Montenegro is currently not only one of the best tourist
destinations but also one of Europe's hottest real estate markets and
this situation looks set to continue reports Lucy Russell
I n the
past two years property prices have risen on average by 20 percent per
year and in more specific locations they have risen by a remarkable 100
percent per year. Despite this boom in the property market, prices in
Montenegro are significantly lower than in other Mediterranean
countries, but they are steadily rising, thus conditions for investment
are perfect.
The description of Montenegro as “the most beautiful
contact between the earth and the sea” demonstrates how the low prices
combine with the natural beauty of this country to make it an ideal
place to invest. The rugged coastline and the soaring mountaintops mean
that Montenegro, despite being small, can offer buyers a uniquely
diverse range of properties. Whether you want a picturesque villa with
a sea view or a house high up in the hills, Montenegro can deliver.
Tourist destination
With
its rolling mountains, clear lakes, deep canyons and beautiful beaches,
Montenegro is the perfect tourist destination all year round. Not only
can one enjoy skiing and sunbathing but also hiking and white water
rafting. It is no surprise then that the World Travel and Tourism
Council cite Montenegro as the fastest growing tourist destination in
the world by 2014, generating 21 percent of the country’s total GDP.
With
this extraordinary tourist interest there has been a rising demand for
real estates in Montenegro as these visitors realise what a fantastic
opportunity there is for investment. Since it gained its official
status as an individual country in 2006 the investments have been so
big that, today, Montenegro is third in Europe in terms of per capita
foreign direct investments.
Yet another attribute of this
breathtaking country is that it is considered to be one of the world’s
best nautical playgrounds and a project which is well on it’s way to
becoming reality with a significant portion of its luxurious marina
opening last month and the remainder of the master plan due to complete
over the next five years. The project will transform the magnificent
Bay of Kotor into a marina, which will have the ability to look after
yachts of all shapes and sizes. Backed by a prestigious team of
investors including Peter Munk, a gold mining tycoon, and Lord Jacob
Rothschild, it is hard to imagine a result that will be anything but
amazing.
Marina
On
completion there will be 650 berths, 130 of which will cater to the
needs of super yachts, as well as a vibrant waterfront community, which
will include hundreds of flats and numerous bars, restaurants and
boutiques. There could not be a better location for a project such as
this as Porto Montenegro offers some of the best cruising in the
Mediterranean basin with Corfu, Venice, and the Ionian Islands all
nearby. Yet again the prices are irresistible with a berth costing
€130,000 annually for a 75m yacht, in comparison to Antibes in France
where a berth would cost about a €1million per annum.
Furthermore,
there is no capital gains taxat all in Montenegro. Thus making foreign
investment even more appealing to the overseas property investor. The
introduction of a levy is planned for some point in the future but only
at a rate of 7.5 percent, which is less than a quarter of the EU
average. Therefore, the many opportunities for investment in Montenegro
at the moment are, it would seem, too good to miss.
Lucy Russell is the Managing Director of Quintessentially Estates. (Source, Overseas Living)
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