Sandwiched between Bosnia/Herzogovina, Albania and Croatia, Europe’s newest country boasts a stunning 294 kilometre Adriatic coastline, 117 beaches, the world’s second deepest canyon, lakes, mountains and Europe’s most southerly fjord. Visitor numbers are currently growing at 17 per cent a year – by 2014, Montenegro is expected to be the fastest growing tourist destination in the world.
These ingredients – plus a stable economy that already uses the euro as its currency – have made Montenegro one of the best property investment opportunities in Europe. It was less than 3 years ago when Someplace Else opened the doors of its Kotor office to intrepid investors, this early bird approach has paid off for many of our investors with prime seafront properties having tripled in value. However, there are still many investment opportunities in Montenegro and this potential will continue for several years to come.
The latest hot-spot is touted to be the ski area of Zabljak in the mountains of northern Montenegro; Someplace Else opened a small office in Zabljak just over a year ago and interest has been growing rapidly. In the mountains there are gorgeous lakes and rivers that have very little development. Zabljak is a location ripe for a resort that offers skiing in the winter and mountain sports the rest of the year. The fishing is extraordinary, and hiking rivals the best trails in Switzerland. There is a glacier on the highest mountain Dormitor, and there are huts for hikers all over the area. The developing adventure and eco-tourism market in this area will push prices up very quickly. Property prices are considerably lower than the coastal areas, with prices starting from £40,000 for a good size house in Zabljak. There is little investment here, and with the right advice, a lot of money Real estate Kotor Montenegro could be made.
Lake Skadar and the beaches of Ulcinj in the south of Montenegro are areas emerging as hotspots. A year ago the Ulcinj area, renowned for its fine, light sand beaches, was of virtually no interest to buyers but things are quickly changing, especially with news that Roman Abramovich is looking to buy the eight-mile long Velika Plaza – or grand beach – where he plans to build a luxury tourist resort.
Lake Skadar is another neglected investment area that has a lot of potential in the future. The lake is one of the largest in Europe and the National Park covers 40,000ha with mountains encircling the lake on three sides. The scenery is breathtaking, perfect for watercolour artists! Plus it a bird lovers paradise with 270 counted bird species, some rarely found elsewhere in Europe such as the Dalmatian pelican and black ibis. Prices are just starting to go up, but you can still find a stone house on the lake for under £40,000. Someplace Else have just opened an office in Budva to be in a position to take advantage of this emerging area and to also offer more properties in the Budva area to our clients.