400% Rise in Montenegro Property Investment Transactions

According to a recent report compiled by global real estate experts Colliers International, there has been a 400% rise in Montenegro property investment transactions over the past two years driven largely by British, Irish and Russian demand and commitment.

This consistently increasing property investment commitment from foreign buyers is running hot on the heels of a report by the World Travel and Tourism Council which last year tipped Montenegro to become the fastest growing travel and tourism economy in the world.

Yes these are all pretty incredible and startling findings, predictions and statistics - but they are all factual and what’s more, if you haven’t yet bought in to the Montenegrin property market you might just want to make your move fast because land prices are changing by the hour!

It’s true - a real estate agency director in the hugely popular coastal town of Bar reported to Nedjeljko Rudovic from the Balkan Investigative Reporting Network that land prices are changing “literally by the hour” as investors and property buyers fight to get the best located plots of coastal land to develop and build upon.

Montenegro is seeing an exceptionally ferocious land grab driven by the nation’s strong commitment to the travel and tourism industry.  Montenegro has completely accepted the lynchpin role that travel and tourism will have for the future development of the nation’s economy and labour market and to that end it is doing all it can to attract and retain foreign direct investment into anything and everything associated with tourism market expansion and development.

Property investors know that this is the most solid foundations on which they can gamble which is why many are buying in now ahead of the proposed and expected development of Montenegro as a world class destination to match and compete with the likes of Monte Carlo and Monaco.

The Finance Ministry in Montenegro’s own statistics and financial facts reveal just how important this property investment buy in is to the economy in Montenegro right now.  While the nation is still developing and building the sustainable foundations for its future success as a tourism hub it needs the cash injection that land and property buyers are bringing.  The Finance Ministry’s records show that in 2006 overseas buyers spent 750 million euros on real estate which actually equates to 45% of the nation’s GDP.

If you’re personally considering an investment commitment and are about to buy property in Montenegro we have only one word of warning for you and that relates to the security of your purchase.  You need a decent lawyer and you need extensive checks to make sure the vendor has the right to sell, you have the right to acquire and that the land or property you’re interested in is not within a zone or area that the government has designated for future commercial development.

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