Montenegro Makes a Bid for Luxury-Home Buyers
June 23, 2016 - Montenegro
In Montenegro’s Bay of Kotor, a new 450-berth luxury marina can accommodate superyachts up to 820 feet long [...]
The deep-water berths of Porto Montenegro symbolize the new face of Montenegro, the smallest Balkan nation and formerly part of Yugoslavia. Ten years after its independence, Montenegro is drawing international buyers with its mix of new luxury developments and historic coastal towns.
The Bay of Kotor, a winding inlet of the Adriatic Sea with almost 70 miles of coastline in southwest Montenegro, represents a Golden Triangle for developers, says Dolores Ilić, director of research and marketing at Dream Estates Montenegro, Savills’ local affiliate in the region.
South Africa’s Kerzner International Holdings has started work on a resort in the town of Kumbor, while the bay’s largely undeveloped Luštica Peninsula is the focus of three major plans.
Qatari Diar is working on a resort with 140 new homes; developer NorthStar, backed by European and Middle Eastern capital, is creating a resort called Montrose on 131 acres; and the first residents have moved into Luštica Bay, a $1.2 billion development by Egyptian company Orascom Development Holding.
Meanwhile, the Investment Corporation of Dubai, the principal investment art of the Dubai government, has just purchased Porto Montenegro, home of the superyacht marina, for an undisclosed sum.
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