Montenegro real estate on the Adriatic Sea attracts the world's wealthy investors
Brief introduction:
Greek millionaire Petros Statis
After having invested in transforming the island of Sveti Stefan into the most luxurious resort in Montenegro, he is now investing in building hotels on the coast and in northern Montenegro with an investment of approximately 45 million euros.
Investment Corporation of Dubai
She invested a huge sum when buying the "Porto Montenegro" resort and yacht club, and now she is beginning to expand the resort and build hotels and apartment buildings worth tens of millions of euros.
Montenegro government
It works on a large scale and intensively to expand and develop the infrastructure, roads, public services and railways that connect to all neighboring countries and from there to Europe, as it is working on expanding the main port in Bar.
State of Azerbaijan
Invested in the luxury resort "Porto Novi" with tens of millions of euros, and now the resort will add the luxury hotel "One & Only" to it.
Orascom Development Company and its owner, Egyptian millionaire Sameh Swires
It invested in building the distinctive and upscale resort "Lucica B" at a cost of hundreds of millions of euros, and now work has begun to expand the resort and add 6 hotels, luxury residential buildings, sports fields, a golf course, and all vital facilities to build the finest tourist village on the world level, at a cost of hundreds of millions of Euros.
All these large ammount of investment projects are in this small and beautiful country, and with the effect of the Corona pandemic, confirm that it is an inevitably emerging country and with such countries your investment will be successful.
We, in turn, and after long experience in the region, will provide you with all the necessary information, professional advice, services and suggestions for excellent investment projects, according to your capabilities and requirements.
The coast of Montenegro overlooking the Adriatic Sea is suitable for cinematography, as it has its own waters Emerald color and its walled towns, which were built in the architectural style of the Italian city of Venice.
And Lord Byron told the Daily Telegraph, who visited this part of the Balkans in the early nineteenth century,This place is "the most beautiful place where the sea meets land." This region, called the "Balkan Riviera", She became famous in the 1950s after
some international stars visited her, such as Elizabeth Taylor and Sophia LorenAnd Marilyn Monroe, who used to live and relax on «Sveti Stefan Island», which overlooks these dark mountains The Dark, from which this small place acquired its name.
Today, this region has a wonderful charm from longing for the past, as it enjoys the same calmItalian Lakes, with its rocky beaches close to the coast of Greece and its climate similar to that of Saint-Tropez, But, at the same time, it retains the unmistakable features of the Balkan region, where brandy nuts are placed on The table while eating dinner in the cities of Berast and Kotor, while the streets are lined with the captains' houses that were built From huge limestone blocks. Jennifer Sutton of Manchester, north of England, told the Daily Telegraph,
And who bought a house in Berast three years ago jointly with her daughter Kate Perks: “We would have bought a house in Italy, but we thought this place would be more exciting.”
The area of the Republic of Montenegro is the same as Northern Ireland, but its population is the same as that of the British city of Birmingham. Kate and Jennifer heard about this place for the first time in the newspapers, where Jennifer says: "We decided to take an adventure with some money in a bag so we could put it as a deposit in a house." The Sutton family traveled to Dubrovnik in Croatia, where they rented a car, where the borders of the Republic of Montenegro are located half an hour drive from the airport. Despite the beauty in which it is famous, the landscape in this western part of Montenegro does not rise to describe Lord Byron, as says Jelena Vyatkovic, a Croatian woman selling real estate in the Balkans for the benefit of Savills: “You should close your eyes during this part The first of the trip, as it is not the most beautiful region in the country. ”
Sutton family soon arrived in Berast, a coastal city listed on the UNESCO World Heritage Program list which was built on the architectural styles of the Italian city of Venice, about 70 km from Dubrovnik. "We felt like Italy, so we paused," says Jennifer. We bought the second house we saw, which was part of an old hospital that needed to be completely restored. We loved this city and its natural scenery, because it feels like you are in the countryside, as well as a lot of restaurants that offer organic fish and vegetables ».
The house that the Sutton family purchased has a large balcony, which has a direct view of the clear waters of Kattur Fjord beach. It is characterized by simple decoration, where stone walls, wooden panels and the floors of the house are made of pottery. The house also has an open kitchen, living room, dining room in the shape of cellar, and three bedrooms.
Jennifer emphasizes that arranging construction work was easy: “But we learned a lot from it, so it is now easier for us to do such things. Our experience has increased significantly, as well as the tremendous improvement in products being offered in the country in the past few years. ” The Sutton family spends most of May and June in Montenegro. "We don't do a lot of things during our time here. All we do is relax and enjoy these landscapes or go to the beach," she says. The two women can also ride ships, if they feel the desire to do this (as this part of the Adriatic is home to luxury yachts), or difficult river boat sports, walking, cycling or hiking in the mountains. Along the coast, the walled city of Kotor is located as well as the less beautiful city of Budva, which has lively nightclubs and beaches famous for jazz parties, as Madonna and Rolling Stone have performed some concerts there.
Lake Chardar, the largest lake in the Balkans region famous for pelicans, is an hour's drive away, as well as some ski resorts in the north of the country. "There is no other place that close, so you can get all this experience," says Sasha Duravich, who works for the Savills company in Montenegro. "The small size of the country is one of its advantages."
The Suttons' family house generates a good rental income, leaving most of the months of July, August and September. "A local lady takes care of the house when we don't have it, and she doesn't cause us any problems," says Jennifer. The two women decided to start a new project to renovate the house they own in Montenegro, where they offer the house for sale at a price of 708,000 pounds sterling through Savills, which also offers a two-room apartment in Berast for sale at 220,000 pounds.
These prices may seem high, but the increase in demand by English and Russian buyers over the past few years has caused prices in Montenegro to rise by more than 100 percent. "The period from 2003 to 2006 saw a huge price boom, as you could resell the property in the market within a few days," Duravic told the Daily Telegraph. Duravic admits that: "It was going up very quickly."
Since then, prices have fallen by about 30 per cent, as well as the suspension of work on some real estate projects. "Montenegro is not immune to the credit crunch, but it is much better than other places," says Duravic. Even without the supporters of the oligarchs in Russia investing huge sums in the country, the country's economy is enjoying stability, as the Republic of Montenegro recorded the lowest rate of public debt and inflation and the highest rate of economic growth in the region in the period from 2005 to 2008, according to Dergana Radevich, from the company « Creed Consulting »headquartered in Podgorica, the capital of Montenegro. Last summer's season was quieter in the real estate market in Montenegro, but Vyatkovic confirms that interest in the country's real estate market will increase again, while Mark Harvey of Knight Frank believes that prices have reached their lowest levels, where he says: Montenegro is half of that in France or Italy. ”
The Montenegrin government aims to attract large numbers of high-end tourism, which helps to eliminate the economic recession. "Stefan Stefan" will be reopened under the name of the 6-star "Amman Hotel", while Canadian businessman Peter Monk, in partnership with Bernard Arnault and Lord Jacob Rothschild, will finance the construction of the "Porto Montenegro: which consists of a luxury yacht marina, some residential areas and a hotel" Four Seasons »located at an ancient naval base in Tivat. The first phase of the project was sold almost entirely at prices ranging from 220,000 to two million pounds. "You can add two more zeros to these numbers if you want to buy real estate in Monaco," says Harvey.
And 15 minutes away from "Puerto Montenegro" lies the "Sveti Marco Island", the island that was run by the company "Club Med", which was neglected in the eighties of the twentieth century. The island required £ 400 million in restoration and beautification to turn into the Banyan Tree resort. "No other Mediterranean island is an entire resort," says Vyatkovic. Prices for villas and homes on the island range from 310,000 to 5.3 million pounds, where a marina, yacht club and some other restaurants and shops will be established on the island.
In the far north of the country, there is a "gold mine" which is a potential ski resort, as well as "Velika Plaza", a 15 km long sandy beach that will undergo development as well. Vyatkovic stresses that English buyers who want to spend less looking money should go home, as the cost of buying a house in need of restoration located 15 minutes from the beach, but still has a sea view, is only about £ 50,000. "The hills above the cities of Kotor and Budva or on the Lustica peninsula are famous for the rush of English buyers," Vyatkovic says. "Home-based operations in Montenegro have Western appeal."
There are some negative aspects of buying a property in a small country that succeeded in gaining independence only 3 years ago, as there are no highways in the country yet, as well as a blackout and a shortage of drinking water during the summer. Despite this, there is a rapid development in the country's infrastructure sector, as a result of the massive investment being made by the government. "Montenegro is still at the beginning of the road, but it is exciting that a person is part of a place undergoing development,
Jennifer says.