MONTENEGRO
“When other property markets stalled post 2008, Montenegro off ered value, freshness and potential growth.”
Main: Lustica Bay
Inset: Porto Montenegro
What can you buy in the hotspots? Most interest in Montenegro – both from property buyers and holidaymakers - focuses on the coastline and in particular the calm, mesmerising waters of Kotor Bay. T is is one of the country’s two UNESCO Heritage Sites (the other is a national park) where elegant speedboats zip between the waterside towns and villages. Tivat, Budva, scenic Perast and
Kotor are the most notable towns along the Bay, where fabulously preserved reminders of the Venetian history are found in romantic stone lanes and houses. Kotor in particular is a beautiful medieval town marred only by the large cruise ships berthed immediately outside. T e Balkan Confl ict in the 1990s
caused much pain to tiny Montenegro but also meant that it missed the property boom at the start of the new century. T at was a mixed blessing according to Oliver Corlette, MD of Porto Montenegro. “Montenegro had little inward
investment before 2007 so escaped the overbuilding that has blighted parts of the Med,” says Corlette. “T en, when other property markets stalled post 2008 Montenegro off ered value, freshness and potential growth. T e timing has worked well for buyers today.” Porto Montenegro
(
portomontenegro.com) is the trailblazer for large, coastal projects based around a super shiny marina on Kotor Bay with berths already stocked with fabulously opulent yachts. Financed by Jacob Rothschild, Bernard Arnault, France’s richest man and Russian tycoon Oleg Deripaska and led by Canadian mining supremo Peter Munk, Porto Montenegro changed a former Yugoslavian naval
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aplaceinthesun.com
shipyard in Tivat into a residential marina that promises to eclipse anything else in Europe both in size and value. T e cost of berthing a boat is less
than half of that in the chic French resort of Antibes, and by next year Porto Montenegro will double its current marina capacity to 490 berths, providing one of the highest super yacht capacities worldwide. With also 40 small boutiques and fi ve restaurants it looks set to become a must-visit destination on Kotor Bay, ten minutes from Tivat airport. Buyers from Italy, Switzerland,
Britain and Russia have moved into over 100 apartments with a further 500 planned and there’s a glamorous PuroBeach Club, a tennis and yacht club. Early investors at Porto Montenegro
saw sales prices double in three years and half the hotel residences sold within three months of release last year says Corvette. Prices of completed property
start from €310,000 for studios and €472,000 for two-bedroom apartments. Studios at the Regent Hotel, currently under construction, are €250,000 soaring to €6,500,000 for four-bedrooms. On a nearby hillside, Lustica Bay
(
lusticabay.com) is also hoping for a slice of the yachting action with plans to create Montenegro’s fi rst 18-hole golf course alongside a modern marina, hotels and shop-fi lled harbour. T e joint venture between the
Montenegrin government and experienced Egyptian resort developer Orascom has plans for 1,700 homes and achieved sales of €12.6 million before construction even began this year. Apartments cost from €162,000, two-bedroom townhouses from €565,000 and three-bedroom villas from €1,820,000 (see image right).
Sea Breeze, from €399,000 (£339,394) One to three bedroom villas with pool at the Boka Fund’s Sea Breeze development on the hillside at Kavac, in the bay of Kotor
seabreeze.me
More modest in ambition is Sea
Breeze (
seabreeze.me), a community of 50 detached villas designed to resemble a typical Dalmatian hill village (see below). T e steep, south-facing, three- acre site in Kavac has wide sea views over Kotor Bay to Porto Montenegro. British-based Boka Fund are selling
off -plan two and three-bedroom villas with pools priced from €399,000 and €899,000. Annual maintenance is expected to cost from €2,500 and the resort management team will arrange rentals. §
Lustica Bay, Kotor Bay, €162,000 (£137,799) One of the newest projects on Kotor Bay, Lustica Bay off ers off -plan apartments, townhouses and villas with golf and marinas.
lusticabay.com
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