Celebrities and investors see twin appeals of Montenegrin beauty and profit
It is not only savvy investors with an eye for a profit buying property in Montenegro; the country's beautiful coastline makes it a sound long-term investment and the rich and famous are also getting in on the act.
Among the well-heeled new residents are Formula One racing driver Ralph Schumacher and Russian tycoon and Chelsea Football Club owner Roman Abramovich.
The local residents are doing well out of the investment with 86 people - one in 80 residents - from the coastal resort of Budva becoming millionaires overnight by selling their homes, Playfuls.com reports.
And the market is showing no signs of slowing, local reports suggest.
Bojica Boskovic, director of broker Senzal, said: "Before the concrete for the foundation is mixed, the place is sold. It doesn't matter if it's on the sandy southern coast, the urbanised Boka fiord, on the mountain or in the city, it just goes."
Much of the foreign investment is coming from western European countries like the UK and Germany that have mature property markets with high prices. Montenegrin property remains well below the cost of those areas suggesting there is room for further growth.
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