New luxury residence in Montenegro a potential boon for investors

31 August 2020 | Investment

Porto Montenegro, the luxury waterfront and yachting paradise in the Bay of Kotor, is expanding with the launch of a new neighbourhood, Boka Place.

The development will feature a diverse selection of eateries, retailers and public spaces, as well as 213 managed and private residences ranging from studios to three-bedroom duplexes.

Boka Place will also be home to the first SIRO 360 Vitality Hub, a new fitness-infused hotel concept. Prices start from €190,000.

Porto Montenegro has ‘epitomised Mediterranean sophistication’ since its launch in 2006, boasting the Mediterranean’s largest marina, waterfront residences, luxury retailers, upscale dining and a year-round event schedule.

Now a long-established and popular destination, the introduction of Boka Place aims to allow those interested in buying a home to do so at a more accessible price point.

The development is spread across five buildings and designed around a central square, including a mix of managed and private apartments, penthouses and duplexes to cater to the needs of a variety of purchasers.

The homes, located at the entrance to Porto Montenegro, are built on a naturally elevated plateau, allowing for ‘stunning’ panoramas across The Village, marina and to the ‘picturesque’ waters of the bay beyond.

Boka Place’s key attraction will be SIRO, a new and immersive urban lifestyle destination, inspired by vitality and wellbeing at the core of the guest experience.

A new concept by Kerzner International – the international developer and operator of destination resorts, ultra-luxury hotels and residences, and innovative entertainment – it will ‘blend the boundaries between fitness, wellness and hospitality through fresh perspectives and engaging experiences that elevate, empower and energise guests through holistically transformative spaces and experiences’.

New luxury residence in Montenegro a potential boon for investors

In total, 144 of the residences at Boka Place will be managed by SIRO, with unlimited access to the ‘state-of-the-art’ fitness amenities including a wellness hub, 20 metre retractable pool, food lab, juice bar and infrared sauna.

In line with SIRO’s philosophy, the apartments have been designed with wellbeing as a focal concept, featuring large open spaces, built-in stretching and exercise units, air purifiers, ergonomically designed furnishings and sustainably neutral materials.

The managed element also provides convenient property management and rental services aimed to suit second home owners.

Buyers of the managed residences will be eligible to participate in Montenegro’s Citizenship by Investment programme. With a minimum investment of €450,000 and an additional €100,000 donation to a Montenegrin government development fund, successful applicants will be granted full citizenship within six months of applying.

Boka Place also features 69 private residences for buyers looking to move permanently. These homes benefit from exclusive access to an infinity pool and secluded gardens, while the interiors have been designed to maximise the natural daylight to create a tranquil atmosphere. Buyers can fit and decorate themselves or purchase a fittings and furniture package.

The private residences also offer the opportunity to join the M-Residences Programme, Porto Montenegro’s ‘hassle-free’ management services.

The central square will be a congenial hub of ‘well-loved eateries and year-round activities’ including a weekend market. Meanwhile, the surrounding shopping galleries will feature a new concept market and food hall, a three-screen experience cinema and a collection of popular fashion and convenience retail brands. Boka Place will also cater to families, boasting an indoor climbing wall, kids play areas and a diverse events programme.

David Margason, the general manager of Porto Montenegro, describes Boko Place as ‘an exciting new milestone within the Porto Montenegro development’ which is set to ‘reinvent the idea of waterfront living’.

He says: “We designed Boka Place as a direct response to the needs of interested buyers. It provides a more affordable alternative for discerning buyers who want to be a part of the Porto Montenegro community without having to compromise on quality or amenities.”

“Buying a managed residence at Boka Place gives also the rare and exciting chance to participate in the scheme and gain Montenegrin citizenship. The Montenegrin passport allows free movement across 123 countries and with the country’s planned EU accession by 2025, the holder is eligible to a host of additional benefits.”

New luxury residence in Montenegro a potential boon for investors

He adds: “We are also thrilled to be home to the first SIRO 360° Vitality Hub, created in response to the global growth of the wellness sector and the increasing importance of personal wellbeing.”

Porto Montenegro is located just four kilometres away from Tivat Airport, which operates several flights daily to major European cities.

In August 2018, Property Investor Today covered the opening of Montenegro’s 5-star hotel, the Chedi Luštica Bay.

For more information on residences at Boka Place and other developments in Porto Montenegro, you can visit its website here.

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–> This post has originally been featured in Property Investor Today.