Croatia and Montenegro - the emerging property market
in the Eastern Adriatic
Check out these two top value 'Home in the sun' destinations - Croatia and
Montenegro
Property Investment In Croatia And Montenegro by:
Nick Shinner
Boasting over 1,200 islands, fantastically diverse sailing, and
mooring that costs a third of the price of the Balearics, it’s not
surprising that Croatia and Montenegro are fast becoming the A-listers
favourite ports of call, says Nick Shinner, Managing Director of Where
on Earth.
Eastern Adriatic
There’s nothing like stumbling across hidden treasure to get the wind in
your sails. Imagine the French Riviera or the Amalfi Coast before they
were built up and commercialised. Add over 1,200 islands, a stream of
stunning historic towns dating back to the Romans, delicious cuisine at
seafront restaurants where you don’t have to have a bun-fight to moor
outside (at the moment), and sailing that offers something for everyone.
There you have the eastern Adriatic.
Croatia and Montenegro Property
“Croatia and Montenegro have got it all,” says Simon, director of
Split-based charter yacht company, Lazy Winch. “It doesn’t matter which
way the wind blows. There’s always something to see or do. There are
great short island hops that would suit a young family as well as
fantastic offshore sailing for hardened sailors.”
Croatia
Croatia’s 5,835km coastline – 1,777km of which stretches along the
mainland - has always been popular with the yachting fraternity. “From a
navigational perspective, the Adriatic coast offers mostly deep water,
even 5-6 metres away from the islands, so it’s easier to anchor near
your destination. And you don’t have to worry about hitting shifting
sand banks either,” Simon advises. “Another advantage is that there’s no
major commercial shipping along this stretch, so the water is cleaner
and it makes sailing safer.”
For the past decade, Croatia has been busy modernising its marina
facilities, so infrastructure tends to be good. You can tie your boat
for around £45 per night, which more than beats the £100-£150 charged by
the marinas at Palma, Ibiza or Mahon. The upmarket Croatian islands of
Hvar and Brac in particular have become magnets for the moneyed, as has
the stunning bay of Kotor in Montenegro, which is also courting favour
with yachtees who just can’t help falling in love with Europe’s most
southerly fjord.
Montenegro
“The sailing potential in Montenegro is excellent,.” says Caroline
Hollingworth, Managing Director of UK-based property consultancy,
Hollingworth & Taylor. “There are 117 beaches and coves to explore,
caves, islands, a stunning fjord, and a host of historic town, but the
current infrastructure in Montenegro has a long way to go before it
matches what’s on offer in Croatia, basically because it lacks marina.
This is excellent news for investors looking for great commercial
development opportunities.”
Indeed, the Montenegrin government have exciting plans under way for new
marinas in Budva, Bar, and Tivat - where they hope to build the largest
marina on the Adriatic – among many other much needed marinas along its
stunning 294km coastline.
“Within our Tourist Masterplan, the government’s aim is to rival the
Balearics and the French Riviera for holidaymakers, and create upmarket
tourism,” says Dragoljub Markovic, MD at Morsko Dobro, the government
agency in charge of ensuring the coast is preserved from
over-development. “There’s some way to go, but we’re getting there.”
As a result of Montenegro’s burgeoning infrastructure, its increasing
popularity as a tourist destination, pending EU accession expected by
2010, and successful adoption of the euro currency in 2002, these
factors have created an excellent climate for investors, especially for
sailors looking for an exclusive waterside property with its own boat
mooring or private beach.
Property Prices
“Property prices have been rising on average at over 20% for the past 3
years and well over 50% in the hotspots,” says Nick Shinner, MD of
property consultancy ,Where on Earth.
Emerging Property Markets
Croatia, and Montenegro in particular, are still emerging markets, so
you can get your millionaire’s pad at a fraction of the price you’d pay
in more obvious locations, like the South of France, yet still have the
benefits of a Mediterranean lifestyle. “If you’re happy to do some
renovation work, you can find yourself a seafront property with its own
boat mooring from €150,000, or your own plot of land with a beach from
around €100 per square metre,” says Dragovic of Hollingworth & Taylor.
“Now is the time to buy, before Montenegro or Croatia join the EU and
prices go through the roof.”
So while your boat could be depreciating in value, albeit in one of the
most beautiful places in Europe, you can offset it with an appreciating
asset on dry land. Don’t expect to find a mass of theme parks, high
rises, easy parking or food that forgets to disguise its origins with
breadcrumbs. Culture, history, delicious cuisine, fantastic sailing, and
some of the world’s most stunning landscapes are what makes Croatia and
Montenegro such exciting destinations. Go now while it still feels like
you’ve just uncovered hidden treasure.
About the author
Where on Earth can recommend where to invest based on your personal
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