COUNTRY REPORT Montenegro Population Total Population 653,474 Montenegrin
Age 0-14
15-64 65 and over Climate
New Developments Porto Montenegro. The most famous name behind this development is Nat Rothschild, who has not only put his money into it, but also held his 40th birthday there last year with a host of celebrities. Porto Montenegro is now well established and includes 600 marina berths and apartments in a range of prices. Lustica Bay is a new €1.2billion development from Orascom that will include nearly 1,800 properties, hotels, marinas and a golf course. Phase one should be complete by 2016. The new Sea Breeze development, from the Boka Group, will include the fi rst 18-hole championship golf course in Montenegro and 50 luxury homes in its fi rst phase, which should also complete in 2016. It is on the Bay of Kotor, close to Porto Montenegro.
Porto Montenegro, attracting the super-rich Fjords in the sun: the Montenegro coastline
Montenegro 15.3%
70.3% 13.8%
US 20%
66.5% 13.5%
UK
17.3% 65.8% 16.9%
Montenegrin 38% | Serbian 30% | Bosniak & Other 32%
Who is buying, and what? John Kennedy, the Anglo-Montenegrin builder of Sea
Breeze, compares his development to an upmarket delicatessan – while most European property is from the supermarket! A 210m2
two-bedroom
villa starts at €399,000, roughly comparable with other new property prices on this coastline’s luxury developments, though a more general average would be €150,000 for two-bedroom apartments and €250,000 for a villa. Prices are reckoned to be 25-40% lower than Croatia. There is 17% VAT on new property and agents fees of 3-6% paid by the seller. With Montenegro so central (1,900km from Stockholm, 1,500km from Paris, 2,000km to Moscow) and with easy access to the Mediterranean, buyers are coming from all over Europe.
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www.opp-connect.com
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