In an interview for ee24.com Mikhail Sadovsky, managing partner at investment company "Bereg Invest", tells why Montenegro is more interesting than Croatia; what do the Montenegrins think about Crimea and how to get the Russians closer to the Europeans.
– The company operates at the real estate market in Montenegro for 9 years and is involved into construction and sale of built houses. Customers are provided with an opportunity to purchase property directly and without extra charge that saves not only money but time as well and gives full information on any issues.
The Kotor bay region
– What are your projects and their advantages?
– In 2005, our company has acquired a 1.5 hectares land plot in the town of Kotor, in the Dobrota village. Currently there is a complex called "Pearl of the Adriatic". Two buildings are finished, and in total there will be over 12,000 square meters of housing. All our apartments with footage from 50 up to 100 sq.m are sold finished, with a great sea view from the windows, as sea is located 200 meters away from the complex. In addition, all apartments have a balcony or terrace. Besides construction activity, we have a management company that may shower the lawn, make an airing, heat your apartment, or will rent if owner asks for such service.
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"The British have left, but now come back and that is a good sign for us. As you know, they go where interesting and profitable undervalued property is"
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Our object location is unique as only 100 km away from the town of Kotor there is a ski resort. You may swim in in the Adriatic in the morning and spend day and night skiing. Neither Switzerland nor Austria or even Italy provides such opportunities.
– Who are these foreigners purchasing property in "Pearl of the Adriatic"?
– The main buyers are the Russians, the Serbs and the British. The British were first to come to Montenegro and the Russians followed later. By the way, the British have left, but now come back and that is a good sign for us. As you know, this nation is very sensitive to the market, they go where interesting and profitable undervalued property is. They are assisted by British banks crediting their own citizens buying abroad. Maybe our banks will also face the demand as every second buyer asks us about mortgage. We are ready to cooperate as we are sophisticated in cooperation with banks; I worked in the banking sector for more than six years.
The Kotor bay region
There are lots of the Russians in Montenegro, but they are invisible
– Will the Russian – Ukrainian crisis affect on demand? What do the Montenegrins feel about the Russians now?
– Of course, the crisis affected and we hope that result will be positive for us. Montenegro has always been a very calm region. Although very few people know, but even during the Yugoslavian coast crisis, not a single bomb has fallen. It wasn't attacked by NATO. Despite the Crimea annexation, I believe that the Russians have little alternatives to Montenegro.
Mental aspects and environment are highly important for property owner. Real estate purchase is cheaper in Bulgaria, in Spain or even in Cyprus, but if you acquire it how will you communicate? Try to explain your request to the Cypriot plumber in Greek. You’ll understand Montenegrin language immediately and will speak it on the third day.
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"The Russians coming to Montenegro are changing radically and dissolve in the Montenegrin environment"
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I've noticed over the years that the Russians coming to Montenegro are changing radically and dissolve in the Montenegrin environment. Inner transformation takes place; they make no noise in the streets and cafes, refuse from spirits of wine and contemplate more. Therefore, although we know that many Russians acquired real estate in Montenegro, we don’t see them. At least in the Kotor bay region.
Montenegrins are waiting for the Russians and feel comfortable about them. They used to say to the British, the Americans and to the whole world: "We are 200 million together with the Russians!" And you'll hear another phrase from the people of Montenegro: "Dobro doshli". That is "Welcome". Ordinary people support Russia in Crimea annexation and consider it as restoration of historical justice.
Kotor
– Nevertheless, the Russians still may not count on a mortgage in Montenegro, isn’t it?
– In practice, there are some special cases. We have been negotiating with the banks, some of them declare such an opportunity, but we didn't face cases of crediting the Russians. To get an instalment from developer is easier way– the essence is the same but faster and cheaper.
Montenegrin limit is €80,000
– How much most inexpensive property in Montenegro costs?
– I wish that this amount was less, but really good and interesting real estate at Montenegrin coast may be purchased from €80,000 up to €100,000. You may enter the market with a lower amount, but the question is what you get for it. Will you be satisfied with a handicraft heightened floor in maintenance building with vague legal history? If you intend to live in Montenegro or spend good vacation here, it is worth buying home from €2,000 per square meter, preferably at the primary market.
– It’s cheaper to purchase real estate in neighboring Croatia...
– It is not cheaper in Croatia and you’ll face with certain problems that are usually silenced. There are complexity in real estate registration for private persons and the attitude towards Russia and the Russians, and linguistic and religious problems as well. In Montenegro all this is simpler and heartier.
Podgorica
– Is real estate in Podgorica in demand?
– From my point of view, this property makes no interest for ordinary Russian. Only commercial real estate may in the capital city make some interest as that is still the administrative center of the country. But many Serbs and Montenegrins living and working in Podgorica, also have cottage or apartment on the coast. Property purchase in Podgorica is possible, but what for? It takes more than an hour to get to the sea. Much nicer is to fly three hours from St. Petersburg or Moscow to Tivat, then another 10 minutes by taxi to Kotor – and you're at home, at the warm coast. The Russians do not need visa to go to Montenegro, so you may come here spontaneously.
– How would you describe Montenegro in one sentence, to motivate people to come and buy real estate? For example: Spain is a country of warm sea and eternal summer, and what about Montenegro?
– Montenegro is a country where you are loved!
Interview: Alexander Fetyukov, ee24.com
In the photo: Mikhail Sadovsky (left)