PROPERTY WATCH: Luštica Bay offers an exciting opportunity to own exceptional property in the gateway to the Adriatic
LOCATED ALONG MONTENEGRO’S Luštica Peninsula, Luštica Bay is a 690-hectare site that is being sensitively developed into a fully integrated, new town in Montenegro with a state-of-the-art infrastructure. It marks the biggest investment volume development in Montenegro yet (1.1 billion euros). Set between emerald waters and mountainous horizons, at the entrance to the UNESCO world heritage site of the Bay of Kotor, Luštica Bay provides awe-inspiring access to one of the most coveted sailing destinations in the Mediterranean.
A marina town offering waterfront residence, hotels, berths, golf- and other lifestyle facilities, Luštica Bay’s initial phases include over 1,500 properties (apartments, villas, and townhouses), and the first of the seven hotels, the five-star Chedi Luštica Bay, which opened last summer. The development also boasts two state-of-the art marinas offering 225 berthing options of up to five years. The main marina offers accommodation for 176 power and sail boats (up to 35 metres in length), and a sizeable secondary mooring area for smaller vessels is in the pipeline.
Darren Gibson, Chief Executive Office at Luštica Bay commented: “Montenegro is steadily becoming a go-to destination for those seeking an ultimate luxury riviera lifestyle and a sound long-term investment. The Chedi is a perfect fit … and firmly establishes Luštica Bay at the forefront of luxury residential and tourist destinations in the region.”
In addition to real estate and hotels, a wellness and spa centre, 18-hole championship standard golf course, and a conference centre, Lustica Bay will offer year-round amenities including shopping, dining, and educational and medical facilities.
The destination also offers a wide range of properties, from waterfront apartments, charming hillside townhouses, to exclusive private villas, and provides a home for healthy and active living on the Adriatic coast. The fully-integrated town offers excellent services and a vibrant social hub with restaurants, bars and leisure activities. Designed to reflect the style of traditional fishing villages of Montenegro, the main marina forms the very heart of Luštica Bay. Today, the promenade is already bustling, with some residents having lived at Luštica Bay for three years already. The new Mediterranean community is served by three international airports – Tivat, Podgorica, and Cilipi in neighbouring Croatia – which are within easy reach, offering direct flight connections across Europe.
Built on one of the world’s most beautiful golfing spots, a star leisure attraction promises to be the Gary Player-designed academy standard facility, which is currently under construction.
Enjoying the coastline’s 240 days of sun per year, seafarers can venture from Luštica Bay to Montenegro’s diverse selection of high-end marinas. For those seeking adventures further afield, the coastal temptations of Greece, Croatia and Italy are only a short cruise away.
Luštica Development AD was founded in 2008 as a joint venture between Orascom Development Ltd. (90 per cent) and the Government of Montenegro (10 per cent). Financial benefits of life in Montenegro include the fact that the tax system has become one of the most attractive in Europe with a flat-rate income and 9 per cent corporate tax. Buying and registering property is straight-forward and foreign investors are treated as equals with Montenegrin citizens. Buying and selling is conducted in euros, so there is limited foreign exchange risk.
Luštica Bay is quickly becoming one of Europe’s most desirable destinations, providing virtually unlimited potential for investors. Whether buyers are looking for a stunning holiday home, an accessible and secure home port, a savvy rental opportunity, the perfect location for a business, a haven in which to retire, or your new home in Montenegro, Luštica Bay has something for everyone.