montenegro property gets a boost from announcement of major development
News Posted On: 26 October 2009
People who have previously bought property in Tivat, Montenegro, will be over the moon today.
It has just been announced that Orascom Development Holding has bought a 90 percent stake in Lustica Development AD Podgorica to develop a total area of 6.8 million square meters in Tivat, Montenegro.
The project, an agreement with ODH and the government of Montenegro, will offer 2,350 residential units, several hotels, a town center, a marina on the Adriatic Sea, an 18 hole golf course, in addition to commercial and other facilities.
This is the latest in a series of statements made by some of the world’s biggest development companies. that the emerging markets known for their promise before the crunch still have bags of potential.
Montenegro is a very special case, because it has a long history of being an exclusive tourism destination, which has attracted celebrities including Prince Charles and Lulu (is it legal to mention them in the same sentence, fingers crossed).
It is also a special case, because when the downturn set in, the slow planning approvals process meant that many developers were left holding land banks as oppose to unfinished developments. This gives Montenegro an excellent chance at a fresh start, starting with the ODH development at Tivat.
“There will likely be a lot of announcements like this in the near future now that ODH have started the ball rolling. There is a lot of cheap land going in Montenegro, and a lot of potential for growth, “ said Liam Bailey of Write About Property.
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