montenegro tourism revenues up 7pc this year
News Posted On: 22 September 2010
Tourism revenues are up in Montenegro, finally some good news for the beleaguered eastern European economy. According to Monstat, tourism revenues for the first half of this year are up 7% compared to last year. The visa-free travel agreement with the EU undoubtedly played a part in this.
Montengro's economy contracted 5.9% in 2009; a year when most economies saw growth turnaround, what's more a small fall is predicted for this year. Therefore it is nice to have some good news on an emerging market that still has a great deal of potential.
Surprisingly developers and property buyers were unusually keen on Montenegro last year, with several new luxury developments announced, along with strong sales reported.
When Montenegro split from Serbia in 2006 it almost immediately regained its appeal with international tourists. But the country, which relies on tourism for a quarter of GDP has seen visitor numbers down sharply.
When the crunch hit, the lengthy planning procedures many Montenegro property developers were left holding land banks rather than half finished developments. The completion of these applications will have given them the ability to sell land cheaply, complete with planning permission, obviously a huge draw for the developers who launched projects last year.
It is almost certain that the Montenegrin economy will recover, probably in 2011. As well as tourism, a potential emerged during the boom for a strong base on small and medium sized enterprises.
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