UK Tourists Set to Spend the Most of Any Nationality in Montenegro This Summer

Montenegro, a country which relies heavily on Tourism (around 25% of it’s total GDP is attributed directly to Tourism and Tourism based activity) received a boost this week, as it was confirmed that not only are tourist numbers back to pre-pandemic levels, but also that UK tourists are set to spend the most out of any Nationality as they look for more luxurious alternatives, without the long-haul flights and the high price tags.

The Government of Montenegro and the Official Tourist Board of Montenegro have invested heavily in promoting all aspects of this beautiful country including its hidden gems and historical sites such as in Kotor… the idyllic coastal town which not only dates back to Medieval times, but is also a listed UNESCO World Heritage site.

One of Montenegro’s top 5* hotels (The Chedi Lustica Bay) found that in the first quarter of this year UK tourists spent the most on direct bookings to the hotel, and Orascom Hotels Management (who play an active role in the operations of the Hotel) were keen to mention that ‘Given its unique position close to most of the attractions, and the charming fishing villages there’s always something for everyone here in Lustica Bay’. Lustica Bay itself is a new & emerging coastal town with 1500 waterfront homes, seven hotels, two Marina’s and the country’s first International Golf Course.

Visitor numbers have been increasing steadily to Montenegro year on year due to gains in dynamic economic growth, improved air availability and airport amenities with passenger friendly services, so much so in fact that in 2010 there were just over 1m arrivals through Podgorica & Tivat airports, with that figure reaching over 2.6m in 2019. Though there was a huge drop in 2020, it increased again in 2021, and predictions suggest that this year could be the best yet. Even then, it’s set to continue over the next few years with further improvements at both the airports and more slots for both budget and charter airlines. An increase in the Cruise Market (most of which stop at Kotor) will also ensure that visitor numbers continue on the upwards trajectory.

So, what does all this mean from a Property Perspective? Well, there’s already talk of price rises within the Real Estate Industry and this is because of growing demand not just from those looking to buy property in Montenegro, but also those are looking to rent during the busy summer season. Therefore, if you want to take advantage of lower prices now & good rental yields, it’s a great time to start your investment journey. Whether it’s for a Holiday Home or to move here permanently there’s also a number of Expat communities already established here, so you’ll have no problem finding a place to fit in. If you do want more information on Buying a property here in Montenegro, you can visit our FAQ page for further info: https://cmm-montenegro.com/faq/

16.08.2022