Hartlepool, United Kingdom (PressExposure) May 08, 2009 -- Montenegro property is benefiting from the current prevalence of lifestyle property buying, according to overseas property portal Property Abroad.
"Barring its rocky times, Montenegro has been the chic holiday haven of the rich and famous (including Princess Diana) since the 80's, and it began reclaiming some of its mystique after declaring independence from Serbia in 2006," said Property Abroad trends analyst Erin Scott.
"Now that the overseas market isn't dominated by potential rental yields and capital appreciation, lifestyle buyers are getting the time and space to buy in the right place for them and Montenegro is coming up trumps," she continued.
A report earlier this month quoted a Montenegrin architect as saying that the downturn had come at the perfect time for Montenegro, because many developers were left holding mostly land-banks as opposed to half-completed developments, due to Montenegro's slow and often arduous planning procedures.
This has left Montenegro's property market, virtually in a state of suspended animation, with all the pent up growth potential stored for when the international recovery begins next year. Having said that, Montenegro's unique situation means it could well see recovery begin before elsewhere, if some of the developers are forced to start offloading land at bargain prices.
Property Abroad is currently advertising dozens of properties for sale in Montenegro with prices starting from Â£102,000 for an apartment in the Bay of Kotor. The portal is also advertising a very quaint 4 bedroom villa in Bar for Â£142,000, which is a firm favourite with lifestyle buyers and is expected to be sold very soon.