Development of the luxury real estate market in Montenegro, News
How did it all begin?
Slavica Milić, senior marketing manager in Porto Montenegro, is of the same opinion, who pointed out at the same conference that buyers of luxury real estate are looking for an extraordinary experience, which needs to be created, because it builds both the destination and the product itself.
– There are currently three current trends related to the purchase of luxury real estate: lifestyle, investment and wellness, that is, our real estate must be something more, it must be our place to live, work and enjoy, do sports – she stated.
– That type of project is becoming a thing of the past, and everyone who builds in the future will have to build facilities with facilities, reception, maintenance, swimming pools, and a gym. People are increasingly realizing the advantages of living by the sea, especially in resorts, and I am quite sure that less and less classic buildings will be built, and more and more settlements and resorts with additional facilities. It’s simply a trend that all investors will have to follow – said Laković recently for eKapija.
CMM Investment Consulting Group is developing exactly such projects.
Golden passports brought investors to the north
In addition to the coast, intensive construction of condo hotels, apartment and residential-business facilities has also begun in the north of Montenegro. The reason for this is the economic citizenship project that was launched in 2019 and which, according to recent data from the Investment Agency, has brought Montenegro EUR 310 million .
– The economic citizenship project had a lot of positive effects, so the construction of luxury resorts started in places where, otherwise, those hotels would probably never have been built, or it would have taken years for those investments to be realized and developed. This project really brought new value to Montenegro as a destination, and thanks to it, brands such as Swiss hotel, Westin, IHG are coming to the north. Aman is coming to Žabljak, and the construction of the Chedi hotel is also planned – said Niko Laković for eKapija.
Despite the investments and the creation of new jobs, this project was not approved by the European Union, so it will be shut down on December 31 of this year. That is why the Henley & Partners company, which in the past few years submitted 344 applications for the economic citizenship program in Montenegro, recently announced the reasons why it would be useful to extend this project.
– The total effect of the submitted applications so far amounts to EUR 320 million, which in itself is an exceptional effect and shows the significant potential of the program. If the full, initially planned potential of the program was realized, a realistic estimate is that it could generate over one billion euros of investments and income, in a relatively short period of time.As the program was originally conceived to fulfill the quota of 2,000 applications, which was planned by the official documents of the Government, and bearing in mind the state of public finances, it is logical to ask whether it is wise at this moment to interrupt such a program that is working, and which cannot be replace with other financial sources – this company stated, local media reports.
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