The Luxury Network International Magazine Issue 15

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LUŠTICA BAY, MONTENEGRO: OVER 86 PERCENT INCREASE IN PRICES IN SEVEN YEARS AND HIGHLY COMPETITIVE RENTAL YIELD, AMONG HIGHEST IN EUROPE Property buyers flocking to Montenegro as the government plans to launch a new citizenship by investment scheme Buying property in Montenegro, whatever the value, comes with a one-year residence permit 62
London, Luštica Bay, the rapidly expanding Montenegrin marina town, is reporting a staggering 86.3% in average prices in the completed Marina Village since sales started in 2012. Construction is now focused on Centrale, the commercial and administrative hub, and culture centre. Upon completion, the coastal town will feature 2,000 residences, seven hotels, two marinas, an 18-hole golf course, and lifestyle facilities. The €1.1 bn marina development, which is the first greenfield development in Montenegro, boasts some of the lowest square metre prices in Europe, with average rental yield in Montenegro reaching approximately 7.5%. These returns compete with many European countries, and are even higher than Croatia, Spain, Portugal, Cyprus and Greece, and only beaten by Moldova and Ukraine, neither of which can compare with Montenegro’s natural, tourism and economic potential. According to industry sources, such as Dream Montenegro (Savills Associate), the prices of non-prime homes in the coastal region, have risen from 1000 to 3000 EUR per sq m due to the influx of luxury residential developments. A key attractive benefit is that buying property in Montenegro, whatever the value, comes with a oneyear residence permit. Additional financial perks are that the tax system has become one of the most attractive in Europe, with a flat-rate income and 9% corporate tax. Buying and registering property is easy, and foreign investors are treated as equals with Montenegrin citizens. Furthermore, buying and selling is always conducted in Euros, so there is limited foreign exchange risk. Another alluring factor for some is that Montenegro is likely to be the next country to join the EU, although their currency is already the Euro. Ahmed Zaki, Head of Sales & Marketing at Luštica Bay commented on the impact of this exponential increase in interest in Montenegro on the world stage: “There has been a staggering Y-O-Y increase in sales at Luštica Bay of more than 100%, with a significant shift in demand for more expensive units, 63
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Described as “The next generation
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A Message From The Editor Dear Valu
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highlights ISSUE 15 | Nov - Dec 201
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THE ART OF ARI LANKIN KINDNESS by A
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Page 18 and 19: Al Bait Sharjah How to spend AED 25
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Page 81 and 82: TLN News grows in new retail and en
Page 83 and 84: THE LUXURY NETWORK EXPANDS IN THAIL
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Members Affairs SHARE THE JOY WITH
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Members Affairs IQ GROUP GLOBAL AMG
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Under The Spotlight With guest danc
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ISSUE 15 NOVEMBER - DECEMBER 2019 E
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CASUAL LUXURY FOR A MAXIMUM OF 500
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