|
Project
Name: Kotor Vista Apartments
Total Investments: 36
Location
The tranquil waterfront community of Muo is on the west side of the Kotor Bay, a short distance from the Kotor old town with its walled Old City and 16th Century Cathedral. Stone houses built in the traditional medieval style characterize Muo, which is rich in tradition and culture.
Muo is conveniently located for access to both the Dubrovnik Airport (45km via ferry to Herceg Novi) and Tivat Airport (10 km via the Kotor tunnel), both of which are only a short 2 and a half hour flight from London, with the arrival of low-cost carriers providing cheaper, more flexible flights.
Completion Date
Third quarter 2008.
Investment Structure
Freehold
Payment Schedule
A refundable 10.000€ deposit is required to take the desired unit off the market.
30% less your initial reservation fee at signing of full contract.
20% once the foundations are in. (estimated November 2007)
30% at completion of roof. (estimated February 2008)
20% remaining at hand over of keys.
You also have the option of financing 40% in which case you would pay as above, except at the completion of the roof you would only pay 10% and the remaining 40% would be paid by mortgage at completion.
Inclusions
Apartments come fully furnished.
Living areas are finished with high quality tiles imported from Italy.
Option to have interior walls finished in stone.
Ensuite bathroom with full-length hydro-massage bathtub.
Kitchens come fitted with solid wood cupboards and granite work surfaces.
Flat screen TV and DVD player by Sony.
Wireless broadband and sattelite TV connection provided.
Fully Air Conditioned.
More reasons to invest in Montenegro
The government replaced the Yugoslav “dinar” with the euro, which significantly reduced exchange rate risk for companies doing business in Montenegro.
Inflation has declined sharply, reaching just 1.8 per cent in 2005.
The republic credit rating has been evaluated at BB+ and 87% of government property has been privatized.
Net foreign direct investment in 2005 was €380m ($490m) or four times more than in 2004. The World Bank's "Doing Business in 2006" report found that "Serbia and Montenegro led in making the kinds of reforms that can spur growth in firms and jobs".
Currently the number of tourists visiting Montenegro is increasing at a rate of 17% per year and it is one of the top 10 holiday destinations in the world.
By 2014 Montenegro is expected to become the fastest growing tourist destination in the world.
The land laws of Montenegro give foreign investors equal status with Montenegrin investors, with full deeds and title to land and real estate.
The Montenegro government plans to turn Montenegro into a first class destination for discerning tourists rather than a budget holiday hotspot for those seeking a cheap getaway.
Montenegro is beautiful and rich in culture, history and natural wonders and property is still relatively affordable.
In 2001 the government created a 'Tourist Masterplan’, which maps out the long-term national strategy up to 2020. In bays up and down the coast, new marinas and resorts are planned that will incorporate million dollar luxury golf courses and hotel complexes.
Over 80 tour operators from more than 15 countries, including 6 in the UK organize holidays to Montenegro.
Government backed tourism - the Government of Montenegro has introduced legislation to support and encourage investment, which includes a Free Trade Zone status for suitable foreign investments, repatriation of earnings and residency rights.
The Montenegro government made capital investments into construction and manufacturing of an estimated €42.8 million in 2004. By 2014 this amount is set to reach €121.2 million.
Funds are being invested by the EU - the ERBD Bank invested €11 billion in 2003 into airports.
In 2004, the World Travel and Tourism Council, a trade group of business leaders, highlighted Montenegro as the 'fastest growing travel and tourism economy in the world'.
Montenegro is actively pursuing membership of the World Trade Organisation and it is working with the European Commission to get a Stabilization and Association agreement in place as a step on the way to accession to full EU membership.
Property is already in demand especially from the Russians, the British and the Irish following on from independence from Serbia in June 2006 and a stable economic and political climate.The property buying process has improved and is relatively straightforward when buying off-plan.
Careful planning has helped Montenegro to limit the number of developments and avoid building the type of concrete jungle that has appeared in other countries.
| 
