Introduction -
The republic of Montenegro is located in South Eastern Europe and has a
beautiful and diverse countryside. Montenegro is quite simply stunning and a
outdoor lover’s dream come true. Over half of the Republic consists of mountains
and high pasture valleys with over 35 lakes and the World’s largest clean water
gorge. Ranging from mountainous terrain complete with your typical log cabin ski
chalets, all the way down to the sun kissed Adriatic coastline where the beaches
are among the best Europe has to offer. A Balkan state, Montenegro shares
borders with; Croatia, Bosnia Herzegovina, Serbia & Albania. It is the youngest
European country having gained its independence from Serbia in 2006. As a result
of this, the travel and tourism industry are very much in their infancy but this
is a country with much to offer and already there is a healthy market for
holiday and second homes. In the ski resorts, log cabins and timber chalets are
proving very popular, particularly for short term rental purposes. The World
Travel and Tourism Council tips Montenegro as the number one country for tourism
growth and visitor numbers are expected to rise by an average of 9.9% until
2015.
The Holiday Home Market in Montenegro - Montenegro is a country that has in
the past suffered from flooding and earthquakes, the country lies in the area of
high seismic risk, and property damage caused by flooding and earthquake cannot
be ruled out. Building & Contents Insurance for either a Holiday home or second
home is now available from the United Kingdom with policy wordings written in
plain English. Cover can be arranged either on a property that is owner occupied
or that is let to tenants. In most countries, there will be rules and
regulations that apply to let property and it is of course important to check
with a local solicitor or letting agent who can alert you to your
responsibilities. If you intend to receive paying guests in to your property,
you will need to also discuss this with your insurance company to make sure that
you have the correct form of liability insurance cover.
Montenegro has a large number of towns that have developed their own identity
over the centuries, on first glance, architecturally, they may all look similar
but each has a character of its own. The main cities in Montenegro for which
insurance can be obtained and property investment is popular are; Budva, Bar,
Centinje, Kotor, Tivat, Herceg, Niksic, Novi, Ulcinj, Danilovgrad, Kolasin,
Mojkovac, Polje, Berane, Pljevlja, Rozaje, Zabljak, Plav & Podorica, the capital
city. All of these places appear to be starting to appear of the radars of
property investors.
Why Buy a Holiday Home in Montenegro? - On the whole, prices for property in
Montenegro are still cheaper than its main rivals in surrounding countries, it
is very doubtful if this will remain to be the case, this is a relatively
sparsely populated country and it enjoys more than its fair share of
architectural heritage sites and scenery. There is not an over abundance of
property for sale and there is a need for development to meet demand is being
put in place. The good news is that the government seem to have developed an
approach to this problem where they are sensitive the countries history and Old
World charm and whilst not allowing development to compromise this, they realise
that tourism and foreign investment are important to the countries growing
prosperity and more property and infrastructure are needed to help precipitate
this. One thing they have done that has made a great difference to owing a
holiday or second home in Montenegro is making the sales process much easier,
there are no restrictions on overseas investors buying property and their may
even be certain tax breaks on offer.
For a developing property market, the sales process is actually quite straight
forward , of course the need for quality legal advice cannot be over emphasised,
the process itself is in two stages, signing the documents and taking legal
possession of the property. Once you have agreed a sales price with the vendor,
it is customary to make a 19% deposit. If you fail to hand over the balance by a
set date, you will loose your deposit. However, if the vendor fails to complete,
you will receive back your deposit plus a further 10% for your trouble. After
the contact of sale has been drawn up, both parties must sign the document.
Montenegro has computerised the property registration process and this has
really helped to speed up the sales process. The Euro is the currency used in
Montenegro and overseas investors are free to buy as much property as they like,
however there are some restrictions on buying land.
Assetsure can also provide overseas property insurance and holiday home
insurance for the following countries.... Australia, Austria, Belgium,
Bulgaria, Brazil, Canada, Cape Verde, Chile, Croatia, Cyprus, Czech Republic,
Denmark, Estonia, Finland, France, Germany, Greece, Egypt, Hungary,
Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta,
Monaco, Montenegro, Morocco, Netherlands, New Zealand, Norway, Poland, Portugal,
Romania, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand,
Turkey, United Arab Emirates, United Kingdom (UK) and Venezuela.
Guide to Holiday Homes in Montenegro