Ulcinj – Montenegro: Foreign hot spots revealed for UK property investor

January 25, 2010   | Ekonomia / Ekonomija

Overseas property agency Property Venture has revealed its top investment choices for the UK investor for 2010.

“Like any other investment, putting your money into property involves a balance between risk and reward,” said Louise Reynolds, Director, Property Venture.

“Whilst we have witnessed property prices overseas coming down in many countries and areas, we know, not all countries have been affected to the same degree, or all the areas within a country. With some major economies around the world struggling to shake off the recession, investors might be wondering where to find an attractive overseas property market, or whether such a thing still exists at all.

“Poland, Spain, Morocco, Cyprus, Bulgaria and Montenegro all offer attractive options but the diverse nature of each country and specific regions have their own pitfalls, if not researched properly.

“The fear of the unknown overseas market is enough to put many buyers off, the prospect of buying overseas without understanding the culture, language or idiosyncrasies of the country is a daunting challenge. There is no doubt that being well-informed, means buyers are well-armed BUT drawing on the expertise of an overseas property consultant can make the process far more effective, by advising buyers of the pitfalls upfront, so that there are no unnecessary surprises.”

Hot Spots for the UK Investor


* The Montenegrin economy has achieved impressive results over the past several years.

* Ambitious reforms, substantial capital inflows, dynamic developments in the banking sector, position Montenegro as one of the fastest growing European countries.

* Average annual GDP growth in the last four years was around 8%.

* Montenegro fell into recession in the first half of 2009 when the economy shrank by 3.5%.

* The global economic crisis has affected the two largest exporters in the country, KAP (Aluminum smelter, Russian-owned KAP, is the country’s largest exporter, with 40% of industrial production) and Nikši?ka Željezara (Steel mill).

* The Prime Minister, Djukanovic believes Montenegro will enter the European Union by 2014 amid signs the EU is overcoming expansion fatigue, after 2004 integration of Eastern European countries.

* The Government has ambitions for a number of government tenders in forthcoming months, including tender for the development of Montenegro’s longest beach in Ulcinj.

* Tourism revenues account for a quarter of GDP. But tourist numbers declined in summer 2009 amid a collapse of the Russian economy, which for a long time represented a key Montenegrin target market.

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