Investing In Property In Montenegro
by Tem Pearson on 2007-09-22
Montenegro is one of the most overlooked property goldmines in Europe. With absolutely beautiful terrain and rock bottom house prices, it is hard to see why more people have not flocked to purchase the latest developments.
One thing to remember is that Montenegro is, in fact, a very small country, approximately the size of Northern Ireland. Therefore, there are actually relatively few properties available for sale.
Previously, Montenegro was linked with Serbia which was a larger and generally fiercer candidate both economically and politically. Montenegro now wants to go it alone and so far it is looking good for this tiny little gem of a country.
Already, Montenegro is starting to gain considerable tourist interest and is now beginning to feature regularly in tour operators’ brochures. This is of extreme importance to the general economic wellbeing of the country and, of course, is fundamental to the growth of the property market.
Montenegro boasts numerous geological attractions that have, until recently, been hidden away from the rest of the world. Amongst these are Europe’s largest canyon and Europe’s most southern fjord. It also has two UNESCO listed heritage towns, namely Kotor and Perast.
The property market in Montenegro is still very much in its infancy and offers a lot of future scope. As previously mentioned, this is also substantially linked to the burgeoning tourist market which has yet to reach its full potential.
Developments are few and far between in Montenegro. Currently there are fewer than ten new build developments across the beautiful coastline.
This is not to say that there are not enough properties available to purchase. On the contrary, there is a good supply of older properties that are ready for renovation and are a lot cheaper to purchase.
A renovation project can be purchased for as little as £38,000 and this includes spectacular views with plenty of surrounding land. Alternatively, a new build apartment may cost around £89,000, although this higher price is partly down to the lack of new build apartments available on the market, thus pushing prices upwards.
In practice, the housing market in Montenegro is a potentially risky option, because there is very little in the way of historic information available from which to draw future projections.
This may put off many investors; however, this is where the more adventurous investors can cash in. Looking north, Montenegrins can see the success that Croatia has experienced recently, which is a good indication of the future for Montenegro.
Using this comparable information, experts are predicating an impressive 75 percent rise in property prices, across the country, with the largest boom areas expected to be the ones that are attracting the most tourists, at present, namely the coastal resorts.
One thing to bear in mind is that Montenegro is still very much at the beginning of its property boom. This country is likely to rumble upwards for some years to come. Investors wanting to make the most of the gains in this region should be prepared to stick at it for the long haul.
Remember, the experts are suggesting that Montenegro is approximately three to five years behind Croatia and even Croatia is still considered a relative newcomer. Getting in first has clear advantages for the property investor, but pull out too soon and you could live to regret it!
Montenegro is certainly one to watch for the future!
One thing to remember is that Montenegro is, in fact, a very small country, approximately the size of Northern Ireland. Therefore, there are actually relatively few properties available for sale.
Previously, Montenegro was linked with Serbia which was a larger and generally fiercer candidate both economically and politically. Montenegro now wants to go it alone and so far it is looking good for this tiny little gem of a country.
Already, Montenegro is starting to gain considerable tourist interest and is now beginning to feature regularly in tour operators’ brochures. This is of extreme importance to the general economic wellbeing of the country and, of course, is fundamental to the growth of the property market.
Montenegro boasts numerous geological attractions that have, until recently, been hidden away from the rest of the world. Amongst these are Europe’s largest canyon and Europe’s most southern fjord. It also has two UNESCO listed heritage towns, namely Kotor and Perast.
The property market in Montenegro is still very much in its infancy and offers a lot of future scope. As previously mentioned, this is also substantially linked to the burgeoning tourist market which has yet to reach its full potential.
Developments are few and far between in Montenegro. Currently there are fewer than ten new build developments across the beautiful coastline.
This is not to say that there are not enough properties available to purchase. On the contrary, there is a good supply of older properties that are ready for renovation and are a lot cheaper to purchase.
A renovation project can be purchased for as little as £38,000 and this includes spectacular views with plenty of surrounding land. Alternatively, a new build apartment may cost around £89,000, although this higher price is partly down to the lack of new build apartments available on the market, thus pushing prices upwards.
In practice, the housing market in Montenegro is a potentially risky option, because there is very little in the way of historic information available from which to draw future projections.
This may put off many investors; however, this is where the more adventurous investors can cash in. Looking north, Montenegrins can see the success that Croatia has experienced recently, which is a good indication of the future for Montenegro.
Using this comparable information, experts are predicating an impressive 75 percent rise in property prices, across the country, with the largest boom areas expected to be the ones that are attracting the most tourists, at present, namely the coastal resorts.
One thing to bear in mind is that Montenegro is still very much at the beginning of its property boom. This country is likely to rumble upwards for some years to come. Investors wanting to make the most of the gains in this region should be prepared to stick at it for the long haul.
Remember, the experts are suggesting that Montenegro is approximately three to five years behind Croatia and even Croatia is still considered a relative newcomer. Getting in first has clear advantages for the property investor, but pull out too soon and you could live to regret it!
Montenegro is certainly one to watch for the future!
About The Author: Providing essential information on buying property abroad, Tem Pearson is dedicated to offering all the necessary information for people looking to buy property in different countries. Visit www.buying-property-abroad.info for all the best info.