The destination is only 40% complete today and its masterplan envisions the creation of a further 4 dynamic new neighbourhoods going forward, including Boka Place, Synchro, North Village and Park Gardens
Located on the UNESCO-protected Bay of Kotor, the well-established Porto Montenegro already offers world-class facilities, including a picturesque 460 berth superyacht marina, five-star Regent Porto Montenegro Hotel and premium residences and over 300 apartments, as well as international fashion boutiques and a vibrant dining scene. Acquired by Investment Corporation of Dubai (ICD) in 2016, the fast-growing luxury lifestyle destination is still only 40% complete with plans to expand into to five neighbourhoods under its masterplan with work already underway on two of those neighbourhoods under its current ten-year development programme.
Director of Property Development, Michael Hardman, commented: “Working with our established and future bench of regional and European consultant and contractor supply chain, we are able to accelerate our masterplan development programme to meet demand for our real estate and hospitality offering, under what has been challenging circumstances for all. The estate is now 15 years young, with sufficient critical mass and stabilisation to expand our development ambitions. The ongoing development of Boka Place is testament to this, with near 100% pre-sale secured 18 months out to development completion. Our attention has now turned to our latest lifestyle luxury offering, Synchro, which will set a new benchmark of luxury in southern Europe.
With 280 days of sunshine, and 295km of beautiful coastline, a flat and competitive tax system with only 9% tax levied on personal and corporate income, Euro currency safety and EU integration planned, there’s a plethora of reasons why many are relocating to the Balkan nation.
Montenegro is renowned for its unspoiled beauty, boasting 117 beaches, five national parks, four World Heritage sites, including the Bay of Kotor, the largest freshwater lake in Europe and pristine mountains for skiing. Porto Montenegro has transformed the coastal area creating a hub for international yachting for entrepreneurs and for new inward and local business investment contributing to making Montenegro one of the fastest-growing economies in the Balkans and the second-fastest-growing travel and tourism economy in the world. The growth is reflective of an exponential rise in property prices, reaching 60% since 2012.
Upon completion Porto Montenegro will feature five dynamic and distinctive, yet interconnected neighbourhoods, which will incrementally grow and broaden the destination’s offering, including the current neighbourhood South Village, which provides classic and elegant waterfront living, dining and shopping, with over 50 boutique stores, three boutique business club office facilities, over 400 private apartments, Regent Hotel & Venezia Residences Porto Montenegro with its new, 129 managed Regent Pool Club Residences across its AQUA and BAIA buildings, as well as 50 apartments in its newest Elena Residences building, all overlooking Porto Montenegro’s unrivalled 460 berth superyacht marina.
A new urban village Boka Place, which is under development today and set for completion by 2024, will introduce a five-star health and wellness lifestyle concept hotel and fitness hub, SIRO, from industry leaders Kerzner International (creator and operator of One&Only Resorts, Atlantis Resorts and Residences, Rare Finds unique hospitality and entertainment destinations including the resorts of Bab Al Shams in Dubai and now of SIRO wellness hubs).
Synchro (featuring Porto Montenegro Yacht Club), for which enabling works and final design are now underway, will deliver a luxury hotel and spa set within a beach setting plus a major events and entertainment centre with a wide-ranging lifestyle and leisure programme presenting a neighbourhood of cultural vibrancy and creative fulfilment. It will also offer a collection of rhythmic spaces that focus on fuelling self-enrichment and nourishing the soul, situated within close proximity to the existing yacht club. North Village will transform the existing sports and tennis centre of the former naval dockyard and is planned as a tennis-centric village for sporting breaks and which can host small tournaments, delivering an active but informal and laid-back lifestyle hub with residences, retail and eateries. Meanwhile, Park Gardens is planned as a resort-style oasis and a haven of tranquillity with homes set amongst dense jungle landscape and a winding network of swimmable waterways.
David Margason, Managing Director at Porto Montenegro, said: “Our vision is to complete Porto Montenegro as the premier boating and superyachting hub in the Mediterranean and to reinvent waterfront living with a diverse collection of eclectic but integrated neighbourhoods, which will be introduced over the lifetime of the masterplan according to the prevailing markets, and which harmoniously fuse together to create a place of discovery, and creative and adventurous fulfilment. Porto Montenegro is a year-round destination designed for modern lifestyles supporting a balance of live work and play. With more than 40 nationalities, Porto Montenegro is a global community, where people are united in their curiosity for the unexpected and their insatiable desire for the extraordinary. Building on the success of the destination, through our new neighbourhoods, we will look to offer our residents, tourists and locals new experiences and unexpected adventures that help feed their imagination and enrich their mind, body and soul.”
Boka Place – Completing at the end of 2023
Beautifully designed with interiors from regional designer Atellior, Boka Place will feature 96 hotel rooms, 144 SIR0-managed residences, ranging from studios to three-bedroom duplexes and penthouses, with the benefit of 5-star hotel concierge services and 69 private residences, including studios, one and two-bedroom apartments and penthouses, which can be managed by M Residences Rental Management Service.
SIRO Boka Place will be the wellness brand’s inaugural launch and flagship property, and will offer a rooftop bar and pool, a high-performance fitness studio and Recovery Lab with a selection of health spa services, including infrared saunas and cryotherapy. The new mixed-use development will also provide restaurants and bars, international fashion boutiques and a multi-screen cinema complex. Prices from €250,000 for studio apartments; one-bedrooms from €381,000, two-bedrooms from €594,000; three-bedroom luxury apartments €725,000; as well as penthouses, POA.
Over 80% of SIRO-managed residences have been sold and reserved since the launch of off-plan sales in summer 2020, as buyers look to take advantage of the Citizenship by Investment Programme (CBI), which has now been extended until the end of 2022, as well as the opportunity to participate in the SIRO rental pool programme.
In recent years, the number of unit sales are three times* higher in Porto Montenegro than in the traditional investment spots of Spain and Portugal, and this is expected to increase further with new high-end developments being launched and major infrastructure projects such as a new highway connecting the coast and Podgorica to towns on the north such as Kolasin, and the expansion of ski facilities underway.
Porto Montenegro remains an attractive opportunity for investors for its stable political and economic climate and ease of reach as it’s only three hours from main European cities. The three international airports, Tivat, Podgorica and Dubrovnik provide regular flights globally.
*Source: Dream Estates Croatia & Montenegro (Savills Croatia & Montenegro)