montenegro property searches down but sales maybe up
News Posted On: 26 August 2010
I never noticed that... I recently covered the report by Rightmove and Moneycorp comparing overseas property searches in 2008 to overseas property searches this year on a country-by-country basis, but I never spotted the Montenegro finding till now.
Rightmove said that searches for Montenegro property were down 75% in the first half of this year compared to 2008.
This is a strange finding, given that there has been several new resort developments announced for Montenegro this year. Thus, the finding could well be another sign that with Rightmove Iphone and Ipad apps, more and more people are browsing overseas property on the site to fill time on the miserable commute home, fuelling dreams of a better life in the sun.
Montenegro is considered one of the most beautiful countries in the world, and upon its split from Serbia in 2006 began to regain its place with international tourists. Hit hard by the crunch, Montenegro's property market was among the least affected sectors, because the lengthy planning process left developers with land-banks rather than unfinished developments.
The new developments announced were proof of this, and now, with these developments aimed at the high end luxury segment, and demand still remaining in that segment, time will tell weather Rightmove search or developer confidence is the best indicator of a market's strength.
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