Terms of use


A visual inspection of the property was performed, as well as a photo record. No specific survey of the property has been made.
For the purpose of property valuation, we carried out appropriate research, and we used the collected data and information we received from the person authorized by the Client in delivering this report.

Compliance with valuation standards

We hereby confirm that the Report has been made in accordance with PBZ Card Rules and Procedures for the Valuation of Real Property (www.pbz-nekretnine.hr), and all internationally recognised standards, acts and legislation in the Republic of Croatia mentioned therein.

Valuer's status

The valuation report has been prepared by independent, certified Valuer and we hereby confirm that the Valuer, as well as the signatory of this report (a legal entity) have no business, legal, ownership, co-ownership or other interests whatsoever regarding the property in question and that they have no personal or business interests whatsoever regarding the amount of the appraised value of the real property.

According to our best understanding and as assumed in the report, there are no barriers to a normal and safe use of the property as provided by law, unless otherwise stated in the report.
In preparing the report, we used different sources of information that are listed in the Report, on the basis of which we made assumptions that are essential for expression of the market value of the property.

Market value and market conditions
The value shown in this Report reflects our objective opinion on the Market value, as defined in the Glossary, on the date of valuation.

We hereby advise you to verify the information and assumptions mentioned in this report before you carry out any financial transactions based on this valuation.
Please bear in mind that, as we evaluated the property through the existing market conditions, there may be or may appear some risks that have not been insured. Therefore, before any financial transactions based on this report, one should check whether such risks still exist and find a satisfactory way for insurance against potential risks and potential losses.


This valuation report does not establish title deed nor ownership of the property.
Unless otherwise stated, it is assumed in the report that the claims made by the owner or the person delegated by him are valid, that the property rights are valid and marketable and that there are no obstacles that cannot be removed by regular means within a reasonable time and at reasonable cost (BONA FIDES).
All plans and descriptions used in this report were provided by the Client and were not verified by a lawyer or other authorized person.
For this report and in connection with it, no soil analysis or geological studies were requested, and no rights or conditions regarding water, oil, gas coal or other underground minerals exploitation were tested.
For the purpose of this report, no specific static control has been performed on the premises, and the same goes for the quality and condition of installations, other than those that could be established through regular visual inspection.
This report was made under the assumption of full compliance with regulations and state administration and local government decisions, unless otherwise mentioned, defined and discussed in the valuation report.
It was also assumed that all necessary licenses, permits and approvals for any use of the property included in this report are either valid or renewable.
The value or values listed under this report are based on the aforementioned assumptions and are only valid if these assumptions are correct.

Sales and purchase taxes and costs
They were not taken into account in this report.

The information contained in this report are privileged and confidential and shall be considered the Valuer’s intellectual property. They are intended for use only by persons and companies listed in this report as well as those that are specifically authorized by the Valuer, and the Valuer shall not be held liable if this report is used for any other purposes or by any other person. Any dissemination, distribution or copying of this report is strictly prohibited without the Valuer’s written permission.
Notes, assumptions and limitations are an integral part of this study. According to the Valuer, no part of this report or the report as a whole may be reprinted, outside the scope of submitted copies.

Personal Data Protection
PBZ Card, as a personal data processing controller, operates in accordance with the principles of the Regulation (EU) 2016/679 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation). Contact details of the data protection officer: zop@pbzcard.hr.
When personal data of the clients are collected, whether from a client at the time of collection or from another source, PBZ Card shall provide information in accordance with Articles 13 and 14 of the General Data Protection Regulation, such as, for example, information about PBZ Card as the controller, the purposes and the legal basis of personal data processing, the categories of personal data which are collected, information about the storage period, the recipients of data, the source of data, as well as the rights related to personal data protection (for example, the right of access to personal data, the right to erasure, the right to object, etc.). PBZ Card shall process and use any personal information in a lawful, fair and transparent manner, by protecting personal information from unauthorised or illegal processing, by implementing the highest technical, safety and organisational measures. Further information on data protection shall be provided through the document "Information on the processing of personal data by PBZ Card“ available at www.pbz.hr and at the premises of PBZ Card.


A plot of land is a section of Earth that is bounded by lines and designated by a number.
A single real property consists of the land plot, including everything that is reasonably permanently affixed to it on the surface or below it; however, when several land plots are registered in the land register in the same land register file, they are legally joined into a single unit (registered land unit), which as such forms a single real property.
Grass, trees, fruits and all usable things growing from the earth on its surface are parts of the real property until they are separated from the ground.
Anything that is erected on, above or below the surface, and the purpose of which is to remain there permanently, or anything that is built into the real property, added to it or built onto it, or joined to the real property in any other way, is part of such real property until it is separated from it. However, those buildings and other objects joined with the land for transitory purposes only shall not be considered a part of the land. Rights in favour of real property are regarded as a part of the real property.
Construction work means the result of construction which is fixed to the ground and consisting of a construction assembly functionally built from construction products with or without installations, a construction assembly and incorporated facility, a self-contained facility fixed to the ground or a construction assembly resulting from construction.
Building means a closed and/or covered construction work which is intended for the residence of human beings or for the accommodation of animals, plants and things. An individual construction work within an infrastructure construction work system shall not be considered a building.
Residential building means a building that is in full or in more than 90% of its gross floor area intended for residential use, or in which no more than 50 m² of net floor area is used for other purposes. A residential building is also a building with apartments (condominiums) in a tourist region.
Non-residential building means a building not intended for residential use.
Non-residential commercial building is a building intended to be used for economic, production and agricultural activities.
If there are machines and similar equipment for the purpose of particular production or trade activity, they are deemed to permanently serve the purpose of the building and the purpose of the activity concerned (business building) as the main activity.
It is deemed that machines and cattle intended for further agricultural production, as well as agricultural products and seeds needed for further agricultural production, for the duration of the time period during which it may be expected that they orsimilar products will be obtained by such production, as well as the existing fertilisers and fuels, are intended to permanently serve the purpose of the real property that is permanently intended for agricultural production as the main activity.
Building maintenance means carrying out of construction and other works for the purpose of maintaining the essential requirements for a construction work during its life cycle, which does not affect the compliance of the building with the location requirements according to which the construction work was built.
The right of ownership is a real right on a particular thing authorising the holder to use the thing and any benefits arising from it as he sees fit, and to exclude any person from it, unless it is contrary to such other person's rights or limitations imposed by law.
Within the limitations laid down in the above paragraph, the owner has, inter alia, the right to possession, use, utilisation and disposition of the thing they own.
If a thing is held in co-ownership, the thing is deemed to be legally partitioned into equal portions (proportional shares) the size of which is determined based on the size of the co-ownership shares concerned. The proportional share of a thing is inseparable from the co-ownership share determining it. A thing is jointly owned if there is ownership of two or more persons (joint owners) on an undivided thing who all have a share in the thing; however, the size of their shares is not determined, albeit determinable.
Ownership of a specific particular part of real property (separate ownership of the individual units of multi-unit dwellings) arises and remains inseparably connected to the appropriate co-ownership share (proportional share) of the real property on which it is established. Ownership of a specific particular part of real property authorises the co-owner on whose co-ownership share it is established to exercise all his owner's powers and duties while managing the particular part of real property in place of all co-owners as if the particular part were under his sole ownership and, unless provided otherwise, to do with such part and benefits derived from it as he sees fit and to exclude anyone else from it.
Market value is the estimated amount for which the property should be exchanged on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing, wherein the parties had each acted according to their best knowledge, prudently and without coercion.

“the estimated amount for which the property could be exchanged” means that the market value does not depend on the actual transaction executed on the valuation date but represents the result of the analysis of data from the market and the calculation of the value using one of the methodologies. Basically, this is the estimate of the amount of money that can be reasonably expected in a hypothetical purchase agreement at the valuation date in keeping with the market value definition. It is important to distinguish the difference between the terms market cost, price and value. As opposed to market value, market price and cost are exact amounts of money realised in real transactions, they contain personal and particular circumstances and are related to a specific buyer, investor, seller, etc. who can have various types of interrelations, which also reflect on the final result of the sale.
“on the valuation date” means that the valuer must clearly indicate, in the valuation report, the valuation date as he is liable for the determined and analysed data regarding both the state of the market and the property and its legal status only until the valuation date. The valuer cannot be held responsible for changes, if any, to the real property (physical, use-related, legal) that occur after the valuation date. This date is different from the date of the receipt of the order and the date of delivery of the report, i.e. the valuation date cannot be earlier than the last nor later than the latter date.
“between a willing buyer and a willing seller” means that the buyer and seller are hypothetical, rather than real-life persons, freely operating in the market and are on average interested in the real property, i.e. they may but need not buy or sell property and will do so if they consider that this is a fair business opportunity. It is worth mentioning that, following the aforementioned, the ownership of the property has no impact on the market value since the value should apply to any buyer and seller as stated above.
“at arm's length transaction” is a legal term designating average terms and conditions in the market and primarily presumes that the buyer and seller do not know each other (a transaction between unrelated parties operating in the open market) and that they do not have a business relationship (e.g.landlord and tenant), are not related, are not forced to buy or sell, and the like.
“after proper marketing” means that the buyer and seller will invest certain funds in advertising, publishing their needs and that a sufficient number of active participants in the market will be informed thereof in order to reach a reasonably assumed value. It is usually considered that this is the period of approximately 12 months.
“wherein the parties had each acted according to their best knowledge” means that the buyer and seller are active participants in the market, that they are informed of the state of the market, the effective regulations and of the physical and legal condition of the real property.
“prudently and without coercion” means that both the buyer and seller acted in their best interest, as good entrepreneur, and that they did business without being coerced into buying/selling and without being compelled by a deadline.

Classification of properties for the purpose of collateral registration
  1. Investment property
  2. Property used/occupied by the owner
  3. Development properties
  4. Properties normally valued on the basis of its trading potential
  5. Wasting assets (coalmines, mineral assets, etc.)

Classification of properties for the purpose of financial reporting
A.Property occupied by the owner for the purpose of business, either specialised or general
B.Investments for the purpose of generating income and capital gains
C.Surplus to operating needs
D.Properties intended for sale shown separately as current assets
E.Property under Lease

  • Act on Ownership and Other Real Rights (Official Gazette 91/96; 68/98; 114/01; 79/06; 141/06; 146/08; 38/09 153/09; 143/12)
  • Building Act (Official Gazette 153/13)
  • Spatial Planning Act (Official Gazette 153/13)
  • Building Inspection Act (Official Gazette 153/13)
  • Land Registration Act (Official Gazette 91/96; 68/98; 137/99; 114/01; 100/04; 108/07; 152/08)
  • State Survey and Real Estate Cadastre Act (Official Gazette 16/07; 124/10; 56/13)
  • Real Estate Brokerage Act (Official Gazette 107/07; 144/12)
  • Act on Handling Illegally Constructed Buildings (Official Gazette 86/12)
  • Water Management Financing Act (Official Gazette 153/09; 90/11; 56/13)
  • Act on Tourism and Other Construction Land not Evaluated in the Process of Transformation and Privatization (Official Gazette 92/10)
  • Courts Act (Official Gazette 28/13)
  • Maritime Domain and Seaports Act (Official Gazette 158/03; 141/06; 38/09)
  • Regulation on Water Contribution (Official Gazette 78/10; 76/11; 19/12; 151/13)
  • Ordinance on the Determination of the Volume of Construction Works for the Calculation of Utility Contribution (Official Gazette 136/06; 135/10; 14/11; 55/12)
  • Regulation on the method and procedure for the valuation of tourism land and construction works in camps, the method of payment in partition by sale of the property, the method of determining market price of other construction land that is determined, according to special regulations, to be used for the regular use of construction works (Official Gazette 12/11)
  • Regulation on the method, procedure and conditions for the valuation and sale of tourism land owned by local self-government units and the method, procedure and conditions for granting the concession on the remaining tourism land owned by local self-government administrative units (Official Gazette 12/11)
  • Ordinance on the Energy Certification of Buildings (Official Gazette 113/08; 36/10; 135/11; 81/12; 29/13; 78/13)
  • HRN EN ISO 9836/2011 (building surface area calculations)
  • Spatial plans of local government units
  • Decisions of local government administrative units on utility contribution
  • Decisions of local government units on the provision of utility infrastructure to construction land and on the utility infrastructure costs
  • Republic of Croatia Construction Standards
  • Standard Calculation (Bulletin issued by IGH)
  • Standard Building Price Data (Ministry of Construction and Physical Planning)
  • European Valuation Standards (EVS). blue book 7th edition (TEGoVA)
  • Rules and Procedures for the Valuation of Real Property, PBZ Card
  • Real Property Valuation Act (Official Gazette 78/15)
  • Ordinance (Official Gazette 105/15)

Terms of use

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The purpose of gathering data by way of this form is to make contact with the User and keep him/her informed of our activities. We are allowed to use all data submitted by the User for the purpose of sending information, notifications and promotional material on the products and activities we offer.

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