Real Estate News | Europe Vacation News
Montenegro to Build Country's First Golf Resort
By Scott Kauffman | October 16, 2012 8:30 AM ET
The Government of Montenegro recently announced the country will be getting its first PGA golf course development in Kavac, overlooking the Bay of Kotor.
News of this major tourism magnet was made official when the State Council for Privatization and Capital Projects formally awarded a 90-year lease to Dutch consortium LPGD to build the region's first PGA golf complex at an investment value of 181 million Euros. The golf course project will be adjacent to the recently launched Sea Breeze development in Kavac and just five minutes from Europe's newest and most exclusive mega yacht marina at Porto Montenegro.
The Montenegro government expects the country's first golf course will be completed in approximately two and a half years. The new golf course community is part and parcel of the government's strategy to develop Montenegro as an elite tourism destination, and the course will be a boost to tourism in the tiny Adriatic state, according to course representatives
Montenegro is already predicted by the World Travel and Tourism County to be the fastest growing tourism destination within 10 years. By 2021, tourism is expected to contribute 2 billion Euros or 37.3% of GDP.
The announcement of the latest golf course is a major boost for Sea Breeze, a villa development of 50 deluxe two and three bedroom stone and terracotta homes built in the style of a Dalmatian hill town, which is now just a buggy ride away from the new course.
"This is a major development in the leisure profile of Montenegro," said John Kennedy, founder of the Boka Group and Sea Breeze developer. "It is not just the first golf course on the eastern side of the Adriatic, but it's a facility that will change the profile of the Kavac and Tivat areas forever.
"For Sea Breeze, the first luxury villas on the market in the golf zone, it means a massive upside in terms of both facility and letting potential for our buyers. They will benefit from being the first completed properties in the zone and from 181 million Euros of someone else's money pouring into their direct environment and adding value as a result. We predict that PGA golf on the door-step will now increase rental-yield and volume as well as adding significantly to capital gain potential".
Each detached villa at Sea Breeze will feature open plan living on the ground floor with a spacious balcony and basement containing a family room or spa, with adjoining glass-walled wine cellar and built in humidor. Additionally, homes come with a private pool, garage and driveway and rather surprisingly a brand new Fiat Punto family car.
A range of options include "smart home" systems and enhancement packages for living, bathroom and kitchen areas. Site management and a rental program are also offered through an annual care package.
Prices start at $516,000 or 399,000 Euros for a 210 square meter two bedroom villa and from $1.16 million or 899,000 Euros for a 243 square meter three bedroom villa.