LONDON: With plans for more than 1,500 waterfront homes, seven hotels, two marinas and the country’s first-ever golf course, Montenegro’s partially completed luxury Luštica Bay looks set to be the home away from home for scores of buyers across the Middle East.
Potential buyers and members of the press were treated to a revealing look at the development — fronted by Egypt-born developer Orascom Construction — at an event in London on Thursday night, complete with a showcase of all that the residential and touristic haven has to offer. Thursday’s event also showcased Egyptian jewelry house Dalseen’s refined new collection, inspired by traditional doorways in the country.
Within reach of three major airports and just a stone’s throw from the UNESCO world heritage Bay of Kotor, Luštica Bay is already home to a bustling community of homeowners, as well as the Marina Village boasting a waterfront promenade of shops, restaurants and lifestyle outlets along with its newly opened hotel, The Chedi Luštica Bay.
Luštica Bay. (Supplied)
Developers are now looking to attract buyers from the Middle East.
“As soon as we saw that FlyDubai launched their new route, we thought, ‘Ok, this is a market we need to look at,’” Nevine Coutry, international marketing advisor, said, referring to the airline’s Dubai- Podgorica route, announced in 2017.
A property with a pool in Luštica Bay. (Supplied)
“We did have a few buyers from the region prior to the flights… but I think that once we saw that FlyDubai was on board we thought, ‘Ok, it’s time to invest in attracting more buyers.’”
For such a unique project — bordered by rolling hills and the crystal-clear waters of the Adriatic — it should come as no surprise that the Middle East’s discerning buyers are on the radar.
“The project is quite unique in terms of what it has to offer, it’s quite different to the other projects in Montenegro,” Coutry expanded.
“They key selling points are that it’s a sustainable project — it’s the largest greenfield investment in Montenegro, it’s seven million square meters in total and only 10 percent of that (area) will be built. The rest is going to be open green space. What also makes it different is that it’s not just a residential or touristic destination, it’s also a long-term community so we will be developing a school, a hospital, there’s going to be a sports center… everything you need to be really self-sufficient,” she added.
The interior of an apartment in Luštica Bay. (Supplied)
Luštica Bay also boasts two marinas offering 225 long and short-term berthing options for sea-lovers. The main marina, launched in 2018, offers accommodation for 176 power and sail boats up to 35 metres in length and a sizeable secondary mooring area for smaller vessels.
The interior of an apartment in Luštica Bay. (Supplied)
Last year also saw construction begin on the town’s second neighbourhood that will become its new town centre: Centrale. With the highest concentration of commercial, cultural and communal facilities in Luštica Bay, it will be home to a range of apartment types — from studios through to three-bedroom offerings — intermingled throughout the public buildings. It is planned to host a population of 3500 people, with up to 1000 permanent residents.
Last year also saw construction begin on the town’s second neighborhood that will become its new town center: Centrale. (Rendering supplied)
Investors from the region will likely be buoyed by the country’s citizenship by investment scheme, announced in 2018. The limited-time scheme is set to run for three years and offers individuals the opportunity to obtain Montenegrin nationality, in return for investment in the country’s real estate plus a donation to fund an aspect of its development.
