CHAPTER TWENTY-TWO: Property Investing in Montenegro

Montenegro is one of those markets which is still exceptionally good value for money; more by accident than design. Property values are closer to those in Bulgaria than in neighbouring Croatia, but this isn’t because of any lack of attractions or natural beauty.

Montenegro may be one of the smallest countries in Europe, but it has mountains, lakes, pine forests, fjords, walled cities, world heritage sights; and, most of all, mile after mile of beach.

In the 1960s and 70s Montenegro’s upmarket Sveti Stefan Resort exerted a magnetic attraction on the rich and famous. Elizabeth Taylor and Richard Burton are said to have disturbed other guests with their arguing, whilst Sofia Loren gave the chef lessons in how to cook pasta.

This happy state of affairs persisted until the war in the former Yugoslavia. Montenegro itself never saw fighting, but visitor numbers plummeted. Only in the last two years has tourism in Montenegro returned to anything like the pre-war number of arrivals.

The nature of the market is also changing. Long a favourite of Italians, Germans and Russians, the Brits and Americans are now arriving in droves. English is widely spoken, and the beach resorts are being redesigned to attract wealthy high-end tourism comparable to that in Croatia or Italy.

The World Travel and Tourism Council now tips Montenegro as the number one country for tourism growth over the last ten years. Visitor numbers are expected to rise by an average of 9.9% every year between 2006 and 2015. Montenegro…