Montenegro became a country in its own right last May for the first time since the formation of Yugoslavia in 1918, when a referendum saw the country voting to split from the Republic of Serbia and Montenegro.

In a speech earlier this week, President Filip Vujanovic stressed the importance of taking the country forward by joining Nato and the European Union.

The Balkan country is now a potential candidate for EU accession and, by establishing links to the west, is benefiting through its fast-growing tourist industry and increasingly popular property market.

Jean Claude Baumgarten, Chairman of the World Tourism and Travel Council (WTTC) complimented Montenegro at the WTTC's 7th annual summit held earlier this month. According to the WTTC, the country is experiencing high tourist growth which will increase by 10 per cent annually over the next decade.

This is good news for the property market in Montenegro which Arlette Adler, spokesperson for The Federation of Overseas Property Developers Agents and Consultants (FOPDAC), recently said is just starting to be discovered by foreign property investors. The property market in Montenegro, she said, has the potential to "blossom into a good proposition." 

As well as being popular with Russian property buyers, the property market in Montenegro is also attracting much attention from Albanian investors and many property experts have suggested that now is a good time for British buyers to get the best deals in this emerging market.

A villa with a view of the Budva area and sea, located in Maine, is currently on the market for 180,000 euros. The property, marketed by Budva Real Estate has a spacious basement, terraces and is partly furnished. A property such as an apartment located in the town of Perast on the Boka Bay, is also on the market. It comprises of one bedroom, an open-plan kitchen and living area and one bathroom. The apartment is on the top floor of one of the oldest buildings in Perast and has two large windows overlooking the sea. It is on the market for 270,000 euros through Dream Property Montenegro.

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Article first published 25th May 2007