Introduction
Since declaring independence from Serbia in June 2006 Montenegro’s government has been keen to pursue the twin goals of stimulating tourism growth and increasing its attractiveness as an EU candidate. With EU membership projected for 2014, and EU funds allocated to improve infrastructure, the country looks likely to continue the strong 6% GDP growth of recent years.
Montenegro has also been placed in the top three destinations in the world by the World Tourism & Travel Council in terms of forecast growth in this sector over the next decade – the highest figure in Europe and an excellent signal to the rental potential of suitable properties.
Coupled with the country’s great beauty and thriving economy, the country is also becoming increasingly popular with investors. Since 2005 land values have significantly increased, and popular tourist destination the UNESCO-protected Kotor fjord’s landscape of steep mountains rising from deep waters naturally restricts over-development, limiting supply and creating demand for highly sought-after frontline developments such as the Seagarden Resort.
Situated on the banks of the stunning Kotor fjord, Seagarden offers sympathetically stone-built frontline apartments with views over the water and surrounding mountains. A high-spec, boutique development, Seagarden will have its own small marina, underground parking, waterside restaurant/bar and private beach.
Prices for 1-bed apartments start from €155,000 (~£114k), that’s around 16% under current market value. You can secure one of these apartments with just a 20% commitment deposit. The remaining 80% of the purchase price is due at completion. One of Montenegro’s largest banks is offering mortgages on the completed value of the property which means you could potentially (depending on your financial status) cover the remainder with finance.
This is a rare instance where a sound, long-term investment destination with plenty of potential for growth is also somewhere you would like to holiday.
Call us on 01273 627 900 to get your questions answered and to reserve your property.
Regards
Seagarden Resort is a high-end boutique development with a total of just 70 units. It will contain apartments and duplexes, offering stunning views over the water and/or the surrounding mountains. Ready2invest is offering twenty 1-bed and six 2-bed apartments.
The exterior walls will be sympathetically built using locally sourced stone to blend with the natural environment. The overall design and interiors will be modern, sleek and attractive, with generous windows to enhance the views. All apartments have a balcony or patio, and there are a number of communal pools dotted throughout the site, as well as landscaped garden areas. The 1-bed apartments average 49m2, 2-bed apartments average 73m2, with additional lockable storage space of 5m2; terrace sizes vary.
The materials used will be of a very high quality, such as oak wood finishing, mosaic tiled bathrooms and terracotta tiled roofs. Two multimedia sockets are provided as standard in each unit. A kitchen with hob, sink unit, dishwasher, refrigerator and storage units are included in the basic equipment package.
There is also heating/air conditioning installed as standard, with under-floor heating in the bathroom.
There is 24-hour security and a reception plus house keeping service, included in the management package. Seagarden will have its own small marina for visitors and residents to moor their boats, and will have a light and airy beach bar and restaurant right on the water’s edge with an outside terrace area. It will also house changing rooms and showers to faciliate the small private beach area. Within easy reach there are shops (in Kotor), boating and leisure activities and a variety of other restaurants and bars.
Seagarden boasts a large underground car park. Parking spaces add an additional €15,000 each to the price of the apartments, but transport is essential for anyone staying in the development. The advantages of having a dedicated place to park when renting and reselling your unit cannot be emphasized enough - the coastal road is narrow and there are few spaces in the clustered villages to accommodate parking.
In order to provide accommodation to meet rental standards, you are strongly advised to purchase a furniture pack, saving the hassle of sourcing and supplying this yourself. Suitable packs of varying standards will be offered towards completion. The estimated price should not exceed €10,000.
The development is expected to complete by the end of 2009.