THE REAL ESTATE TRAP (September 17, 2011)

A number of people who came to yesterday’s presentation of Arnold Trampe and Lothar Just’s documentary about foreigners and locals in Motovun told me in no uncertain terms that they wished to leave Istria as soon as possible. After all the trouble they have had in these parts, they are certain of their wishes. No doubts remain in their minds. Some of these people are foreigners for true, but some are Croatians, whom Istrians still see as foreigners. The only thing that stops them from leaving now is the real estate trap. They cannot find buyers for their houses. The Motovun market is moribund. There has been not a single transaction for years. This seems to be the case across much of Istria, as well. People are stuck. What is worse, it is difficult to imagine when the market will shift. Whenever that happens, though, new fools will be needed. Enthralled by the peninsula’s primitive charm, they will replace the present owners who know better. Much, much better. And the present owners will perforce help trick the newcomers into the fatal decision. It is thus easy to envisage a perpetual process of coming and going. Of tricking and being tricked. But the next real estate trap will always lurk as the punishment for those last tricked.

Addendum (June 26, 2016)

Nearly five years later, the Motovun real estate market is still moribund. Many houses are for sale, and there are signs of all sizes everywhere one goes, but there is no movement at all. Zilch. By now, this is a real estate trap for true. Potential buyers cannot but notice it on account of so many signs blaring out the very same message: for sale, for sale, for sale… There are too many of them, for sure. The accession of Croatia to the European Union in the summer of 2013 was expected to change everything, but that turned out to be just a mirage. In fact, the accession has changed nothing in the hilltown. Absolutely nothing. What is worse, there is no light at the end of the proverbial tunnel. The only trick Croatia could perhaps try is turning toward Russia after leaving the vaunted Union. After all, Russians have long dominated the real estate market on the Adriatic coast of neighboring Montenegro. Istria and Dalmatia would get hopping rich in no time. The mother of all real estate traps, or what?