Montenegro

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BritLad

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Looking at a 2-bed apartment, 30m from waters edge in Kotor Bay region. It's €3000/sq M - anybody know any comparables?
 
Kotor Bay is stunning, but €3000 per square metre sounds very expensive. At this price, only western investors will be interested.

Rental possibilities are good during the Summer but outside of peak season, the tourist industry closes down completely.

There may also be some problems in Montenegro in relation to ownership of title, which Almo and others have mentioned before.
http://www.askaboutmoney.com/showthread.php?t=25441
 
3,000€ per m2 sounds more like Dubrovnik, run from this one. I know of other properties in the area coming in at under 2,000€ per m2 and along the coast for as little as €1,300 per m2.

This a a Paddy price, sadly. Great country though, lovely coastline too!
 
Thanks for the replies 'budapest' and 'almo', for reference the apartments range from €2500/m2 ground floor up to €3000/m2 on top (3rd) floor. I'll keep looking for more comparables, and would welcome other replies. Ta.

almo said:
3,000€ per m2 sounds more like Dubrovnik, run from this one. I know of other properties in the area coming in at under 2,000€ per m2 and along the coast for as little as €1,300 per m2.

This a a Paddy price, sadly. Great country though, lovely coastline too!
Click to expand...
 
Definitely a "paddy price". Nice area but some scary people involved in the property business there. I went out there a couple of years ago to look at opportunities when the war had more or less settled down, and when the ruins of some hotels on the coast were coming on to the market. Every second person I met looked to be itching to kill me if I didn't get involved in some shady shuffling of money around the buying process. I retreated carefully and tried to avoid offending any of them.

Montenegro doesn't have a currency, just uses euros on a kind of unofficial basis, but the country is not in the euro despite the impression that they try to create. When I was there, large bundles of cash were common, as well as armed bodyguards, but that may be changing.

Main thing to watch out for is title. Ensure that ownership goes back at least one generation to avoid being an unwitting agent of ethnic cleansing.

The coast is beautiful, and there are two small airports along the coast that will probably come back into full use in time, so the (very) long term prospects are hopeful. Don't underestimate however the simmering hatred between the tribes, much more extreme than anything that you would ever find in norn iron! At this point in the market though you would need to be buying cheaply, and not at what someone quite rightly pointed out were Dubrovnik prices. Actually with that kind of money I would go to Dubrovnik and be sure of a future for the investment.
 
I'm with auto on the very long term aspect, unless you want a "cheap" holiday pad in a nice place in a pretty part of Europe. Realistically you're looking 10-20years, I've seen people trying to "flip" in both Montenegro and Dubrovnik, but to no avail. Waiting until surrounding countries begin to enter the EU would be a good bet.

ps The country is a haven for the new Russians and mafia, a lot of the industry is being bought out and heads broken, there could yet be more trouble on the cards for Europe's newest statelet.
 
Absolutely! I still remember a bizzaire situation where it appeared that I was the only person at a particular meeting who was not carrying a gun.

I appreciate that it has probably calmed down a bit now, but I wouldn't buy anything there unless it was very cheap and I wasn't afraid to lose it all. I can still recall when some people of my acqaintance invested in Russia and just had their investments taken from themby the mafia. I got the same kind of vibe in Montenegro.
 
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