Published on 06 October 2005 at 06:21 pm
Filed under: Europe:- Montenegro Property Guides » Montenegro Property Buyer’s Guide
Montenegro is a country that offers property investors some of the most exciting real estate investment opportunities in Europe at the moment.
It is also a stunningly beautiful country recovering effectively from the ravages of war and positioned for EU accession talks in the near future making the future of Montenegro’s economic development positive and making the country highly interesting from the property investor’s point of view.
Before the Yugoslav and Kosovo Wars that ravaged this former republic of the Federal Republic of Yugoslavia economically and emotionally throughout the 1990’s, Montenegro was a fashionable and desirable Adriatic Sea resort frequented by the rich and famous. Visitors were attracted to the country’s beautiful beaches, stunning mountains, lakes and forests and also to its beautiful towns and cities. It has walled towns and towns that share a great deal in architectural terms with Venice and it has a chic and sophisticated feel.
Luckily for Montenegro it avoided a lot of physical damage during the last Balkan war which means that the country’s infrastructure and even more importantly its landmarks and heritage remain intact. However its economy was severely damaged as a result of the conflict and today it remains a relatively poor country but one which has already adopted the Euro as its official currency and one which has its own central bank which is independent of Serbia with which Montenegro remains linked and which means that Montenegro is developing its own fiscal policies to promote much needed inward foreign direct investment into all sectors.
Substantial German and Italian investment has already been made into the fledgling property market in Montenegro with companies and individuals purchasing stunning coastal and city properties for bargain basement prices. Some of the most popular regions and towns for investment in property are Budva, Petrovac, Podgorica and all along the coast.
The key to the profitability and attraction of Montenegro’s emerging real estate market is the long term future development of the country. The government of Montenegro are committed to working towards EU accession and as a result they are structuring their economy accordingly and if, as is expected, they achieve their dream of full EU membership they will benefit substantially in financial terms.
Jobs will be created, inward investment will flow more smoothly, and in turn all this will lead to the people of Montenegro becoming wealthier in real terms. With the likely development of more accessible mortgage and banking facilities in that part of the world and the increase in individual wealth, more local people will be able to afford properties in their own country. In the medium term the main key to profitability is the re-promotion of Montenegro as a stunningly attractive country to visit and an affordable and welcoming one in which to live. Both factors should raise the profile of the country, the numbers of visitors renting holiday accommodation and also the numbers of visitors who choose to remain and buy properties of their own in Montenegro.
For property investors looking for a highly affordable long term bet, Montenegro is well worth a closer look. You never know, you might just fall in love with this beautiful country and end up setting up a permanent base there yourself.
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