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Montenegro property set to see fast recovery

Published date: 28.12.2009 16:23 | Author: Kliping inostranih medija

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Montenegro property has endured the financial crisis well and is set to see a fairly rapid recovery experts have claimed.

The country has seen no cancelled developments, because of the much slower pace of development, and many developers were left holding sizeable land-banks when international demand began to wean.

This means that when things start to recover, there will be an abundance of cheap land available to kick-start the recovery in this part of the world, according to Les Calvert, director of overseas property portal Property Abroad.com.

"Montenegro became massively popular very quickly after its declaration of independence from Serbia was ratified by Serbia. This obviously attracted developers to target the international market and prices grew rapidly. Unfortunately that was followed by the international downturn, which, while it never directly affected Montenegro the sheer drop in foreign demand was enough to cause developers to postpone their long-term development plans," he said.

Now that demand for overseas property is increasing once again, one would expect Montenegro to be breathing a sigh of relief. However, people are currently focussing on markets where prices have dropped significantly, which puts Montenegro, where prices have held firm at a disadvantage at present.

However, Les said that the international downturn easing is brining a lot of wealthy lifestyle buyers back out into the world of overseas property, and "the secluded bays on the Montenegro coastline is very popular with this buyer group," he said.

http://www.property-abroad.com/montenegro/news-story/montenegro-property-set-to-see-fast-recovery-19316650/