Top 14 Montenegro Towns for Real Estate Investment

The Top 14 Montenegrin Towns and Villages for Real Estate Investment

Montenegro is a comparatively small country, yet given its dramatic mountain scenery, fjords, coastlines and plateaus, the distances between everywhere seem much larger. It is also a country of microclimates providing a range of experiences and lifestyles. Each nook and cranny of Montenegro is attractive to different investors for very different reasons. If you are considering Montenegro, here is how to make yourself a match with the area that will suit you best.

1. Kotor

A world UNESCO site, Kotor is truly breathtaking with its 12th Century Venetian architecture. Visitors to Kotor are often spellbound. It lies hidden in the inner most depths of the Bay of Kotor at the end of the fjord, nestling at the foot of some of Europe’s most dramatic mountain scenery.  Full of life, hustle and bustle, Kotor remains open for business all year round and is the administrative capital of the region. It also has a vibrant night life echoing through its ancient streets.

On a bright Summer’s day, Kotor seems to offer the answers to most people’s real estate search.  You can find wonderful town houses and apartments; authentic, shuttered  and you can just step out on to the street for a true city experience. But those who are drawn to sunshine, you should also understand that Kotor records the highest rainfall in Europe as the surrounding mountains act as a moisture catching power shower! The great night life means noise at all hours and you should also remember that the town is a magnet for cruise liners and from April to October, you will be sharing the town with up to 5000 cruise passengers per day.

If Kotor appeals to you, ask about real estate that is a little on the outskirts of the town and make sure that the property is west facing. Always check  title deeds when it comes to buying old family ruins; there might well be some Great Aunt or distant cousin that suddenly lays a claim to the property, just after you have paid the deposit. Always use a reputable lawyer and check with the notary’s register before parting with any deposit.  Apartments start from around 100,000 euros.

2. Perast

A stunning village sitting on the entrance of the Bay of Kotor and Boka Bay, Perast is the “Gloucestershire” of Montenegro. It has the real feel of a classic village. The houses are impressive but also so are the prices. The houses are beautiful but remember that they are protected and so there can be little or no alterations to their exteriors. So, small dark windows overlooking the bay, remain small dark windows overlooking the bay! The place has quite a few enticing quayside restaurants, however, it has practically no shops. It is wondrous if you have a boat. For most mere mortals, it is a 30 minute car journey to Kotor and 50 mins to Tivat, so you are quite isolated if wheels are your only option. There is not a great deal to do at night, so you will have to stay at home and make merry in your little mansion. To make an impression on Perast, bring your cheque book: prices are from 160,000 Euros and even that will not buy you much.

3. Ljuta

The civilised and wealthy Serbian market all own homes in Ljuta. Ljuta is a very small narrow village set on a coastal strip made up of seriously impressive 12th century palazzios. It is almost too exclusive and the neighbourhood is rigorously protected with rules and regulations. It is also home to one of the most romantic restaurants in Montengro, Stari Mlini, where you dine on old stone islets under milkwood trees. Many people get “hitched” in Ljuta, but only those with seriously deep pockets can do much else there. Prices are from 2m Euros. Most palazzios boast at least 10 bedrooms and the rest.

4. Morinj

Back to reality! Morinj village nestles at the Northern end of the Bay of Kotor. It is pretty and full of lush flora. It is not really a town, just a few traffic lights on a busy road. It has one well known real estate development- Lavender Bay- which has sold well. It is also has the “other” famous Mill Restaurant, Catovica Mlini, which boasts magnificent gardens complete with lakes, mill and duck pond – it is genuinely dreamy. Those buying property in Morinj should remember that due to its north location with mountains on North, South, East and West, it has very, very short hours of sunshine, so be prepared to put a jumper on at 4pm, compared to around 7pm in some of Montenegro’s other towns. Apartments start at around 200,000 Euros.

5. Herceg Novi

Herceg Novi is the first major town you will reach if you are coming from Dubrovnik airport. It sits at the mouth of Boka Bay and should enjoy far more popularity than it does currently. It has recently had a huge boost in both popularity and publicity with the new Porto Novi Marina development under construction about 3km down the road. This new development will add a whole new dimension to Herceg Novi complete with sky lounges, One and Only Hotel and three marina villages adding much needed facilities and attractions to the area. At present houses in Herceg Novi start from as little as 120,000 Euros. Porto Novi, with facilities on the doorsteps of the properties and a more luxury style of property has raised the bar and properties in this development start from 350,000 Euros.

6. Lepetane Prcanj Road

The Lepetane Prcanj road is the old road from Kotor to Tivat and is one the most picturesque roads in Europe. It is a festival of little villages, too numerous to mention, and anyone driving through will want to stop and buy a cottage in any one of them. Most village homes have their own jetty and sunbathing platform. Each home captivates buyers with its charm. But choose carefully, if you don’t like rain and darkness, then only buy in the villages that are on the Tivat side of the mountain isthmus. The Kotor side properties are East facing and get very little sunlight.

Old stone houses can be ruinous with damp problems, so they are not great for arthritis sufferers and are often thermos cold in winter.  If in doubt, buy in Lepetane, it is close to the ferry and so provides quick access to Dubrovnik. It is South East facing with an open horizon and its nearby beaches are where the locals like to swim. Always a good sign!! Prices start at around 100,000 Euros.

7. Donja Lastva

Donja Lastva is probably the best investment area in the whole of Montenegro. Why? It is just 5 minutes bike ride from the glamour and glitz of Porto Montenegro, it is functionally close to the amenities of Tivat and Tivat airport and it enjoys some of the best Boka Bay views in the region with amazing sunsets. Donja Lastva also has a plethora of sensibly designed modern real estate options as well as a drop dead gorgeous ancient village and church. The town is also home to one of the cutest boutique hotels in Montenegro - Eco-Carruba. It enjoys an excellent range of sensibly priced authentic restaurants as well as lovely swimming areas. This is a “must-live area” for the future and prices are likely to rise as neighbouring Porto Montenegro becomes more and more of a magnet for the super-rich.  Prices from 130,000 Euros.

8. Porto Montenegro

Well what can one say? The success story is dazzling.  Thanks to its very deep mooring facilities, Porto Montenegro is now home to some of the biggest super yachts ever built with customers and crews to match. The development town has an excellent choice of international restaurants, shopping brands and is home to the Five Star Regent Hotel. The real estate consists of apartments and hotel managed condominium options, but as you can imagine, all of this comes at a price. Real estate in Porto Montenegro starts at around 500,000 Euros, but for statement properties, you are looking at Euro 1.5m upwards.

9. Tivat, Kavac and Tivat Hills

Tivat was once the ugly duckling of Montenegro. With low cost housing surrounding a knackered communist naval base, its only redeeming feature was that it had an airport. And redeem it, it did. Tivat provides the back streets and access base for super slick Porto Montenegro. There are affordable apartment blocks, restaurants and local shops, but it is still no architectural beauty. That being said, it kind of grows on you and its old port has a certain charm.  Apartments start at 50,000 Euros but don’t expect a beauty for that price.

Tivat Hills and Kavac are up and coming areas and worth watching. They sit on the low hills between Tivat and Tivat airport offering spectacular Boka Bay views and properties that are south / south west facing. Clearly, all the properties are elevated and enjoy the stunning panorama. The area is more of an administrative zone doesn’t provide villages with facilities in the traditional sense. The nearest shops and facilities can be found on the main Tivat- Budva road, so a car is very necessary. Tivat Hills offers ‘blow your mind apartments’ from only 275,000 euros.

10. Bijela and Lustica Coastline Villages

Sitting opposite Tivat across Boka Bay, these villages all enjoy a fabulous coastline with excellent views. This area is becoming more and more popular and some wealthy oligarchs have already discovered this micro-region and so the real estate pricing is suitably varied; anything from 100,000 to 12m Euros. Importantly, the Lustica peninsula enjoys an entirely different vegetation, fauna and flora than can be found elsewhere in Montenegro. It is greener, wilder and more fertile. It has an atmosphere of complete relaxation and the villages all have true and authentic charm. The restaurants along this side of the Lustica peninsula are famous which makes booking essential. Most people drop in for fresh fish at Maestral, a sundowner at Onna Beach or they venture further along to Hotel Forte Rosa for delicate Rose wine accompanied by fresh sea clams.

11. Lustica Bay Marina & Development

Lustica Bay is the first big development in the Lustica region to produce a large and luxury project.  On paper the development is huge, yet the developer only intends to develop on about 6% of its land. The Marina village offers interesting properties combining a clever mix of authentic architecture with modern comforts and blending into the heritage designs all with an open sea vistas to the Adriatic. Properties step down an almost vertical hillside, like Porto Fino in places, before dropping down to the marina and private beach. Lustica Bay is still comparatively new and the commercial areas have yet to be developed. Until 2018, when the Chedi Six star hotel and the marina commercial areas open, you will need to drive for food or shopping.  The trendy and stylish Amara beach club at Lustica Bay is already open and operational – so you are not without any amenities and the gourmet Ribarsko Selo fish restaurant is only 10 minutes drive away. Marina village prices start at around 400,000 Euros but the new upper village part of the project is newly released and offers excellent value from only 90,000 Euros.

12. Bigova

On the road between Tivat and Budva, Bigova combines rustic charm and beautiful beaches or bays. Bigova is a ‘real cutey’, an inlet fishing port with a lovely little collection of restaurants and a small beach. Apartments, with panoramic views over the harbour and Lustica bay sunset start from 200,000 Euros. If you are looking for a summer only escape, Bigova is well worth a look as in winter it is somewhat isolated and bleak.

13. Budva

In Montenegrin terms, Budva is a huge town. It is separated into two parts; the modern town and the old town.

The modern tourist area and blocks are popular with Russians and famous for all sorts of high jinks occurring.  If you like things glizzy, glassy and modern, then Dukley Developments has properties ready to show off. There are also countless smaller developers so you can shop around. Overlooking the modern town are the laser lights of Top Hill nightclub that regularly remind anyone over the age of 25 that their dancing days might well be over!!  Real estate ranges from 100,000 Euros to a 4m Dukley penthouse. You really need to like Russians and crowds to live in this part of Budva.

Alternatively, there is the exceptionally pretty old town with many great bars, including the Casper bar, a firm favourite with locals and expats alike. Narrow street shopping adds to the charm.  Old apartments can be purchased from 150,000 Euros but, due to architectural or title problems, are often challenging to purchase.

14. Budva Cliffs to Sveti Stefan

The James Bond coast. This stretch of coastline is comprised of impressive ‘rich man islands’ and is  home to Montenegro’s most expensive and exclusive hotel – The Amman Resort Sveti Stefan. There are apartments in the less attractive areas just off the road. The big ticket item, however, is a luxury hotel managed condominium in the Amman Resort at Sveti Stefan with a price tag of around 2-3m Euros. All clients are thoroughly vetted, so make sure you bring your CV if you dare to venture into the Sales Office.

At MEPM Property we offer a wide selection of real estate for sale in Montenegro, that that stone ruin to luxury apartments overlooking the bay. To find out more contact our sales team

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