Feature on Property in coastal Montenegro

This is just an accompanying post to a feature that appeared on May 12th on property in coastal Montenegro. This post contains some extra links, documents and phone numbers that I couldn’t fit into the article. There’s a copy of the article and a link to it at the bottom of the piece.

If you want to find out what high-end offerings are available in Montenegro you can take a look through ‘The Collection Montenegro’ on Issuu – https://bit.ly/2BE4FBf. There is a feature on page 26 on the Regent Porto Montenegro which features as the first of the properties in the Sunday Independent article. The Chedi Hotel at Luštica Bay, which is also mentioned in the article, features on page 128. Portonovi, another substantial new upmarket development on Boka Bay, features on page 196.

Property prices in Montenegro since 2003 can be found at CEIC Data – https://www.ceicdata.com/en/indicator/montenegro/house-prices-growth.

Further details on Montenegro’s ‘Economic Passport Programme’ which sells citizenship for economic investment in the country – https://reut.rs/2IOXCvV.

The piece mentions a ‘contentious’ sale of the Hotel Fjord site

The Hotel Fjord

The story of Hotel Fjord, a fabulous waterfront site right outside the front walls of Kotor’s old town, is not one that shows Irish property investors in the best light. In 2006 the wonderful waterfront site was purchased for €5.5 million by an Irish consortium, including investor Louis Maguire and former Irish Nationwide chief, Michael Fingleton. The aim was to develop a much needed five-star hotel to service the town’s wealth of tourist traffic.

The site became the source of much frustration and rancour with the owners very publicly falling out, preventing any development. After years of wrangling, Fingleton’s party eventually managed, contentiously, to oust Maguire. In a subsequent article in Montenegro’s daily newspaper Louis Maguire has castigated both Fingleton and Montenegro’s minister for tourism

The depth of ill-will projected toward the owners of the site should not be underestimated. Some years ago protesters appeared at the site setting fire to a number of large poster sized images of Fingleton. The site has, for some time, been seen as reflecting the worst in corruption and incompetence in the country. It has been a long held wish of those in political circles to get, what long ago became an eyesore on Kotor’s beautiful bay, back to the productive advert for Montenegrin tourism it should be.

A few weeks ago the site was sold for €10m to a Turkish consortium who have since demolished the old building. Unfortunately, it is now likely that UNESCO restrictions will halt any progress for some time.

You can see a link below to a piece in the Montenegrin publication, Vijesti. This quotes Irish property investor Louis Maguire, claiming that the sale of the site was corrupt:  – https://www.vijesti.me/vijesti/ekonomija/irski-biznismen-oteli-mi-imovinu-ministar-mi-je-trazio-mito. Former Montenegrin Prime Minister Branimir Gvozdenovic vehemently denies that he ‘asked for two million euros of bribes to end his (Louis Maguire’s) problems in the country,’  Gvozdenovic has since threatened to take legal action against Maguire for the allegations.

What’s on offer:

Here are some more complete listings & contacts for the properties featured:

  1. Porto Montenegro has seven luxury units in the five-star Regent Hotel & Residences. The development includes a 25m infinity-edge pool, international restaurant. Hotel Condominium services include concierge, spa & fitness, room/dining services, onsite maintenance and rental management. Prices from €409,000 to €3,719,000. Further information from portomontenegro.com. There’s actually very little on the site about the Residences specifically, as they’re a very new product, and there are only 7, so they are extremely exclusive. You can make an enquiry on https://bit.ly/2DV4XV1.
  2. Luštica Bay waterfront Marina Village is the first eco-project in Montenegro. The luxury complex includes an 18-hole Gary Player golf course. A luxury 93 sq. m. two-bed, two-bath apartment is currently on offer for €510,000. Visit lusticabay.com for information on Luštica Bay. You won’t find this particular apartment listed on the site – so you can find it here – https://bit.ly/2GwQZMC.
  3. Three-level 2 bed, 2 bath waterfront stone house with fantastic sea views on Kotor Bay, 10 minutes from Kotor town. Traditional Mediterranean styled stone walls and wooden beams with contemporary design. Price is €275k. Property listing at https://www.dreammontenegro.com/en/properties/1603.
  4. Lucici Village, residential complex of apartments and villas/townhouses. 200 year-old village totally renovated to retain architectural style. Complex has infinity swimming pool, sunbathing terrace, views to sea, reception area, wellness centre and café. Prices from €275k. You’ll find the full listing at https://www.dreammontenegro.com/en/properties/r229-1.
  5.  Kotor Old Town. Warm three bedroom apartment for sale in heart of Kotor Old Town, Montenegro. This apartment consists of three bedrooms, a kitchen, an open plan living and dining area, bathroom and WC. This offer is perfect for year round or summer rental, or family living. Vibrant squares, restaurants, cafes and museums are all in the vicinity. Kotor Old Town is only a ten-minute drive from the Tivat International airport. Property listing at https://www.dreammontenegro.com/en/properties/1844.

Properties 3, 4 & 5 from Savills/Dream Estates Montenegro – www.dreammontenegro.com or call 00382 32 304 788. Savills’ Montenegro office is in Kotor’s old town and is run by Kieran Kelleher, who hails from Ennistymon in Co. Clare.

You can find a PDF of the full article here and it is included below.

Buying a property in Montenegro

Buying a property in Montenegro


Buying a property in Montenegro


About diarmaidcondonadmin

Diarmaid Condon is Ireland's foremost Independent Overseas Property Consultant and Journalist. He has been in the industry since 1995 and, in that time, has been a strong advocate for improved legal protection in the sector.

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