Montenegro is becoming increasingly popular among tourists and investors from all over the world, but it is especially attractive to the Russian Man who appreciates the beauty of nature and the warm welcome of the local population. One of the most significant reasons for the growing popularity of the country is the growth of the real estate market, which offers many different investment options.
According to the World Tourism Council (WTTC), Montenegro is one of the fastest growing tourist destinations in the world, which once again emphasizes its attractiveness. The country is famous as one of the most beautiful tourist routes in Eastern Europe. 199 km (123 nautical miles) of the Adriatic coast contain countless fords, bays and long sandy beaches. The coast is humbled by old towns with a rich historical past, of which the island hotel Sveti Stefan stands out, as well as picturesque fishing villages such as Roses, Baošići and Pržno.
Surrounded by breathtaking mountain scenery, this part of the Balkans is attractive for its lakes, alpine pastures, forests, mountain peaks, a variety of flora and fauna, as well as four national parks.
In 2007, Montenegro received about 1.5 million tourists, of which Russian citizens made up the largest part (17.4%). To emphasize the popularity of the destination, it is worth noting that in the 2007 season there were about 30 weekly charter flights from Russia. In 2008, new direct routes from countries such as the United Kingdom, for example, appeared. However, not only tourists arrive in the country through air, sea and land borders.
Real estate investors also appreciated the potential, and in 2007 Montenegro received 1 billion euros from this source. It is not so bad for a country with a population of 600,000 people, which has taken other steps to strengthen the economy and infrastructure before and after independence in 2006. Tax cuts, banking system reform and the prospect of joining the EU have attracted a record level of investment (10% of which came from Russia).
As for real estate, the simplified purchase process, the need for rental quality housing form a significant increase in the number of tourists, and evidence that the government is taking tough measures for illegal development, according to Colliers International, increased the number of real estate transactions by 400 percent. According to the Ministry of Land Use of Montenegro, Russian citizens make up the largest number of foreign investors who own real estate and land in Montenegro.
Justin Faiz, executive director of Pluto Developments (a leading British-Montenegrin development company for the construction of quality residential complexes, on the market since 2004) said: "Over the past three years, in key coastal regions of the country, property prices have increased by 30% per year, but "the price of real estate is still significantly lower than in neighboring Croatia. Now the attention of investors has attracted the central regions of the country, such as Lake Skadar in the south."
Looking into the future, it can be assumed that Montenegro will become even more attractive for investments as soon as it starts negotiations on EU accession, as this will accelerate the already launched reform mechanism. Investors will have even greater confidence in the country.
The increase in demand signaled for Pluto Developments to launch its fourth project, Acacia Hill. The project offers a choice of 36 modern apartments with one, two and three bedrooms, located in the town of Dzhenovichi on the coast of the beautiful Bay of Kotor.
The complex will have stunning views of the pristine peninsula of Lustica and the towering peak of Lovcen Mountain. Prices range from 130,000 to 215,000 euros with a potential investment growth of 7% per year.
In Montenegro, everyone can find something for themselves, from tourists to active sports enthusiasts and real estate investors.
For more information about the country, visit www.visit-montenegro.com. For more information about Pluto Developments, please visit www.plutodevelopments.com or call +382 88 350 300 or +382 69 397 837 (you answer in Russian).
