The great real estate development of Porto Montenegro

Montenegro: A transformation is taking place within Porto Montenegro. This small fishing village is becoming the “Montecarlo of former Yugoslavia”.

The marina of Porto Montenegro is sheltered in one of the largest inlets in Europe, just outside the bay of Kotor, a ten-minute drive from Tivat airport. Compared to top destinations - such as Saint Tropez or Portofino - Montenegro keeps its wild and uncontaminated charm.

The old military naval base is being dismantled to build the new complex. On the background it is still possible to see what remains of villages such as Donja Lastva with its small stone Venetian-style houses.

Peter Munk, the main developer of the project, was the first to fall in love with Porto Montenegro; then, some English, Russian and French investors followed.

Two boutique hotels, 500 dwellings, four beachfront small villas and a marina with 650 moorings will be built on a 24-hectare area. All handmade articles found during the works – among which there are a Soviet submarine and some old yachts dating back to the age of Tito – will be collected in a naval museum.

The old club of officers is the only building to have kept its old luxurious appearance. The building hosts a sport centre with a gymnasium, two squash courts and a bowling court. Very close to the complex there will be tennis courts, a public garden and an 18-hole golf course.

About 200 workers are employed on the building yard. The first residence with 29 apartments should be ready by July. They have already been sold in six weeks along with the first 100 moorings. The remaining properties will be ready by 2013.

Buyers are granted a 75%-discount on the boat mooring fees for the first three years; indeed, having a boat is necessary to enjoy the wonders of the bay fully.

Many film stars have already been attracted by Montenegro . Michael Douglas and Catherine Zeta Jones have bought a house in old Perast. Montenegro is an ideal holiday destination. Those who want to spend their vacations in a vibrant town should head for Budva, while Bobotov Kuk is a wonderful ski resort.

The tourist development in Porto Montenegro has just started. There are many buildings that need renovation and appealing building plots of land at the foot of the mountains. Many international investors have decided to invest in this area, by following the green measures taken by the government of Montenegro to protect the environment. Builders are obliged to use natural building materials and respect traditional building techniques and architectural features.

The Egyptian company Orascom development is going to create another marina with some hotels, villas and a golf course on an area of 6.8 million sqms in Lustica.

The Russian builder Metropol is building a villa and some bungalows in Sveti Marko, an island located in front of Tivat.

The high level of foreign investments has made house prices increase considerably, above all after the 2006 independence.

The Montenegro real estate market has been affected by the global economic crisis, but the government has reacted by adopting some policies to stimulate investments and simpler procedures. At the moment, Montenegrin laws are some of the most favourable in Eastern Europe for what concerns building permits and taxes on revenues.

Read also:

Porto Montenegro: luxury is now affordable to everyone

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