Tivat area draws bulk of Montenegro’s high-profile tourist resort investments
PODGORICA (Montenegro), February 7 (SeeNews) – The area of the Adriatic town of Tivat is drawing the bulk of Montenegro’s incoming high-profile resort investments, a senior executive at real estate agency Montenegro Prospects said.
Interest in the Tivat area has led to the development there of no less than three large-scale resort projects – the 1.1 billion euro ($1.36 billion) Lustica Bay of Egypt’s Orascom, the 250 million euro five-star Blue Horizon project of Qatar’s Diar and the Porto Montenegro luxury yacht dock and marina village.
These upscale schemes testify to Tivat’s huge appeal for property developers, Ivana Vukicevic, the head of property portfolio at Montenegro Prospects, told SeeNews in an emailed interview.
According to some estimates, more than 2.5 billion euro of investments are set to be poured into various real estate projects in Montenegro within the next few years, she added.
Besides the buyers interested in holiday apartments in large resort compounds, there is also a market for smaller-scale properties that should not be overlooked. These clients are typically interested in the town of Tivat and smaller locations like Orahovac, Dobrota and Krasici, the expert said.
In that respect, within the area of the Kotor bay places like the Old Town in Kotor and Perast are lagging behind as buyers – predominantly from Russia, are less interested in stone houses which dominate the supply of housing properties in those areas.
The bay stretches for about 28 kilometres from the open sea to the harbor of the city of Kotor. The narrowest section, the Verige strait, is only 300 metres wide. It incorporates the towns of Kotor, Risan, Tivat, Perast, Prcanj and Herceg Novi.
Vukicevic said that prospective property buyers are mostly drawn to already completed projects in the Kotor bay to avoid the risk sometimes associated with off-plan purchases.
Also of note among the projects underway in the bay area, in her view, are the five-star Regent Porto Montenegro and Residences development in Porto Montenegro and the 500 million euro One&Only luxury tourist resort project being developed by Azmont Investments, a company controlled by the State Oil Company of the Azerbaijan Republic.
Another important trend is the increasing number of small boutique hotels in the area which is almost certain to continue.
Vukicevic expects the trend of rising demand for holiday condos overlooking the seaside in the vicinity of local beaches and in locations with developed infrastructure to continue in 2014. “Last year, over 60% of our clients were looking for properties with these specifications.”
The expert sees locations like Krasici and the Tivat hinterlands as most at risk of being overrun with tourist facilities.
The article was taken from the See News website.