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Are you wondering if you should be selling property in Montenegro as soon as possible? Is this a good time to be selling overseas property? Let’s find out!
There is one country that has been attracting a lot of interest from international property investors – wealthy Russians, Americans, Australians, Chinese, Scandinavians, Brits, Irish, and other Europeans.
It’s a small country called Montenegro, which the great poet Lord Byron referred to as the “most beautiful merging of land and sea.”
Today Montenegro is one of the hottest overseas property destinations in Europe. It’s in the same neighbourhood as Croatia and has emerged as a major hub of tourism in Central Europe.
The most popular city in Montenegro is Kotor, which is often compared to Dubrovnik, where the popular TV show the “Game of Thrones” was set. Kotor gets a steady stream of foreign tourists year after year.
Sandra Kapetanovic, a local activist talked about the recent transformation seen in Kotor: “Kotor was once known for being more authentic (than Dubrovnik), but now we’re in the same place. We are being transformed into a city of souvenir shops.”
Montenegro is a small country of just 629,000 people. It achieved independence only in 2006 and since then has been on the growth trajectory. There are new buildings and constructions everywhere you go in Montenegro.
The biggest buyers of properties in Montenegro are foreign buyers, especially from Russia. Russian money has led to a property boom in this tiny nation. There are new apartment complexes coming up everywhere on the Adriatic coastline.
Tourism is a major revenue generator in Montenegro. The country receives more than 2 million foreign tourists every year. This is more than three times the population.
Emergence of Montenegro as an Overseas Property Destination
Generally, we find that once a country takes off as a hub of tourism, it goes on to become a major overseas property destination. The overseas property market and the tourism market are closely connected.
This is the case with Montenegro as well.
Montenegro’s property market has grown a lot since its independence in 2006. Last year, property prices rose by 10%. We expect property prices to grow at this rate for a while as they start from a low base.
The real estate market in Montenegro is on a firmer footing than the neighbouring Adriatic countries. There are many reasons for this.
First, the fact that people have only started to realise the true value of properties in Montenegro. This country has always been underestimated. That is changing now.
Also, the economic situation in this country is very stable. Montenegro now has a flourishing economy and is politically very stable. The banking system here is quite robust and the capital market is well developed.
That’s why foreign buyers have no hesitation about buying properties in this country. Russians were and remain the biggest buyers of properties in Montenegro. But of late, we have seen a lot of interest from Americans, Australians, Chinese, Scandinavians, Brits, Irish, and other Europeans as well.
This is good news for those planning to sell property in Montenegro. Contact us for help with selling overseas property.