Montenegro
FOR SALE
€107K
Kotor Bay
San Marco is a period stone house converted into apartments with views of Kotor Bay, the whole restored to UNESCO standards. Each apartment has a private parking space and use of a swimming pool
Monteverdi Estates (020± 7661 9342;
www.monteverdi-
estates.com)
to Miss Marston, but she believes the credit crunch has worked in Montenegro' s favour by slowing down development and giving the government the chance to get things right. ` The off-plan market diedÐ people didn' t want to buy things that weren' t builtÐ but this has prevented too large a supply of property. And the build quality is much higher these days.' Rather than selling off-plan, some devel-
opers are offering plots of land for sale with permission to build houses. ` It' s a great idea. You can choose the plot and the type of house you would like to be built on it and the whole project can be finished within six months,' says Miss Marston. Two-acre plots cost from £250,000, including building work. The market has picked up this year: ` Prices
have bottomed, but it' s still a buyer's market,' Miss Marston says. ` As soon as something sells, another good property comes on. There seem to be quite a few buyers around, how- ever.' James Price believes now is a good time to buy. ` If you want to enjoy something that will be a very exciting investment in 10 years time, you can make the most of good value by getting in now,' he says. Mr Weston- Baker believes Montenegro' s unique geo- graphical positioning enables it to attract visitor and buyers from both east and west.
Marko, have instilled confidence into the market. ` There is a critical mass of top-level projects that shows they aren' t one-offs and this has given people the confidence to invest.' Miss Marston agrees: ` Not everyone can afford to buy into them, but they offer a great place to go shopping or out for a meal.' Porto Montenegro in the Bay of Kotor,
the Adriatic' s largest and most sheltered natural harbour, will eventually comprise a mile of west-facing waterfront residences around a super-yacht marina with shops and cafes. Properties are built in the local style, and have natural stone floors, hard- wood cabinetry and outdoor terraces. Prices start at €180,000, which includes access to pools and tennis courts. There are also yacht berths from 12m to 100m. The first apartment buildings to appear on the market sold out within weeks; Savills and Knight Frank are now selling off-plan prop- erties in two further buildings. Meanwhile Europe' s first six-star resort
with palatial villas is being created on the island of Sveti Marko in the Gulf of Tivat, a 20-minute drive from Porto Montenegro. The most expensive properties will have private beaches and moorings, and there will also be a range of smaller apartments and townhouses. The island will be man- aged by Banyan Tree, which runs spa resorts across the world. In the centre of the island will be a waterfront quayside
66 Country Life International, Summer 2010 and piazza with bars, cafes and boutiques
and a spa. Property prices will start at €499,000, through Savills. Montenegro' s allure to British buyers has
surprised estate agents. ` I never thought it would be so popular,' says Miss Marston. Between 2004 and 2007, average new-build residential prices in Montenegro more than doubled, with coastal towns Budva and Bar leading the boom in property values. ` There was so little available at the time and the new- builds were very bad quality,' she explains. However, the recession has had a dampen-
ing effect on Montenegro' s property values. Prices dropped by about 30%, according
` Its Mediterranean climate and exceptional coastline are fundamental, long-term attri- butes that make Montenegro highly attrac- tive as an investment location today.' Even if your property doesn' t appreciate
much in value at first, you will be able to enjoy sunny days in alfresco cafes and boat trips in the fjord. ` Montenegro is all about the
ª mañanaº attitude,' says Miss Marston. ` The Montenegrins are very laidback. It' s a lovely place to kick back and enjoy the cafe culture, Italian food and balmy weather.'
Sveti Marko properties are on with Savills (020± 7016 3740;
www.savills.co.uk/abroad) Porto Montenegro apartments are with Knight Frank (020± 7629 8171; www.
knightfrank.co.uk/international)
FOR SALE
€499K
Kotor Bay
A five-
bedroom stone villa with infinity pool and panoramic views of Kotor Bay. The villa is located in the hills above Risan, a mile from the sea Savills
(020± 7016 374; www.
savills.co.uk/abroad)
www.countrylife.co.uk/international
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