colliers testifies to montenegro property potential in 2010 with massive new resort
News Posted On: 12 January 2010
We have recently said that 2010 could be a huge year for Montenegro, and recent news would seem to indicate that we were right. The Montenegrin government has just given planning permission for a massive 350 million Euro resort by Colliers International.
As we pointed out in the last article, Montenegro's often laborious planning permission process left developers holding mainly land-banks when the crisis struck, as oppose to the half finished developments now the plague of places like Dubai. This, we said will mean an abundance of land for new development as things recover in 2010.
Looks like Colliers International are set to put a large chunk of that land to some very profitable use.
“A lot of other projects were talked about but no permits were issued. In theory it’s very easy to get approval in Montenegro, but in practice it’s very difficult because of the limited resources and lack of infrastructure of the local authorities,” said Andreas Marambos, Colliers International managing director.
“The resort is in a strong financial position and isn’t dependent on the sale of residential units to proceed. Montenegro has positioned itself as a top-end market so the project hasn’t really been affected by the financial crisis," he added.
The main buyers on the development are expected to be Russian's, but Colliers are hoping to sell at least 40% to eastern Europeans. If our hunch is correct this will not be the last announcement of resort development in Montenegro in 2010.
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