Reduced from 450,000 to 375,000 - Bank valuation of 512,000
Building project for sale in the Lustica peninsular.
This development was recently valued at €511,900 by Hypo Bank but is currently on the market for €375,000 plus payment of comunali tax, making it excellent value to an investor.
This is a development of 9 large, contemporary, apartments close to Mirista and Zanjice beaches in the Lustica Peninsula, situated on Montenegro's Adriatic coast, 11km from the proposed new mega-marina in Tivat.
There are also 2 huge government tenders in process which will bring large hotel chains, marinas and a possible golf course into the area.
The first one is for Mamula island just off Zanjice beach,
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Also there is the development of 7 million square metres of land in Lustica which the government is discussing with the Orascom group.
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There are very few developments on this stunning peninsula of Lustica which boasts a wild beauty not found elsewhere in Montenegro, with its rolling hills, stunning beaches and warm Mediterranean climate.
The development will consist of 3 blocks of 3 apartments (each block as shown opposite). Each block contains 2 duplex apartments and 1 penthouse. Each building has its own pool, parking and superb sea views. Designed by a top local architect, they will be unique in design and location. Whilst the permissions have been obtained for the buildings to be built as 9 apartments, they could also be built as 3 villas assuming the external design is not changed.
Until now most development in Montenegro has taken place in the Kotor Bay or Budva Riviera. Tough planning restrictions have prevented development in Lustica. The development is on urbanised land and due to the planning restrictions, this will keep the area exclusive.
Site plans have been approved and location and building licenses are in place. The project is ready to start building.
The estimated build cost is around €700,000 and the estimated sales value is around €2,000,000 giving an excellent ROI.
Building project in Montenegro 
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