Sotheby’s Realty is discovering regional and international markets for its luxury products.
Montenegro Sotheby’s Realty is a real estate company specializing in luxury properties of distinguished style, location, and charm in different regions of Montenegro. With sales and rental properties in Porto Montenegro, Lustica Bay, Budva, Kotor, and more, Sotheby’s Realty is a sophisticated company with first-in-class business operations, leading the affluent real estate segment in Montenegro in attracting investment and supporting the country’s growing tourism sector.
With properties in prestigious locations across the country, Sotheby’s specialty stands out in a class of its own. Its notable project in Porto Montenegro as a world-class marina with exclusive residences and the space for a potential of 450 boats up to 200 meters in length, makes this location one of the few marinas in the world that has the capacity to accept boats this size. Another project in Lustica, with 800 hectares at its disposal, is looking to provide Montenegro with its first golf course.
Sotheby’s development of marina and real estate projects, authentic villas in Montenegrin olive groves, old Mediterranean houses, and Montenegrin estates will delight all aficionados of architecture. The Perast, Prcanj, or Dobrota palaces located where famous naval captains of old built their stone palaces, overlook the bay and quaint town squares. The Montenegrin coast has a great synergy of architectural heritage and century-old identities; the newer residencies have the leitmotif of the same with the added blend of modern architectural characteristics.
Montenegro’s strategic position allows the government to market Montenegro as a tourism and real estate hub on the Adriatic coast. Thanks to Sotheby’s international network and 24,000 agents, they have been able to reach over 75 countries in the promotion of Montenegro as an alluring international destination. In 2020, a Sotheby Realty property was recognized as one of the top five properties in the world.
The growing potential of tourism in Montenegro has resulted in many investments in the real estate sector aided by the nation’s investment-friendly policies, including a low corporate tax, favorable visa regimes, and the government-sponsored Citizenship by Investment Program (CIP). Many of these policies are designed to attract investors from the Middle East, as well. Niko Laković, Managing Director and Partner of Sotheby’s Realty, says, “With the Investment Corporation of Dubai (ICD) coming to Montenegro as strategic partner of the country, I think interest will increase. They are working on the promotion of Montenegro and real estate here.”
While the nation’s population rings in at approximately 620,000 citizens, it is clear that a largely untapped investment market, which was unaffected even by the COVID-19 pandemic, presents many great opportunities. “That’s the beauty of it; the Bay of Kotor is splendid and very underrated. People are interested regardless of the timing: we sold costly villas and palaces during the pandemic,” says Laković. “Indeed, the pandemic changed people’s perceptions, and for this reason it is important to provide them with world-class services and allow them to feel that their properties are well protected and safe. In this way, they have peace of mind.”
Throughout the years, the real estate sector in Montenegro has witnessed impressive growth in alignment with the country’s positive economic outlook. According to Laković, the market is maturing and more prepared than ever due to the government’s focus on facilitating investment and the prospect of joining the European Union and its multinational market customer base. “We have buyers from over 50 countries including Japan, China, Slovakia, Poland, Czech Republic, Western Europe, the US, and Canada. This is partly due to the Citizenship by Investment Program and the promotion we have carried out.” Indeed, Montenegro’s inevitable growth is greatly supported by the luxury real estate sector, providing distinguished properties to tourists and discerning investors who are interested in experiencing the opportunities that Montenegro has to offer.
