Holiday Home Insurance Montenegro |  | |||
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Holiday Homes in Montenegro
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 it's 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, park homes 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 it's 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 it's 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 it's 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.... Austria, Belgium, Bulgaria, 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, Thailand, Turkey, United Arab Emirates, United Kingdom (UK) and Venezuela.