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Montenegrio property market 'rising fast'

Article Date : Monday, July 23, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Real estate in Montenegro is set to revival the impressive property prices seen in smaller states such as Monte Carlo, claims one leading expert.

Predrag Drecun, an economic analyst, speaking to the Sofia Echo, is predicting that any investing in Montenegro is set to benefit from strong demand for holiday rental accommodation, especially as real estate space is already limited.

"Montenegro is small, and it lacks space for developers. As it moves towards the European Union, prices will go sky high. In Monte Carlo, one square metre of an apartment costs 100,000 EUR," explained Mr Drecun to the newspaper.

Recent years have seen property prices in the country grow by as much as 200 per cent and given that the country is working towards membership of the European Union, investors are already snapping up property ahead of the predicted boom.

In particular, coastal resorts such as coastal hotspots like Kotor, Budva and Herzeg Novi are attracting strong interest from overseas buyers and increasing transport links to the region are helping to boost tourism and drive the local economy.
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