Montenegro is more than just a country located near the Adriatic. It’s a culturally rich region with a story to tell no matter where you find yourself in the country. It’s history is rich and vibrant, and it dates back centuries. From the Roman Empire to the contemporary world that we know all too well, the country of Montenegro tells the story of a region that was first settled in the middle ages, to an area ripe for opportunity and investment.
According to Visit Montenegro, “the name ‘Crna Gora’ is mentioned for the first time in the Charter of King Milutin in 1276. It is believed that it got its name after the dense forests that covered Mount Lovcen and the surrounding area. The forests were so dark that viewers got the impression of a ‘black’ mountain.”
During the period of the Roman Empire, Montenegro was known as “Duklja.” At around the 7th century, Christianity came to the area, ultimately becoming the first Kingdom in the Balkans by 1077 – a few centuries later.
Nearly 1,000 years later, Montenegro would undergo a variety of identity crises, with its status as a Yugoslavian state remaining solidified well through the 20th century. It wasn’t until July of 2006, that Montenegro would once again restore the independence that it claimed nearly 1,000 years prior.
“Montenegro with its centuries old traditions… land of a celebrated past, torch of freedom and noble exploits”
~ L’ Action Radical
In recent years, Montenegro has become a massive hub for tourism – not just for it’s central location, sandwiched in between Italy, the Adriatic Sea, and the former Yugoslavian countries of Croatia, Bosnia and Herzegovina, Serbia, and Albania – it’s recognized for it’s stunning landscapes, it’s sublime views of the Adriatic Sea, for its towering mountain peaks, and for its tremendously rich history, which provides tourists with numerous opportunities to see something new each and every day.
In fact, just one year ago, CNN wrote an article, which described what they considered to be the “20 best things to do and see in Montenegro.” On that list includes the beautiful village of Budva.
Budva is a seaside village located just along the coast of Montenegro. It’s well known for it’s beautiful Sea Dance Festival that is held annually each and every summer, along with its famous views from the Citadela. Budva is a unique village that is certainly a prime location for real estate investment – and one which might be worthy of further exploration.
Along with a village like Budva, you can take a look at the massive and expansive Lake Skadar. While it’s a little bit less well known amongst tourists, it’s considered one of the most prized natural possessions within the country of Montenegro. In fact, it’s the largest freshwater lake in the entire region of the Balkans.
The lakeside villages that surround it offer visitors and residents a glimpse into history, when the region was once a contested location that survived centuries of invasions. In addition, there’s a unique blend of culture in this region, specifically due to its close proximity to the border shared with Albania.
“Visitors could be skiing in the north in the morning, mountain climbing by midday and swimming in southern Boka Bay come afternoon”
Along with a few other Balkan states, Montenegro is certainly considered an emerging tourist destination – and to be honest, it’s grown exponentially in recent years. In 2007 alone, Montenegro accommodated more than 1 million tourists, representing a 23% increase from the year before it. In 2019, more than 2.5 million tourists came to explore the country’s beautiful landscapes, villages, and natural features. Since 2006, the country’s tourism industry has expanded consistently year after year – and this begs the question: where is the opportunity?
At the end of the day, Montenegro is quickly receiving the recognition that it deserves not just because it’s a beautiful country, but because it has the potential to offer real estate investors with prime opportunities to score high returns.
As your primary real estate consultancy, we’d be happy to point you in the right direction to ensure that your next real estate investment is the right decision.
It should come as no surprise that Montenegro, much like Croatia and Albania, offer some of the most beautiful natural landscapes that the world has to offer. Much of this is due to the geographical locations of these countries. All three of these countries line the Adriatic sea, with Montenegro and Albania coming closer to where the Adriatic and Mediterranean meet. With that said, they offer a more varied natural landscape when compared to Serbia or Bosnia and Herzegovina.
Toward the west, Montenegro’s beautiful seaside villages represent a stark contrast between the mountainous villages of the north and east. And situated in between these villages are a number of national parks, lakes, rivers, and some of the most pristine landscapes that one would ever have the opportunity to see. From lush canyons with stunning greenery, to snowcapped mountains with off the beaten path trails, Montenegro’s landscape is lush, rich, and virtually untouched.
With five national parks, Lovcen, Durmitor, Biogradska Gora, Lake Skadar, and Prokletije, you can find yourself immersed in five different environments, including the deepest canyon that Europe has to offer. Not to mention, wildlife is easy to find in Montenegro, with a large bear population, more than three thousand different species of plants, rich forests comprised of spruce, pine, and fir trees, and tons of medicinal and aromatic herbs, fungi, and edible, wild fruits.
When it comes to real estate investing, understanding the unique opportunity that the natural world and landscapes of Montenegro provide is key. Residents and tourists alike have the opportunity to explore a vast natural landscape that has remained virtually untouched and undeveloped for centuries – even millennia. Bringing people closer to this rich geographical history is possible, and it can certainly be marketed as such.
Montenegro’s natural beauty and sophistication aren’t the only reasons why the nation is attracting vast opportunity for growth and development. Its recent independence and strategic position have also influenced Montenegro to become central to some of the most important industries in the world.
“Despite its rising reputation as a luxury destination, prices are still comparatively low in Montenegro compared to other tourist markets in Europe, making it an attractive investment opportunity for those seeking to maximise ROI”
The last few years have seen Montenegro’s economic performance improve dramatically through the adoption of the Euro as the legal tender and significant investment in the country’s infrastructure especially tourism, energy, water and transport links. Montenegro is currently planning major overhauls of its road and rail networks, and possible expansions of its air transportation system. Net foreign direct investment in 2017 reached $848 million and investment per capita is one of the highest in Europe, due to a low corporate tax rate.
Montenegro’s unspoiled natural beauty and favourable economic and political climate have allowed the small country of approximately 650,000 citizens to emerge as one of the most attractive tourist destinations in Europe. The overall economic activity has been growing strongly with the tourism industry as the major vehicle, propelling investments in other sectors of the economy, creating €3.2 billion in total planned additional investment along the Montenegrin coast.
Montenegro has one of the lowest corporate and capital gains tax rates in Europe (9%), low barriers to entry for new businesses, property rights, and a price-competitive, educated young labour force. It became a full member of the World Bank, IMF and EBRD in 2007, WTO in 2012, and progress toward NATO and EU membership will further guarantee political and economic stability
According to the World Travel & Tourism Council and Oxford Economics (2014), Montenegro is likely to be the fastest-growing travel and tourism economy in the world over the next decade, surpassing Brazil, Russia, India and China. Montenegro has recently experienced an upsurge in the popularity it once enjoyed in the 1960s, then a haven for the European elite and film stars such as Sophia Loren, Elizabeth Taylor and Kirk Douglas.