative to other countries in the region?

Teo Ranić: Upon consideration of the factors involved, my estimation is that pricing for one square meter of residential property varies substantially by geographic location. As an illustrative example for the purpose of this discussion, I reckon that one square meter of an apartment unit in the Republic of Croatia would command approximately €3,000 in the current market, or thereabouts.

WOLEP: Is it expensive for Croatians to buy real estate in your country?

Teo Ranić: At present, property prices in Croatia are high, in my estimation. I would venture to say that in the last two calendar years, the price has increased by as much as 30% or more. As such, the cost is now rather expensive. To place this in context, there is currently a large worldwide increase in real estate values. The Republic of Croatia has not been exempt from this trend. Therefore, those price estimates provided could serve as examples for the current costs of apartments or houses. With respect to developable land, pricing varies substantially depending on location, but generally falls in the range of approximately €100 per square meter. Those figures could be viewed as representative of standard market rates.

WOLEP: What professional values guide your legal practice, particularly as a real estate Lawyer?

Teo Ranić: Client communication and transparency are paramount in maintaining a successful Lawyer-Client relationship. I strive to keep my Clients well-informed every step of the way, explaining each phase of the legal process and what outcomes they can expect. Through clear, regular communication and responsiveness, I aim to ensure my Clients feel confident that I am vigorously representing their best interests and providing true value as their legal counsel. Open, proactive communication remains the cornerstone of how I aim to deliver excellence in client service as a Lawyer.

WOLEP: In light of your experience, would you contend that the COVID-19 pandemic has modified the dynamic of the Lawyer – Client relationship?

Teo Ranić: Absolutely! The increase in virtual meetings represents a positive evolution for the legal profession. Embracing these technological tools while continuing to provide quality counsel is an appropriate adaptation to the changing technological landscape and allows us to optimize efficiency by leveraging online resources. Though in-person meetings will still be necessary at times, integrating virtual consultations and correspondence into our service model helps keep us from becoming outdated and allows us to utilize the capabilities modern technology offers.

WOLEP: You were a participant at our recent roundtables of the Sports Law and Real Estate Law Practices, respectively. In terms of collaboration within our community of lawyers, what would be some areas or projects that you would be interested in working on with colleagues in WOLEP?

Teo Ranić: The benefits of collaboration via WOELP are evident for those of us practicing real estate law. Each member has Clients in their respective countries seeking to purchase property across Europe. By forming a team, we can refer these Clients to one another and utilize our collective connections to real estate agencies, investors, and buyers.

In today's global economy, networking and establishing these types of professional relationships are crucial for success. The potential to facilitate real estate transactions across international borders through WOLEP represents an excellent opportunity for our individual practices and for the organization as a whole going forward.

Are you a legal eagle with a passion for collaboration? Join forces with other legal professionals and elevate your practice to the next level. Don't wait, sign up now to WOLEP and connect with like-minded lawyers today. Register your account here.