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The Buzz in Croatia: Interview with Marina Mesic of Cipcic-Bragadin Mesic & Associates

The Buzz in Croatia: Interview with Marina Mesic of Cipcic-Bragadin Mesic & Associates

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With political changes on a local level in the nation’s capital and a booming tourism season, Croatia keeps defying the odds and making good progress despite an ongoing global pandemic, according to Cipcic-Bragadin Mesic & Associates Partner Marina Mesic.

“As far as the political situation in the country is concerned, I think that the most interesting issue this year is the change of Zagreb’s mayor,” Mesic begins. Earlier this year, long-time Zagreb Mayor Milan Bandic passed away, three months before local elections were to take place. “Bandic has been tied to a great number of corruption affairs and machinations, for the past 20 years. The citizens of Zagreb, desiring change, elected Tomislav Tomasevic, a green, for the new mayor.” According to Mesic, Tomasevic is promising a number of changes, including increasing transparency and battling corruption, nepotism, and the financial issues and existing debt of Croatia’s capital.

Furthermore, Mesic reports that the Parliament has recently passed an amendment to the law that aims to regulate and shape the way in which Zagreb is to be repaired, following last year's earthquake. “The reconstruction works are yet to start and the law was amended twice, with the latest change directing the city and the country to bear the full cost of repairs,” she says.

Most of the damage to the yet-to-be-repaired capital of Croatia is in the city center, which is dotted with old buildings that are, for the most part, Zagreb's cultural heritage. “Given that, as well as a number of high-end real estate, tourist attractions, and the like – reconstruction works have attracted the attention of a great number of potential investors,” Mesic reports. “So far, the prices of real estate in Zagreb are holding level, regardless of the damage, even with some buildings being rendered uninhabitable,” she continues. “What’s more, some prices are actually surging!”

Finally, talking about the economy, Mesic reports good news. “The economy is doing well and our GDP has grown in the second quarter, showing a recovery trajectory for Croatia,” she says. In large part, according to Mesic, this has to do with a record-breaking tourist season. “Even the more remote islands were extremely well-visited, like Lastovo and Vis. Also, with the Peljesac bridge finally being finished, it is to be expected that the Peljesac peninsula and the islands around Korcula and Mljet will keep developing, in the tourism sense,” she says. “Additionally, the construction sector has been doing well until recently, especially following the reconstruction efforts to both Zagreb and other cities struck by last year’s earthquakes. Now, with the increase in the prices of construction materials, activities have somewhat dropped, but I hope that this situation will not prove to be the new norm,” Mesic concludes.

Croatian Knowledge Partner

Čipčić-Bragadin Mesić & Associates is one of the leading law firms in Croatia that serve companies, credit & financial institutions and public entities. We have been recommended and recognized as the legal experts and service leaders by many leading international legal guides for more than 15 consecutive years. With roots dating from 1928. we now probably have more tradition, experience and market presence than almost any other law firm in Croatia. We work closely with the leading international law firms and consultants so we’re able to manage complex, cross-border projects and deals seamlessly and successfully. Around 85% of our clients are international enterprises doing business in Croatia. List of our clients include some of the world-renowned companies such as Amazon Europe Core, China Machinery Engineering Corporation, Tate & Lyle, Nafta a.s., Unilever Croatia, Unilever Hungary, Lenovo, Innoenergy CE, Flixmobility, Flixbus CEE South, Okoenergie Group, CTC Holding, Bunge Limited, Chipita, Rolls-Royce, Canvas Holidays, Vacalianselect, Redgate Software, Red gate Investment, Yahoo!, Aston Martin Lagonda, Domino Printing UK, Domino Printing Sciences, Goldman Sachs, Deutsche Bank, Barclays Bank, HSBC, State Street Bank, Citigroup Global Markets, Credit Suisse, Bank of America Merill Lynch, Standard Chartered, Och-Ziff Capital Management, Amundi Asset Management, Altima International, Red Arc Global Investments, SMBC Nikko Capital Partners, Royal Bank of Scotland, Morgan Stanley International, J.P. Morgan group, Allianz Global Investors, Schroders, Macquarie Bank, Digital Finance International, Winton Capital Management, Citibank, Invesco Asset Management Österreich, Croatian Pension Investment Company, Unicredit Bank AG etc. We enjoy learning about our clients’ businesses and want to understand them completely so we can provide the best possible and complete service.

All News about, and Legal Analysis by, Čipčić-Bragadin Mesić & Associates can be found here.

Firm's website: cipcic-bragadin.com

 

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