Buying A Property In Montenegro

The country with the most southerly fjord in Europe is arguably amongst its most attractive too. But should you buy there?

By Gordon Miller

The Market

The poet Byron described the tiny Balkan nation, located on the Adriatic Sea, as 'the most beautiful contact between earth and sea'. To sit alongside its physical prowess, Montenegro has a burgeoning reputation for its political acumen, especially in the West. It gained independence from Serbia in 2007 and has already adopted the Euro as its currency - a clear indication that Montenegro harbours ambition to become a full member of the European Union. Already it is an official candidate nation and analysts point to a likely accession date of 2012, providing judicial and certain gang crime-related issues are satisfactorily resolved.

A house situated on Tivat Harbour, close to Kotor Bay

Will it have its property day in the sun again? Probably, because The World Travel and Tourism Council (WTTC) has for the past three years nominated Montenegro as the destination most likely to increase visitor numbers quickest by 2014. The rationale goes that more tourists will visit and more people will therefore see the house buying potential and opportunity... and so the property industry will be reinvigorated.

Property in Montenegro is cheaper than in neigbouring market

Already, passenger numbers to the international airport of Tivat - where Montenegro Airlines now flies direct from London Stansted - were last year the highest recorded to date. Caroline Hollingworth, MD of overseas property consultancy Hollingworth & Associates, says, 'The direct flights to Montenegro are an excellent sign that the country is making progress with its tourist development plans, which will definitely be a boost to the property market and a great help to visitors.'