Real Estate Property Investment Series: Focus Montenegro 2007
As a result of achieving independence Montenegro did indeed lose its Council of Europe membership for example, but in terms of what it gained, it gained the potential to become a tourism destination of note once again and the chance to have an emerging property market with serious potential for expansion.
There has been a great deal of international focus on the nation throughout 2006 and not all of the focus has been positive; some reports have tended to focus on what Montenegro lacks such as mortgages and sophisticated infrastructure, some have focused on what Montenegro has but does not need such as a history of black market corruption - but few have offered a balanced and tempered overview of Montenegro and what it can offer a property investor over the longer term…
Montenegro has a responsible government; since independence it has been pursuing everything from EU entry in the medium term to immediate membership of the World Trade Organisation, it has already attracted serious international direct investment in the form of the latest James Bond movie which was filmed across Montenegro and in the form of the chairman, CEO and founder of one of the largest real estate investment trusts listed on the NYSE who agreed terms with the Montenegrin government to buy and totally redevelop a former rundown and disused ship yard into a tourism and real estate haven in a small coastal town in Montenegro called Tivat.
All efforts are being rewarded - Russian, Scandinavian, US, UK and Irish interest in tourism and property is surging ahead and prices are creeping up - and now that James Bond has showcased Montenegro's diverse and stunning countryside, summer 2007 could see Montenegro return to its former glory days when the likes of Elizabeth Taylor and Richard Burton holidayed on its shores.
In terms of the property market and its prospects - well, the government have taken measures to improve the buying process for overseas investors because those who come pay for their purchases with cash that is needed to bolster the economy. Those who are buying and investing want to see Montenegro develop to become a sophisticated tourism destination and they are not in any hurry nor do they want to see the nation exploited, therefore those buying properties today should consider their investment a long term one.
Mortgages will come, as will much needed infrastructure improvements and the reduction of unemployment. Local people will become more affluent and able and willing to buy real estate - and slowly but surely more and more prospects for profitability will become available for an investor.
In the short term property price expansion and rental yields achievable from property stock are limited, but 2007 is a great year to enter the market for those who can tolerate risk and who can recognise the inimitable potential epitomised by the property market in Montenegro right now.
Related Tags: property, investment, real estate, real estate investment, property investment, europe, montenegro
Rhiannon Williamson writes about real estate investment worldwide, to read more about property investment in Bahrain in 2007 and beyond visit her site http://www.amberlamb.com
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