what became of montenegro property
News Posted On: 05 May 2010
Montenegro is a pretty unique story, a film trailer voiceover would say: a tale of bad becoming good in a land of stored opportunity.
Montenegro's planning laws were always seen as a downside, whereby developers must wait months upon months in order to obtain planning permission. But when the financial crisis caused foreign demand to drop off almost completely, the lengthy planning process quickly became the industry's saviour.
Whereas in Dubai developers suffering were forced to cancel developments half way through, leaving countless numbers of problems for all concerned. In Montenegro's case, most developers were left holding land-banks with planning applications in the process of being accepted, making it much easier for them to put the halt on their plans.
This also makes the Montenegro property market well placed for a fast recovery over the coming months and years. This is because these developers will either be looking to get their development plans back on track, having held the accepted planning permission all this time, or to sell substantial amounts of their land in order to make a fresh start, either in Montenegro or elsewhere.
Either way, there should be plenty of development activity in Montenegro over the coming weeks and months, which will bring a bit of renewed hype to the market, as well as offering properties at low prices. Colliers announced a new multi-million Euro resort development to serve the high-end market earlier this year, and that will not be the last such announcement.
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