The country has seen no cancelled developments, because of the much
slower pace of development, and many developers were left holding
sizeable land-banks when international demand began to wean.
This means that when things start to recover, there will be an
abundance of cheap land available to kick-start the recovery in this
part of the world, according to Les Calvert, director of overseas
property portal Property Abroad.com.
"Montenegro became massively popular very quickly after its
declaration of independence from Serbia was ratified by Serbia. This
obviously attracted developers to target the international market and
prices grew rapidly. Unfortunately that was followed by the
international downturn, which, while it never directly affected
Montenegro the sheer drop in foreign demand was enough to cause
developers to postpone their long-term development plans," he said.
Now that demand for overseas property is increasing once again, one
would expect Montenegro to be breathing a sigh of relief. However,
people are currently focussing on markets where prices have dropped
significantly, which puts Montenegro, where prices have held firm at a
disadvantage at present.
However, Les said that the international downturn easing is brining
a lot of wealthy lifestyle buyers back out into the world of overseas
property, and "the secluded bays on the Montenegro coastline is very
popular with this buyer group," he said. (Source: property-abroad.com)
