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With Prices Down 60%, Montenegro Looks Like a Faraway Deal

It might be even further afield than the shores of Croatia we profiled last week, but the coast of Montenegro has much to offer those in search of an Adriatic value. The New York Times paid a visit to this 18th-century stone villa in a suburb of Kotor, currently listed for $1.6M. The waterfront mansion would have been worth much more back in early 2008, when prices peaked around $1K per square foot. With the onset of the global financial crisis, prices plunged by more than 60%, but several high-dollar developments funded by foreign money are still moving ahead. According to the Times, 85% of the buyers in Montenegro are Russian, but the area around Kotor also attracts Western Europeans looking for historic properties.
· House Hunting in ... Montenegro [NYT]
· Five Croatian Coastal Residences with Classic Chic Potential [Curbed National]