The Turkish developer Mia Investment is progressing with construction of a major hotel-residential complex branded Riviera Montenegro Hotel & Residence on the site of the former Jadranski sajam (Adriatic Fair) in Budva, featuring two high-rise towers with panoramic views of the Adriatic Sea. The project is marketed as a mixed-use development combining luxury apartments, hotel rooms and retail space, aimed at the premium segment of Montenegro’s coastal real estate market. Prices for apartments facing the sea are being offered at around €9,000 per square metre, making this among the most expensive residential offerings on the Montenegrin coast.
According to local real estate market sources, approximately 60% of so-called panoramic units — those with uninterrupted sea views — were already sold to business partners before construction began at prices between €7,000 and €7,500 per square metre. The remaining units available to other buyers are being offered at roughly €9,000 per square metre, reflecting strong demand for prime coastal real estate in Budva and the high valuation of properties in such a strategic location. A typical apartment listed on social media illustrates this pricing, with a 64 m² unit advertised at about €580,000.
The development will include 212 residential units for sale, 144 luxury hotel rooms under a five-star international hotel brand franchise, and a significant retail centre with high-end amenities. Apartments are being sold fully furnished and can be used as private residences, though owners who wish to rent their units during peak tourism seasons are generally required to place them under the hotel’s management.
While promoters of the Riviera Montenegro project highlight its contribution to elevating the standard of coastal living and enhancing Budva’s international appeal for wealthy investors and holiday homeowners, the development has also been controversial. Critics note that construction on land adjacent to the sea — traditionally safeguarded for tourism and public use — raises questions over planning priorities, compliance with strategic development documents, and broader impacts on the urban fabric of Montenegro’s most popular resort destination.
The project’s land is held by the company Safiro Beach Resort DOO Budva, linked through past ownership arrangements to local business figures, and entered into a joint construction agreement with Mia Investment in 2018. Development approvals and planning decisions have periodically drawn scrutiny from urban authorities and civil society as the supertall residential towers rise on Budva’s skyline.
The high pricing and rapid absorption of units illustrate peak investor interest in Montenegro’s coastal real estate, particularly for luxury products positioned directly on the shoreline — with Mia Investment’s skyscraper complex emblematic of this trend.
