property abroad in montenegro has maintained its value
News Posted On: 03 April 2009
The price of real estate in Montenegro has maintained its high value, experts have stated. According to Robin Gellately Smith and architect for Kotor-based Total Group, the slow planning approvals system in the country has benefited developers, reports Overseas Property Mall.
He noted that it has prevented a glut of unsold homes and half finished developers.
The geography of Montenegro was also cited as a reason why property prices remain high in the eastern European country.
Richard Thomas, who recently bought a villa in Montenegro, said: "Being nearly 100 per cent mountains - especially near the coast apart from in the very south - there is very little land for development available which keeps prices high."
Mr Smith suggested that land prices will drop over the next year but that by the end of 2009, there will be "a bit of vitality" back in the market.
This comes after Write About Property claimed that real estate prices in Montenegro are likely to grow after the credit crunch.
Written by Matthew Bonner
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