What You Can Buy in the Youngest Resort of Montenegro
Luštica Bay is the youngest resort town in Montenegro and the largest development project in the country.
The grand opening took place in 2018. Then the first phase of construction was completed: most of the buildings in the flagship seaside area of the Marina Village were commissioned, the first guests were received by the five-star hotel The Chedi, a marina for yachts, boutiques and restaurants on the embankment were opened.
Now construction continues, sales are in full swing, just the other day the developer announced the start of work on a new area of the city. Let's see what kind of property you can buy in Lustica Bay and how much it costs.
So, the Luštica Bay Resort consists of three districts…
The showpiece district which defines the style of the entire town. Here the traditional architecture is combined with modern ideas of comfort. Views of the Adriatic from almost every apartment create an idyllic atmosphere.
The heart of the area is the marina just like in the old seaside villages. Along the marina there is an embankment with restaurants, boutiques, galleries. The five-star hotel The Chedi is located on the first line. On the hills – low-rise buildings of different formats (apartments, townhouses, villas). All this was built in less than ten years!
Sales have started long before the buildings were put into operation. And by 2018, almost all properties in the Marina Village already had owners. The area has turned out to be very international, citizens of 40+ countries of the world reside here.
Only eight ready-made apartments are available on the secondary market at the moment and published by investors who invested in the project at the initial stages of construction. Prices start from €250,000 for a 35 sq.m studio with sea view.
The developer has already started construction of a new phase of the Marina Village area called Iris Residences. Perhaps their main advantage is the sea front location in the heart of the resort. While there is a choice of layouts from 40 to 142 sq.m., prices start from €231,000, and installments is possible.
The service apartments managed by the five-star hotel The Chedi is yet another format that you can still find in the Marina Village area. Location on the first line, directly opposite the harbor, panoramic sea view, impeccable design by GG & Grace. The cost is from €320,000 for a 49 sq.m apartment with a terrace and fully furnished. The apart-hotel has already been built. It works and brings guaranteed income to the property owners.
After the completion of the main works in the Marina Village, Orascom Development started the development of the second large-scale Luštica Bay district with the name of Centrale. It will become the business, cultural and administrative center of the resort.
A school, a kindergarten, a medical clinic, a supermarket and an outlet mall, sports complexes, a gas station and a car service, a post office, a bank, a police and fire station... It is going to have all necessary urban infrastructure. The heart of the district will be the central square with galleries, shops, and cafes. Just look how much greenery there will be in the central area.
Now sales are mainly happen in the Centrale area, which is in the first stage of construction. Some of the houses have been commissioned already, some are in development. Nevertheless, apartments are available for purchase at the off-plan stage. The completion of the entire district is scheduled for 2028.
Perhaps the main advantage of real estate in Centrale is affordable prices. Apartments here are two to three times cheaper than in the Marina Village. Prices start from €112,000! And at the same time, homeowners in Centrale will have all the advantages of living in Luštica Bay with just one exception: there is no sea view from each apartment, but you can reach the embankment and other areas of the town within five minutes.
What advantages do property buyers get in Luštica Bay
Look how a finished apartment in the Centrale area looks like.
Buyers of apartments at the off-plan stage in Centrale receive the most favorable prices: as the work is completed, the cost of apartments always increases, and significantly! For example, here's how prices changed at different stages of the construction of the Marina Village.
Also, buyers of apartments in Centrale can pay in installments: 15% at the stage of signing the contract, the rest is on schedule during the construction period without interest and overpayments. Perhaps you will be offered a discount, but the developer suggests discussing it on an individual basis. Finally, you can choose the finishing materials and finalize the design project to your liking.
Of course, the earlier the decision on the deal is made, the wider the choice will be. Judging by the experience of sales in the Marina Village, there might not be vacant apartments by the time of putting building into operation.
And finally, the newest development area of Luštica Bay is the Golf Residences. Real estate sales have just been announced here in September, 2021.
The foundation for the development of the area has already been laid: the developer invited the 'king' of golf Gary Player to design a professional 18-hole course, and the first 9 will open by the end of 2023.
It is already possible to make pre-orders for villas in the first stage of development in The Peaks complex. It will be located in a premium location, on top of a hill, above Hole No. 1 of the first and the only professional golf resort in Montenegro.