Kotor
Kotor is a Unesco World Heritage Site and a medieval fortress
city, which makes it more than just the usual beachfront resort.
Settled next to a beautiful bay and surrounded by mountain ranges,
the town offers stunning views and quaint cultural attractions in
its churches and cathedral, while the Maritime museum also
emphasises the naval heritage of the town. The area has already
witnessed substantial investment and prices in this area are
generally well above the national average, and comparable to the
most expensive areas in Croatia. A one-bedroom apartment here can
sell for around £100,000 ($201,600), while a three-bedroom house
costs around £210,000 ($423,400). Although the market remains
popular, it has more appeal amongst those looking for holiday homes
than amongst dedicated property investors.
Coastal areas south of Kotor, including Herceg-Novi, Budva and
Bar
In coastal areas south of Kotor, property prices are
considerably lower. In general, opportunities for capital
appreciation are now better in the south or inland at mountain and
lake resorts although any properties near beaches like Buljarica or
Becici are also likely to see a healthy price rise. Another good
bet is Ulcinj, which has 8 miles of beach and prices which continue
to offer good value.
Positioned near to the classified beauty spot of the Bay of Boka
Kotorska and the ski slopes of Orjen, Herceg-Novi is increasing in
its popularity as a tourist destination. Budva and Bar are also
emerging as popular resorts and investment hubs. Budva is a walled
town placed just outside Sveti Stefan surrounded by 24 miles of
beach and thanks to its pale stone town walls, is frequently
compared to Dubrovnik. The island of Sv Nikola lies only a
kilometre from Budva and has become a great excursion site for
tourists. The area around Budva and Sveti Stefan is one of the most
intense areas for development throughout Montenegro and a
three-bedroom house in the historic town of Budva costs an average
of £86,600 ($174,600).
Tivat
The Tivat Riviera is also tipped as a hotspot with stunning
scenery and vegetation. A place of interest is Ostrvo Cvijeca
known as the Island of Flowers. Property prices are set to rise
here significantly. Its airport makes it very accessible and it is
also the site of a huge marina and resort project by the tycoon
Peter Munk.
Inland areas
There are increasing numbers of projects available in other
regions of Montenegro, including the capital Podgorica. This
bustling city is the commercial centre of Montenegro and is
positioned amongst five different rivers. After significant damage
in WW2 much of the city has modern architecture and a well
developed transport infrastructure. The area around Skadar Lake is
also becoming increasingly popular. As the largest lake in the
Balkan Peninsula and an excellent conservation reserve to wildfowl,
it is an ideal location for those who love country pursuits such as
walking, hiking, bird watching and fishing. Prices are starting to
go up, but you can still find a stone house on Skadar Lake for
upwards of £20,500. Most importantly, given the minimal investment
to date, the mountain regions are now hotspots for investment and
the government, donor agencies and NGOs are now promoting these
heavily.
Finally, for something different, Cetinje is the traditional
capital and cultural centre of Montenegro. Viewed as an excellent
area for the development of tourism, it is now a university town
and property can be picked up cheaply and rented to students.
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