Property in Montenegro
No longer tied to Serbia, the lure of Montenegro as an undiscovered gem is attracting the adventurous buyer. Off-plan development is still in its infancy, so now could be a good time to get in on the action. Your other option is to pick up a renovation project and enjoy the tranquil landscape!
Prices for Montenegro Properties from £22,000
Key facts
- Population: 630,000
- Capital: Podgorica (administrative capital) and Cetinje
- Approx. exchange rate: £1 = €1.45
- Visas: No
- Time difference: +2 GMT
- Flight time from UK: 2 hours 40 mins
- Major airports: Tivat, Podgorica, Dubrovnik (Croatia), Belgrade (Serbia), Bari (Italy)
- Dialling code: 00 381
Property in Montenegro
The Market: Boka Kotorska glory
All signs indicate that Montenegro is a property success story in the making. Now independent from Serbia, its breathtaking 294-kilometre stretch of coastline and promise of
EU-funded improvements to its infrastructure could be the making of this newly-formed country.
The government has an ambitious strategy for each region, including new marinas and luxury golf resorts for bays up and down the coast, and the transforming of an old navy base at Tivat into the largest marina on the Adriatic. Agents report a bullish 30 per cent price hike in property along the northern coast, where tourism is growing at an alarming rate. To date, most properties bought by foreigners in Montenegro have been old stone renovation projects with strong capital growth potential. Ruins on good-sized plots without sea views still start from around £17,000 but look for one on the waterside and prices jump dramatically – to six figures.
The options are improving though, as Andrea Marston of Dream Montenegro points out: “There were only two good quality off-plan developments on the market last year but
the good news is that this is now all set to change with a few high-quality off-plan developments planned in excellent locations”.
Off-plan properties in the better waterfront locations are selling for around £100,000 (two-bedroom apartment). Montenegro’s current property hotspots centre around the beaches and fishing villages of the Budva Riviera on the Adriatic coast, and the UNESCO-protected Boka Kotorska, which includes the bay and town of Kotor, and the towns of
Perast and Prcanj.
Investors hunting for ancient Montenegrin renovation projects are starting to look to the untouched Lustica Peninsula; bargains here can be had for under £40,000.
Another future hotspot is the Skadar Lake, which is famous for its pretty fishing villages and abundant wildlife. It’s conveniently located halfway between Podgorica airport and Bar on the coast and is cheaper than the coastal towns.
