239: Top priority for your property portfolio
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After a successful referendum for independence from Serbia earlier this year, Montenegro is the country on the tip of every property investor’s tongue right now.
Reminiscent of Majorca seven years ago when prices shot up to a staggering four or five times their original value, Montenegro has seen house prices soar by over 20 per cent each year for the last three, largely due to a high demand for properties which are in limited supply.
In the build up to the EU accession the country will no doubt see swift growth, ideal for budding investors. It has sucessfully passed through the riskiest, yet most profitable, period for any emerging property market, and now the introduction of better infrastructure, increased accessibility and newly available finances will help sustain future investments.
One of the best possible indicators of an up-and-coming country, ripe for investment, in is a surge in popularity which really ‘puts it on the map’. Montenegro’s economy is strengthening, high profile investors such as Peter Munk – the millionaire Canadian goldminer – are touted to be considering substantial investment, and there is a huge growth in tourism which has been credited in part to the country’s presence in the new Bond film, Casino Royale.
Already Russian, Japanese and American investors are hungry to pump their money into the fastest rising country in the Where on Earth Hot Property Index, currently sitting pretty in the Top 3 best places to invest your cash.
There is even the possibility that Montenegro could follow in the footsteps of Monte Carlo and become a veritable tax haven for canny investors, with it’s adoption of the Euro making transactions smoother for all parties.
Despite it’s newfound popularity and apparent good fortune, the country still has a long way to go to become an leading force in the property markets. This is great news for potential investors, however the window of opportunity to cash in on maximum profit is rapidly closing so if you are planning on making a shrewd move, make it quickly.
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