world's investor elite turn their eye to montenegro
Roman Abramovich and Peter Munk are two of the latest high-profile investment figures to highlight Montenegro as an appealing investment area. This formidable private investment power, as well as the continued resurgence in tourism the country is experiencing, is set to have a serious knock-on effect to capital growth and prospective rental yields in areas where Future Properties is currently operating.
Peter Munk, one of Canada's richest men, has just acquired the old naval repair yard in Tivat, which he plans to convert into the largest marina and luxury resort in the country. Munck recently signed a deal with Montenegrin premier Milo Djukanovic last Sunday, buying the 24-hectare Arsenal repair yard for approximately €20 million.
Overall, an estimated £250 million is expected to be invested in the Tivat area during the coming years, which will have a direct and positive impact on property prices throughout the area. Plans for the new community include a 725-berth marina, five-star hotel, a number of shopping malls and many other leisure and recreational facilities.
Future Properties is currently marketing The Waterside, a boutique development consisting of 48 luxury apartments including moorings, occupying one of the only waterfront sites still available in the beautiful Kotor Bay. These contemporary apartments are ideally placed to benefit from the private investment across the area. They are being built using traditional local materials and will feature high spec interiors.
Also, Abramovich, the Russian billionaire oil tycoon, is bidding for an eight-mile stretch of government owned coastline in the southern town of Ulcinj. This strip, set to be turned into a new luxury resort, is expected to have the same effect on property as in Tivat.
Following its successful referendum for independence from Serbia in May of this year, Montenegro's tourism economy is starting to flourish. This tourism increase, combined with a lack of high quality accommodation has created a strong rental market for bespoke apartments. Coupled with high capital appreciation and long hot summers, it underlines why Montenegro is an ideal option for both investment and lifestyle purchasers.
For information on current developments offered by Future Properties in Montenegro, please visit the Montenegro projects page.