MONTENEGRO - blessed with mountains and glaciers, fjord-like bays and beautifully diverse nature.
Located on the Adriatic Sea between Bosnia and Herzegovina, Serbia and Albania, this small Balkan country turned over a new leaf in 2006 when it formalised its independence from the State Union of Serbia and Montenegro(the former Yugoslavia) and became one of the youngest sovereign nations in Europe.
Since then, the country has developed into a luxury destination. There is a fast-growing tourism economy here.
This is due to some visionary investments in the hospitality industry and a coordinated government approach to tourism that takes advantage of the stunning natural resources and pleasant Mediterranean climate.
The transformation began with Porto Montenegro in Tivat, a prime port town developed by Canadian billionaire Peter Munk. Modelled on the VIP resort in Monaco, Porto Montenegro opened in 2010 and has become a paradise for superyachts.
450 berths up to 250 metres in length accommodate some of the world's most elegant and exclusive sailing vessels, including Azzam, the world's largest superyacht. Now is the owner of Porto Montenegro the Government of Dubai, the Investment Corporation of Dubai (ICD).
The harbour is located on the stunning UNESCO-designated Bay of Kotor (also known as Boka Bay), which is reminiscent of the magnificent Scandinavian fjords with its crystal clear waterways flanked by rugged snow-capped mountains, while medieval fortresses and idyllic fishing villages line the coastline to complete the picture.
The beautiful natural backdrop and new luxury facilities ensure that billionaires and Hollywood celebrities flock to the fashion boutiques such as Christian Dior, Fendi, Balenciaga and many more, upscale restaurants and five-star hotels like the Regent Porto Montenegro.
Luxurious lifestyle
Despite its newfound appeal, Montenegro takes a selective approach to tourism, "quietly shouting" its star status to a targeted group of luxury visitors.
One reason for this approach is that there is simply no place for mass tourism. The country is very small with 600 000 inhabitants, only 294 kilometres of coastline and very few main roads.
Getting to Montenegro by plane: Less than a two-hour flight from Berlin, Vienna or Zurich, Montenegro's airports are Tivat and Podgorica. Tivat is on the coast, Podgorica near Lake Scutari. It takes about 40 minutes by car to get to Sveti Stefan or Budva.
It is more comfortable if you arrive by private jet or sail on your super yacht.
This is not to say that Montenegro is exclusionary - far from it. The country is very affordable, a beer costs about €2 (the country applied for official EU status and adopted the euro in 2002). But the government is focusing on attracting an upmarket clientele, and five-star hotels are jostling for space on the beautiful coast.
Recent openings include the One&Only Portonovi in 2021 and the Hyatt Regency Kotor Bay Resort in June 2023, featuring the Vrmac Health and Wellbeing Retreat de'MAR.
The wellness-focused SIRO brand, which recently debuted in Dubai, is also scheduled to open in 2024.
Among the most exciting new developments is Luštica Bay, located across the peninsula in the Bay of Kotor.
If Porto Montenegro is the country's first foray into modern luxury, Luštica Bay is the new and improved version, where more than €1.5 billion has been invested in 690 hectares of rugged terrain (90 per cent of which, however, will be left in its natural state to preserve the beauty of the area). The project is being carried out by Orascom with Samih Sawiris, an Egypt-based development company specialising in creating integrated five-star destinations. (known in Switzerland for the Andermatt Resort and the Hotel Chedi).
So far, ten percent of the site has been developed. This includes the Marina Village, which is already developed with gleaming yachts, fine boutiques, fancy restaurants, an elegant beach club, luxury villas and the five-star hotel The Chedi, a member of the Leading Hotels of the World.
But that's not all: when the project is completed in the mid-2030s, seven five-star hotels will have taken up residence here.
The next phase will be an 18-hole golf course designed by South African golfer Gary Player. The first nine holes and the clubhouse will be completed by 2026, while the 18 holes will be ready in 2028.
In addition, there will be a collection of luxurious villas and flats. Prices start at around 1.8 million euros and are already being bought by international speculators, although they have only recently been announced.
Authentic charm
What makes Montenegro so attractive beyond glitz and glamour is its authentic culture and unspoiled natural beauty.
It is home to one of Europe's last virgin forests, the world's second deepest canyon and 48 peaks over 2,000 metres in Durmitor National Park.
The rugged terrain offers endless possibilities for adventure seekers: you can ski on the slopes in the morning and sunbathe on the beach in the afternoon.
Meanwhile, you can hike through adrenaline-pumping gorges while canyoning, mountain bike through breathtaking terrain or camp in rural idylls on the Albanian border.
For culture lovers, there is also a wealth of charming fishing villages and historic sites to discover.
The undefeated fortress town of Kotor, which according to legend was built by three fairies, is a charming labyrinth of narrow streets and old stone buildings.
With the help of UNESCO funds, the town was able to preserve its historic beauty after severe earthquake damage, but as tourism has increased, more modern facilities have been added.
Other treats can be found inland. In the village of Tići on the Luštica peninsula is the Moric olive farm, run by sixth-generation farmers.
There you will be welcomed in the usual Montenegrin way: with doughnuts drizzled with homemade honey and a shot of schnapps.
The olives are processed by hand on site. The picturesque olive grove is so rustic, and blooms with fragrant lavender, rosemary and myrtle.
Surrounded by dry stone walls (a UNESCO intangible heritage site) and sheltered by snoozing village dogs, it's the kind of sleepy paradise that tells of the Adriatic as it once was, and just the kind of charming authenticity that luxury seekers crave these days.
Lord Byron wrote enthusiastically about the Adriatic of Montenegro: "When our planet was formed, the most beautiful encounter between sea and land must have taken place on the Montenegrin coast. And when the pearls of nature were distributed, they were scattered with full hands in this region."
The regions in Montenegro
Budva is at the heart of Montenegrin tourism, with a beautifully preserved old town and fantastic beaches.
As well as the pretty islands in the bay and the beautiful sandy beaches, Budva is also rich in history.
The old town is situated on a small peninsula and is a treasure trove of cultural heritage.
The coast of Budva itself is 21 km long and has no less than 17 beaches, including Sveti Stefan, probably the most famous place in Montenegro.
Originally a fishing village, the island is now a 5-star hotel run by Aman Resorts and connected to the mainland beaches by a narrow strip of sand. Further south is Petrovac, a beautiful coastal resort about halfway between the towns of Budva and Bar.
Herceg Novi is one of the sunniest towns on the coast and has a pretty little old town in its centre.
Herceg Novi is lush with greenery and is home to many species of tropical flowers.
The Bay of Kotor is undoubtedly one of the most beautiful bays in the world. High mountains surround the bay and are reflected in the deep blue waters of the Adriatic Sea. Seven islands adorn the Bay of Kotor and make it even more interesting. The road along the Bay of Kotor passes through a chain of villages, many of which are rich in cultural heritage.
Risan is the oldest settlement in the Bay of Kotor and houses Roman mosaics dating back to the 3rd century. Kotor and Perast are beautifully preserved medieval towns that have been declared World Heritage Sites by UNESCO.
One of the most spectacular cable cars in Europe opened in the summer of 2023.
A direct connection from the sea to the mountains is a real exception in Europe. The ride up Mount Lovćen at an altitude of 1,348 metres covers a distance of 3.9 kilometres. The capacity is 1,200 passengers per hour.
"This is the most significant infrastructure project in the history of our country," Montenegrin Prime Minister Dritan Abazovic emphasised on the day of the opening. The project was realised within the framework of a public-private partnership with the government of Montenegro (grantor of the concession) and LEITNER, which together in a consortium with the local construction company Novi Volvox will operate and maintain the railway for the next 30 years.
Tivat is located in the central part of Boka Kotorska Bay. The young town with its pretty waterfront is very popular with yacht lovers.
The main airport of Tivat is only a short drive from the city for the Montenegrin coast.
Porto Montenegro, the largest superyacht harbour in Europe, is located in Tivat.
The Lustica Peninsula is an unspoilt area of outstanding natural beauty with olive groves, sleepy landscapes and dozens of authentic fishing villages and beaches in quiet coves.
The largest towns on the peninsula are Krasici and Radovici, known for the gently sloping and family-friendly Blue Horizon beach. Lustica is also the location of the new Lustica Bay project, which is currently under construction. Lustica Bay is a pioneering, environmentally friendly and sustainable village, marina and golf course complex that is attracting worldwide attention.
Bar is Montenegro's second largest city, a vibrant port and new town about 40 minutes' drive from Podgorica Airport.
Ulcinj is the southernmost city on the Montenegrin coast and has the longest beach on the Adriatic, Velika Plaza, which is 13 km long
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Podgorica is the vibrant capital with rail and airport connections to many other European cities.
Lake Skadar is the largest freshwater lake in the Balkans, a national park teeming with wildlife and popular with birdwatchers.
Zabljak and Kolasin are the main ski resorts in Montenegro. Zabljak is a pretty mountain town at 1450 m above sea level, in the centre of Durmitor National Park.
The Durmitor is popular with skiers and white water rafters for its dramatic natural beauty, mountains and lakes and of course the Tara Gorge, the deepest gorge in Europe. Kolasin is a small town in the centre of Montenegro, close to the popular Bjelasica ski resort. The Bianca Resort and Spa is a newly renovated 5-star hotel in the town centre. The natural beauty of Biogradska Gora National Park is just a 15-minute drive away.
Infrastructure
The infrastructure is improving rapidly and many ongoing projects such as expansion of roads, electricity, water and sewage networks have been significantly improved in recent years. For every m2 built on, the construction companies have to pay a tax, which is used for the expansion of the infrastructure. Thus, there is a guarantee on the part of the state that the infrastructure will grow with the buildings! Which also makes perfect sense....... 😃
The quality of construction has improved greatly in recent years, and a number of high-quality, high-profile projects are currently being built or are in the planning process.
The property market started to attract foreign investors in 2005 and in some areas there is now excellent value for money for higher quality properties with improved infrastructure and rental yields. Unlike other countries, investors come from many different countries and no country seems to be over-represented.
Want to learn more about this beautiful country?
These links from around the world give an overview of the pearl that is Montenegro.
The telegraph 2023
Forbes 2023
The Times 2023
Become a part of it as an investor in this "dreamlike" new construction project.
Development: international Family office from different countrys
Construction of a luxury resort with a total of 150 flats.
All flats with sea view
Flat sizes between 60m2 - 450m2
Investment volume: 78 Mio Euro
Modern design
Sustainable technologies and materials
Start of construction planned for spring 2024.
As an investor you have various possibilities:
Invest in tranches, with an interesting IRR
Repurchase option after 24 months and a property depending on the investment.
and some other interesting opportunistic possibilities.
Investment opportunity on request !
interesting investment for a Family office as a partner !
Are you interested in more detailed information?
Come and join us in this beautiful development!
I look forward to hearing from you!
Manuela Olmesdahl
phone / whatsapp +41 76 376 61 11
Email: office@manuelaolmesdahl.com
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