High mountains, deep inland lakes and a spectacular southern coastline of bays and beaches, plus sunny summers and mild winters, are just some of the reasons why Montenegro has become a holiday hotspot. Combine this with the fact that it occupies a key location for business, is attracting foreign investment, has a rapidly growing infrastructure and has been a sovereign state since 2006 upon its independence from Serbia and you have one of the world’s most intriguing emerging property markets.
Montenegro is aiming for EU membership in 2014, which will add to its attractiveness for buyers looking for investment properties or holiday-home ownership. There are no restrictions for foreigners wishing to buy property in Montenegro, other than land for development, and the buying process is relatively straightforward. Montenegro property prices and lawyers’ fees are low and there is no capital gains tax liability in Montenegro, all of which is helping to fuel the sector.
Montenegro is well served by airlines. Flights arrive at Podgorica and Tivat airports regularly from Europe and further afield, plus into Dubrovnik in Croatia, which is a drive Montenegro real estate of around 50 minutes across the border to Montenegro’s Bay of Kotor. Kotor, a fabulous old city that has been recognised as a UNESCO heritage site, and is one of the country’s most popular holiday hotspots, lies on the banks of the bay.
Much of the new development is taking place around Kotor and already there are reports of property increasing by as much as 100% over the past year or so, with the potential for further capital growth being maintained, plus excellent rental returns being achieved through holiday home rentals.
“Montenegro property offers an excellent investment opportunity,” says Glenda Lazare, managing director of Key Universal, an overseas investment specialist company. “The country has a burgeoning tourist industry, bolstered by the government’s Tourism Masterplan 2007-2020, which aims to develop high-end hotels, golf courses and other luxury facilities in order to attract affluent tourists.”