Why I bought a property in Montenegro

So, buying a place abroad seemed a viable way for me to invest for my future life. I planned to hold the property for a few years until I had seen some worthwhile gain and then sell and reinvest all the money in another way to increase my “pot” (probably some sort of stocks and shares fund).

Places were selling so quickly then that the places I had spotted online before my trip were all sold by the time I arrived. I had lined up to meet some property agents that advertised online but I was actually shown my apartment by a local property agent who I met by chance when I was there.

My own place in the sun – in Montenegro!

It was a 2nd floor apartment above a small restaurant in a lovely square, set one back from the main square. 3 generations of one family were living in the place when I viewed it. All packed into the compact 47m2 space with its 2 bedrooms, lounge, kitchen and tiny outside toilet. Goodness knows where they bathed.

It was crammed with big heavy furniture, but it felt much bigger than it was because of the elegant 3.2m high ceilings. And it had the original parquet flooring and panelled wooden double doors throughout. With its sturdy 2-foot-thick stone walls and shuttered windows overlooking a gorgeous marble-tiled square below, I was smitten.

I had already started to think how I could come and stay for a few months in between contracts. I could walk out in the morning and buy fresh bread at the nearby bakery, have my morning coffee at the café below, improve my language skills and live as a local.

So, £41k paid (55k Euros at the time), contracts signed and less than 2 months later after that first visit it was mine.

“But, why buy a property in Montenegro?”

Without fail this is one of two questions I am always asked first whenever I mention I have an apartment there. I suppose Montenegro kind of stands out as unusual. (The other question is “Where is Montenegro?” if you are curious).

South Eastern Europe was certainly deemed riskier as its property market was less developed than places like Spain or France. I originally set out to buy in Croatia as I lived there for 6 months as a student, spoke the language and loved every minute of my time there.

So, I had some experience and connection with that part of the world. (I’ve had a long-standing thing about eastern Europe for a while since studying Russian at college).  So, Croatia seemed a natural choice.

South Eastern Europe was certainly deemed riskier, as its property market was less developed than places like Spain or France.

Why I bought a property in Montenegro

But someone at a property show suggested I look at Montenegro, as it was at the time 15 years behind Croatia in their property market, and therefore wasn’t so expensive and had great potential. I had actually lived in Zagreb 15 years earlier, so although I hadn’t actually gone into Montenegro, I felt I had a grasp of what she meant.

It’s now 13 years on and I have surprised myself by still owning the apartment. And I love it. I get fresh bread from the nearby bakery in the mornings and have a coffee at the café below.

Granted, I’ve experienced the frustrations and difficulties of renovating and owning a property abroad, so it certainly hasn’t been a passive investment in that respect.

But I’ve learnt a lot and built up some very happy memories there. I’ve been through the credit crunch and survived. Now things are on the up and property prices in Kotor Old Town seem to be finally edging in the right direction.

Turns out buying in Montenegro wasn’t so risky after all.

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