Terra Firma

What Terra Firma does

Terra Firma d.d. is a publicly traded Croatian real estate investment and development company, founded in November 2004 as the first real estate investment fund in Croatia and the wider region. The company operates as a joint-stock company (dioničko društvo za ulaganje u nekretnine) listed on the Zagreb Stock Exchange under ticker TRFM and is subject to oversight by HANFA, the Croatian Financial Services Supervisory Agency. Its portfolio spans construction land, agricultural land, business premises (offices, warehouses, industrial facilities), residential apartments, and houses across multiple Croatian counties including Istria, Zagreb County, Osijek-Baranja, Bjelovar-Bilogora, Požega-Slavonia, Sisačko-moslavačka, and Dubrovnik-Neretva. Beyond holding and disposing of land and existing properties, Terra Firma is pursuing project-level development, notably the Kršete luxury villa project near Buje in Istria and the 60,000 m2 Rakalj mixed-use tourist development planned for villa hotels, sports facilities, and complementary amenities.

The company generates revenue through two streams: one-time sales of owned real estate assets (transaction-based, with prices ranging from approximately €115,000 for small construction land parcels to €850,000 for larger commercial warehouses) and recurring rental income from commercial and agricultural properties held in the portfolio. The go-to-market model is direct-to-consumer via the company's website (terrafirma.hr), which serves as the primary digital channel for property listings, comparisons, and inbound inquiries, supplemented by direct phone and email contact with four named representatives. Terra Firma does not publish pricing tiers or commission structures, and per-property pricing is disclosed on individual listing pages in EUR. The core technology layer is a standard CMS-based listing platform (hosted/built by Kosinus) rather than a proprietary technology stack, consistent with the company's identity as a real estate operator rather than a technology business.

Historically, Terra Firma underwent a structural transformation in August 2009 from a closed-end investment fund with public offering into its current joint-stock form, encountered financial distress culminating in a 2013 pre-bankruptcy settlement filing (subsequently suspended), experienced a 2014 bankruptcy of a related company, and received a HANFA-approved takeover bid in 2016-2017. The company is actively operating, publishes audited consolidated financial statements, and serves individual and institutional buyers seeking diversified real estate exposure across Croatia, with no identified parent company.

Name

Terra Firma

Legal name

Terra Firma d.d.

Website

https://terrafirma.hr

Company type

Public

Founded year

2004

Operating status

Operating

Short description

Terra Firma d.d. is a publicly listed Croatian real estate investment and development company that buys, holds, and develops land, residential, commercial, and agricultural properties across Croatia, selling or leasing directly to buyers via its website under Zagreb Stock Exchange and HANFA oversight.

Ownership category

akta.pro rank

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Real Estate Sales: Sale of owned real estate properties including agricultural land, construction land, commercial spaces, residential apartments, and houses across Croatia.
2. Real Estate Rentals: Rental income from commercial and agricultural properties listed on the platform for rent.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Terra Firma is a Croatian real estate investment company that buys, holds, develops, sells, and rents its own portfolio of properties across Croatia. Its holdings include construction land, agricultural land, commercial business premises (offices, warehouses, industrial halls), residential apartments, and houses available for both sale and rental. The company also runs its own real estate development projects, such as the Kršete luxury villa project near Buje and the Rakalj mixed-use tourist development.

Product overview

Terra Firma is a Croatian real estate investment company (Terra Firma d.d.) founded in November 2004 as the first real estate investment fund in Croatia. The company operates as a joint-stock company for real estate investment, offering a diverse portfolio of properties across Croatia. The product portfolio includes construction land parcels (Građevinsko zemljište), agricultural land (Poljoprivredno zemljište), business premises (Poslovni prostor), apartments (Stanovi), and houses (Kuće). The company also develops its own real estate projects, including luxury villa developments like the Kršete project near Buje and the Rakalj mixed-use tourist development project. Properties are available for both sale and rental across various Croatian counties including Istria, Slavonia, Central Croatia, and Dalmatia.

Differentiator

Problem solved

Functional benefit

Products and services

• Construction Land (Građevinsko zemljište) Construction land parcels available for development across various Croatian locations including Bjelovar, Ivanić Grad, Vodnjan, Svetvinčenat, and Pazin, offered for sale.
• Agricultural Land (Poljoprivredno zemljište) Agricultural land holdings including arable land, orchards, vineyards, forests, and land with greenhouses and hothouses across Croatia, available for sale and rental.
• Business Premises (Poslovni prostor) Commercial and business properties including warehouses, offices, workshops, and industrial facilities available for sale or rental, offered to business tenants and buyers across Croatia.
• Apartments (Stanovi) Residential apartments listed for sale in various Croatian cities including Split, Tribunj, and Savudrija, targeted at individual home buyers and second-home purchasers.
• Houses (Kuće) Residential houses available for purchase in locations such as Cavtat, Požega, Staro Čiče, and Nard, targeted at individual buyers.
• Luxury Villa Development Project - Kršete A luxury standalone villa development project in Kršete near Buje, Istria, featuring an innovative architectural design with 648 m2 covered space on approximately 2 hectares of land, listed at €480,000.
• Tourist Development Project - Rakalj A mixed-use tourist development project on 60,000 m2 in the Rakalj area, planned for villa hotels, sports facilities, and complementary amenities.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered minor.

• Zagrebačka burza d.d. (Zagreb Stock Exchange)minorOthersTerra Firma is listed on the Zagreb Stock Exchange (ZSE), making the company a publicly traded entity. The ZSE provides the trading platform and regulatory oversight for listed securities.
• Središnje klirinško depozitarno društvo (Central Securities Depository)minorOthersThe Central Securities Depository (SKD) handles settlement and depository services for Terra Firma's listed shares.
• Hrvatska agencija za nadzor financijskih usluga (HANFA)minorOthersHANFA is the Croatian Financial Services Supervisory Agency that oversees Terra Firma as a publicly listed company and real estate investment entity.
• Financijska agencija (FINA)minorOthersFINA provides financial services including payment systems and financial reporting services relevant to Terra Firma's operations.
• Hrvatska gospodarska komora (Croatian Chamber of Economy)minorOthersHGK is the Croatian Chamber of Economy, a business association that Terra Firma is linked to through its membership or referral network.
• Hrvatska narodna banka (Croatian National Bank)minorOthersThe Croatian National Bank (HNB) is the central bank that provides monetary policy and financial system stability relevant to Terra Firma's real estate and financial activities.
• Ministarstvo pravosuđa (Ministry of Justice)minorOthersThe Ministry of Justice oversees land registry and property ownership registration, which is directly relevant to Terra Firma's real estate transactions.
• Ministarstvo zaštite okoliša, prostornog uređenja i graditeljstva (Ministry of Environmental Protection and Physical Planning)minorOthersThis ministry oversees physical planning, construction permits, and environmental regulations relevant to Terra Firma's property development activities.
• Hrvatsko tržište nekretnina (Croatian Real Estate Market)minorOthersThe Croatian Real Estate Market organization provides market data and listings relevant to the Croatian property market.
• Burza nekretnina (Real Estate Exchange)minorOthersThe Real Estate Exchange (burza-nekretnina.com) is a property listing and exchange platform relevant to Terra Firma's market.
• Istarska županija / Croatian Tourist BoardminorOthersRegional tourism bodies (Istarska županija and Hrvatska turistička zajednica) support the tourism potential of properties in Istria and coastal regions where Terra Firma holds assets.

Scale indicators4 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Immofinanz AG: Austrian publicly listed real estate investment company specializing in retail and office properties across CEE/SEE, including markets overlapping Croatia's region. Directly comparable to Terra Firma in business model (own-account investment and leasing) and geographic focus on Central/Southeastern Europe.
• CA Immobilien Anlagen AG (CA Immo): Vienna-listed real estate investment company focused on office, retail, and mixed-use properties in Central Europe (Germany, Austria, CEE). Closely comparable to Terra Firma as a publicly listed, regulated property investor operating across multiple Central European markets with a similar own-account investment and leasing model.
• S IMMO AG: Vienna-listed real estate investment company with a diversified portfolio of residential, office, and retail properties in Austria, Germany, and CEE. Highly comparable to Terra Firma as a publicly listed real estate investment vehicle holding and leasing its own diversified property portfolio across Central/Southeastern Europe.

Broad incumbents

• CPI Property Group: One of the largest real estate owners in Central and Southeastern Europe, publicly listed and active across office, retail, residential, hospitality, and land development. Comparable to Terra Firma as a publicly listed diversified real estate investor operating in CEE/SEE, but at materially larger scale and broader geographic footprint.

Others

• Mitiska REIM: Belgian-based retail real estate investment fund manager actively investing in Croatia and SEE. Comparable to Terra Firma as a third-party real estate capital allocator active in the Croatian market, though Mitiska operates as a fund manager for external investors rather than holding properties on its own balance sheet.

Regional players

• Adris Grupa d.d. Croatian publicly listed conglomerate with significant real estate and tourism assets, including hotel and coastal property holdings. Comparable to Terra Firma as another Croatian listed entity with real estate exposure operating in the same domestic market, though Adris is a diversified group rather than a pure-play real estate investor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Terra Firma