| High mountains, deep inland lakes and a | | | | a special deal direct with the developers and |
| spectacular southern coastline of bays and | | | | prices for the upmarket apartments will start at |
| beaches, plus sunny summers and mild winters, | | | | EUR154,880 (£124,000), with a 30 per cent |
| are just some of the reasons why Montenegro | | | | deposit and 70 per cent payable on completion. |
| has become a holiday hotspot. Combine this with | | | | "The rugged beauty of Montenegro continues to |
| the fact that it occupies a key location for | | | | attract high-profile visitors, including Michael |
| business, is attracting foreign investment, has a | | | | Douglas, Catherine Zeta Jones, Madonna and The |
| rapidly growing infrastructure and has been a | | | | Rolling Stones," adds Lazare. "It is being tipped as |
| sovereign state since 2006 upon its independence | | | | the next Monte Carlo." |
| from Serbia and you have one of the world's | | | | Other companies marketing in the Kotor area |
| most intriguing emerging property markets. | | | | include Europe Property Plus, which is offering |
| Montenegro is aiming for EU membership in 2014, | | | | Dobrota Heights, a brand-new luxury collection of |
| which will add to its attractiveness for buyers | | | | apartments from around EUR225,000 |
| looking for investment properties or holiday-home | | | | (£180,000), and Rosco Properties that has |
| ownership. There are no restrictions for foreigners | | | | off-plan apartments at Herceg Novi-Igalo from |
| wishing to buy property in Montenegro, other than | | | | EUR142,00 (£114,000) and homes with sea |
| land for development, and the buying process is | | | | views at Baosici from EUR144,000 |
| relatively straightforward. Montenegro property | | | | (£115,500), plus small resale houses in need |
| prices and lawyers' fees are low and there is no | | | | of modernisation from around EUR50,000 |
| capital gains tax liability in Montenegro, all of which | | | | (£40,000). |
| is helping to fuel the sector. | | | | David Stanley Redfern is offering Acacia Hills |
| Montenegro is well served by airlines. Flights arrive | | | | Apartments, a collection of one-, two- and three- |
| at Podgorica and Tivat airports regularly from | | | | bedroom homes at Herceg Novi, near Djenovici, |
| Europe and further afield, plus into Dubrovnik in | | | | overlooking the bay. The use of natural materials |
| Croatia, which is a drive of around 50 minutes | | | | has been a key feature of the design. Prices are |
| across the border to Montenegro's Bay of Kotor. | | | | from EUR103,000 (£82,600). "Acacia Hills |
| Kotor, a fabulous old city that has been | | | | offers an excellent investment opportunity in an |
| recognised as a UNESCO heritage site, and is one | | | | area that is seeing one of the fastest growing |
| of the country's most popular holiday hotspots, | | | | tourism markets in the world," says David |
| lies on the banks of the bay. | | | | Redfern, managing director of David Stanley |
| Much of the new development is taking place | | | | Redfern. "Prices for these off-plan apartments are |
| around Kotor and already there are reports of | | | | extremely competitive and we expect to see |
| property increasing by as much as 100% over | | | | buyers realising capital increases of at least double |
| the past year or so, with the potential for further | | | | in the next three or so years, combined with |
| capital growth being maintained, plus excellent | | | | achievable rentals of around eight per cent." |
| rental returns being achieved through holiday | | | | Other popular holiday hotspots in Montenegro |
| home rentals. | | | | include Sveti Stefan and Bar, which are further |
| "Montenegro property offers an excellent | | | | south along the coast, plus the historic stronghold |
| investment opportunity," says Glenda Lazare, | | | | town of Budva, where life revolves around its |
| managing director of Key Universal, an overseas | | | | elegant marina and harbour. "Budva real estate |
| investment specialist company. "The country has | | | | and the property market in this area have |
| a burgeoning tourist industry, bolstered by the | | | | become very active recently, especially with |
| government's Tourism Masterplan 2007-2020, | | | | Russian investors who know the area from |
| which aims to develop high-end hotels, golf | | | | holidays and need no visa to visit," says Alex |
| courses and other luxury facilities in order to | | | | Mark Moller, who is marketing the Budva Hill |
| attract affluent tourists." | | | | Resort in Budva. |
| Key Universal is currently marketing Kotor | | | | "Foreign investors are interested in Budva |
| Apartments in Dobrota on the fringes of Kotor. A | | | | properties because of the capital growth potential |
| boutique residence of just ten two and three | | | | and the return of investment. We have already |
| bedroom contemporary apartments offering | | | | sold around half off-plan and are confident we will |
| stunning sea and mountain views, and a | | | | have sold all apartments when the development is |
| specification that includes parquet flooring, granite | | | | complete in 2010." The Budva Hill Resort, says |
| staircases and fitted kitchens and bathrooms, the | | | | Moller, will be a landmark development of one- |
| development is ideal for investors looking for | | | | and two-bedroom apartments in the area, |
| exclusive holiday-home rental opportunities, says | | | | offering top notch features and luxurious living. |
| Lazare. | | | | "There is a shortage of luxury resorts in the |
| The complex will have landscaped gardens, a pool | | | | area," he adds. "The apartments will lie on a slope |
| and parking spaces. Key Universal has negotiated | | | | offering fantastic views of the Adriatic Sea. |