A Scenic Destination Nestled Between Mountains, Lakes, Rivers & a Magical Bay
Sometimes it is worth taking a trip beyond the borders of the EU for a new discovery. Montenegro is such a place to add to your “To Visit” list. Surrounded by mountains sloping down to a beautiful bay in fjord-like fashion, it is a region with much to be discovered including four UNESCO Heritage Sites and five National Parks. Majestic Mount Lovcen, the “black mountain” is what gives Montenegro its name. Everywhere you turn is a picture-perfect postcard.
It is a relatively new destination for both luxury tourists as well as real estate investors. With a population of under 700,000 citizens, and a country about the size of the state of Connecticut, this well-kept secret destination is finally getting noticed amongst a broader upscale audience.
I decided to take a trip to experience it myself and learn about the real estate opportunities. I had about a week to cover as much territory as possible. This included some of the highlight cities, top tourist attractions, and real estate developments on both land and sea. I didn’t’ have time to venture into the wilds of the mountain wilderness with noteworthy National Parks filled with lakes, rivers and wildlife. I’ll have to return for that. Montenegro is a year-round destination so it’s also worth a visit in the winter.
THE ARRIVAL
Hyatt Regency Kotor Bay Resort
I arrived at Podgorica Airport at night and traversed the mountainside roads above the bay in darkness, so I did not see the magical views below til morning. My first hotel in Kotor was the Hyatt Regency with 252 rooms and suites plus seven restaurants and bars. I’m not normally up for big, branded hotels, but this one was wonderful and sits in a UNESCO World Heritage-protected area. The staff was the friendliest and most accommodating of any hotel ever! I wasn’t sure if it was the Hyatt training, but soon learned it was really the way of the local Montenegrins. This Hyatt sits right on the bay, which is a bonus for both sunbathing on their natural beach, the biggest on Kotor Bay, and boat tour departures from their marina. I took a Boka Bay tour with some fellow guests that included a stop at ‘Our Lady of the Rocks,’ an island with a picturesque church and checked out a Bond-like Blue Cave and saw the coastline towns from the water. Rooms are oversized with balconies. The breakfast buffet was top notch with tons of choices and a great place to meet fellow travelers and get tips. There are two big outdoor pools and one indoors. There are two spas, including a more serious medical one. An expanded meetings area was being built while I was there to accommodate bigger groups in 2025.
Kotor Cable Car
The highlight of my first day in Montenegro was heading to the Kotor Cable Car just in time for sunset. This was probably one of the coolest and most magical sightseeing things I’ve ever done. Only hot air ballooning in Cappadocia at sunrise beats this by a bit. This attraction recently opened in mid-2023. Absolutely everything about it is impressive from the manmade elements to breathtaking views made by Mother Nature. It is the least “touristy” sightseeing spot designed in such a hip way with attractions and activities for all ages. The 11-minute glass gondola ride to the top gets your jaw dropping while you scramble to get just the right Instagram pix as you ascend from the historic Kotor town to the wilderness of the mountains. Enroute, you get a birds-eye view of the medieval town and ancient city walls. Here you see the most beautiful meeting place of land, sea and sky. The panoramic view makes you understand why Montenegro has one of the most beautiful bays in the world. As you exit the gondola you feel the crispness in the air with a significant temperature drop. You have arrived to the upper station, Kuk. The first order of the day is a perfect selfie at the Forza Kuk oversized frame encapsulating the scenery beyond so you can tell folks back home that you were here!
The thoughtful Kotor Cable Car sustainable design with cutting-edge technology carefully integrates the environment with mankind. Hiking paths abound at the top through Lovcen National Park. Mountain bikes are on hand for rent while thrill-seekers can hop on the Alpine Coaster that has a 1-kilometer track speeding along at up to 4p k/h. There are also some cultural exhibitions up here. I followed the path around to where I heard some super chill music. And as I approached, I saw a series of orange canvas sundeck chairs, wooden tables and an Aperol spritz logo. I had found my heaven-on-earth spot and proceeded to order my first drink. While the DJ played amazing and serene tribal music, I sipped my Aperol while gazing off into the sunset with the mind-blowing scenic bay below. I decided I was in no hurry here so one Aperol turned into two. My buzz was perfectly calibrated to prepare my descent down to the base.
Forza Group
For my next overnight stay, I opted for a super boutique five-star hotel called Forza Terra with only ten suites on the opposite side of the bay. It is in a small coastline village called Dobrata on a pedestrian-friendly street alongside the bay filled with residences and a few cafes. Forza Terra is part of the Forza Group, a family-owned business that started baking cakes back in the day, over 30 years ago. But these are not just any cakes. They are masterpieces with secret recipes handed down generation to generation. Their signature cake is the Moska snit and the Dobratska is another popular one. In 1991, the family opened the Forza Café (Forza Pasticceria Artigianale), baking the best Montenegrin cakes in the country, located just inside the main gate to Kotor Old Town where patrons can relax, and people watch. Today, Forza has Forza Kuk restaurant atop the Kotor Cable Car and Forza Porto restaurant in swanky Porto Montenegro, run by the son.
Expanding on their offerings, the Joketic family added boutique hotels starting with Forza Terra followed by Forza Mare and Villa Forza each offering gourmet dining experiences to satisfy the fussiest foodies from breakfast to dinner and of course artisanal sweets anytime. Their hotels and villa have hosted a slew of celebrities over the years. And global tennis star, Novak Djokavik has a home nearby their Villa in Dobrata. All their hotel properties overlook the cinematic scenery of the Bay of Kotor with the goal of serving guests in a friendly atmosphere intertwined with privacy.
Forza Terra
I stayed at Forza Terra, the family’s second boutique hotel with a neo-classical façade adorned with wrought iron balconies. Each of the rooms are modeled after different fashion designer styles like Valentino, Fendi and Dior. Mine paid homage to Ralph Lauren. It had a separate living room, bedroom and outdoor terrace with the winning bay view.
La Bistecca is the on-premises restaurant offering delish food from a gourmet breakfast buffet with homemade delights to lunch indoors or out by the bay. The dinner menu offers a Mediterranean cuisine with an Asian fusion made with locally sourced organic ingredients and fish. Tempura is a house favorite. For wines, Forza Terra Winery premium vines yield fabulous vintages served to guests.
There is also a small gym with Technogym equipment, a spa with Roman-style baths, a Finnish sauna, a tepidarium, an indoor and outdoor pool and petite private beach on the bay – all a part of Forza Terra.
Forza Mare
Forza Mare, the family’s first hotel, is a 10-suite boutique hotel, each with a country theme ranging from Africa, Japan, Dubai, India, Provence, Venice, Chile, Morocco, Ireland to the U.S. Delicious meals are served by Forza Mare’s ala carte restaurant complimented with fine Forza wines. The Spa includes Turkish baths, Finnish sauna, jacuzzi, outdoor pool, gym and a private beach.
Forza Villa
Forza Villa is the newest addition to the Forza hospitality group sitting bayside near Forza Mare with awe-striking views. It offers an exclusive, private experience set in a newly restored residence with a muted earthtone color palette of contemporary Bohemian design. It has four bedrooms, outdoor terraces as well as a pool and private beach. It is ideal for wedding parties or families as well as anyone seeking total privacy. Plus, a private butler and the Forza chefs are available for catering any meals desired and spa services like massages can be had.
Forza Weddings & More
Forza Group has an entire team dedicated to wedding and event planning. They aim to please whatever the style, setting or theme desired. And Forza gourmet chefs cater to any palate with healthy and flavorful selections. From a casual cocktail party to a formal sit-down dinner for weddings and special occasions, Forza is ready to professionally serve.
The Forza family is truly entrepreneurial. They also created Forza Travel Agency and Forza Magazine.
The Forza Five Star Experience motto is, “For the impossible, we need a little time. Everything else, we can do instantly.” Over the years, the Joketic family has become one of the leading promoters of elite tourism in Montenegro. Just a few of a long list of celebrities and movers and shakers who have enjoyed the hospitality of Forza Group include Tom Cruise, the late Tina Turner, Beyonce, Jay Z, Flavio Briatore and Mexican billionaire, Carlos Slim.
Mamula Island
For an otherworldly destination resort experience, Mamula Island is the place to go. I went for a day trip to tour the property and was duly impressed. It is set on a secluded island that was once a 19th century fortress that has been meticulously restored into a masterpiece property like none other. It is accessible by helicopter or boat. I was shuttled by boat to this mystical place surrounded by the Adriatic Sea and sky. It is located at the entrance to the Bay of Kotor, part of a UNESCO World Heritage Site, that was the perfect place for guarding against the enemies entering Montenegro by water. Earthy sand tones are the predominant colors in the 32 rooms with Heritage rooms in the original spaces of the fort and New rooms on extensions to the fort. Picture windows offer much light and peak out to the bay’s shimmering waters. This is a place to truly unplug and reconnect with self. There is a holistic spa, beach, three pools, three restaurants and four bars here. The Artist in Residence program provides guests with art talks, craft sessions, and even music Masterclasses. This 170-year-old fortress is a special place to have a destination wedding or a secluded honeymoon or to just escape the real world. Putting the stamp of approval on Mamula Bay, Conde Nast Traveler included it on their “The Best Hotels in the World 2024” list.
Nikki Beach
Feeling nostalgic for a taste of home, I made a pitstop at Nikki Beach Resort & Spa Montenegro. This brand was first conceived in South Beach, my home base and later launched at numerous jetset locations worldwide. The view was wow factor here. But I just learned that it has permanently closed in Montenegro. I wonder what will open next at his magical bayside location.
Historic Old Towns
Montenegro is a destination filled with all sorts of medieval towns with historical heritage. Besides the most famous, Kotor Old Town, there is Perast, Risen, Herceg Novi Old Town, Budva Old Town and Bar Old Town. I managed to visit a few. The ancient 2000-year-old walled Kotor Old Town is a must. The entire town is a UNESCO World Heritage Site. I went for lunch one afternoon along the seaside in historic Perast at Conte Hotel Restaurant and afterwards tasted pomegranate wine from a local vendor. Perast has only one main street, 20 Baroque palazzi and 18 churches including the Church of St. Nicholas with its 180-foot (55- meter) bell tower. Another day, I walked the many scenic steps in Herceg Novi. Each place has its own identity and sights worth seeing.
Portonovi
Not far from Herceg Novi Old Town is the relatively new real estate development of Portonovi on Boka Bay which opened mid 2021 with its flagship, One&Only Portonovi Montenegro Resort. Portonovi is a $1 billion development built on the site of a former military base by Azmont Investments, an Azerbaijan company. It is spread over 64 acres (26 hectares) along about 1 mile of coastline (1.8km). The development includes 218 luxury residences for sale and rent including 10 One&Only Private Homes. These were the first branded residences in Montenegro with a mix of apartments, penthouses, townhouses, and villas ranging from one to four bedrooms ranging in price from about 700,000 to over 10 million euros. There is also a 238-berth, Portonovi Marina and a village of shops and restaurants, plus a school, spa, beach club, tennis club, yacht club, parks and over 30 swimming pools. It reminds me a bit of Fisher Island in Miami, an all-inclusive island of private residences of the rich and famous, reachable only by private ferry. Both communities attract global citizens, preferring a safe haven in an idyllic location.
Lustica Bay
Another day, I took a visit to check out Lustica Bay development perched on a hilltop overlooking Boka Bay with about 4.5 miles (7km) of coastline with access to five beaches. It was founded in 2008 by a Swiss-based development company, Orascom Development along with the Montenegro government. It already has over 400 families from 40 countries that call Lustica Bay home. It is a master planned community that when all done will have more than 6000 residents with over 3000 apartments, 300+ luxury villas, and seven hotels. The current marina will expand to 100+ berths and will be joined by a second marina. Neighborhoods will cover only 10% of the land’s footprint with significant areas being preserved for green spaces. Prices range from about 425,000 to over $4.2 million euros, subject to change.
The first branded hotel already on-site is The Chedi Lustica Bay, a member of the Leading Hotels of the World, set in Marina Village, the first flagship neighborhood. It has a marina and a chic promenade of shops and restaurants. The Peaks is the much-anticipated elevated neighborhood that will have Montenegro’s first-ever 18-hole golf course designed by world-renowned golf champion, Gary Player along with impressive golf villas with panoramic views of both Boka Bay and the Adriatic Sea.
Centrale neighborhood will seamlessly connect Marina Village and The Peaks and is expected to have many year-round residents. It will have residential, commercial and public spaces. There will be a bustling Piazza as well as a school and hospital, plus a police and fire department. Lustica Bay will also have an Amphitheater for live entertainment and celebrations. Here is a place that is succeeding in creating a real sense of community amongst its residents.
Porto Montenegro
The catalyst that helped to put Montenegro on the global map is Porto Montenegro in Tivat. It is located at the UNESCO World Heritage Site of Boka Bay. I recall first learning about this new marina project at the Monaco Yacht Show years ago. Fast forward to Fall 2024, when I finally found myself at Porto Montenegro. This was my last port of call in Montenegro, saving perhaps, the best for last. When I arrived, it felt like I was at an international superyacht show. The award-winning marina was packed like sardines with superyachts and the village was bustling with an assortment of upscale international folks buzzing about. You could just see and feel the wealth on the streets, but in a good, refined way. I was invited to stay at their flagship hotel, Regent Porto Montenegro overlooking the marina and right smack dab in the middle of Porto Montenegro. What was once an Austro-Hungarian naval base is now a gentrified multi-faceted luxury community. The only remnants of the past could be found at their Nautical Heritage Museum which I got a private tour of.
Porto Montenegro is a marina and residential development funded partially by Canadian billionaire, Peter Monk and launched in 2008. Investment Corporation of Dubai is the holding company of Adriatic Marinas, the owner, developer and operator of the Superyacht Marina and waterfront community of Porto Montenegro.
The Regent Porto Montenegro hotel with Venetian-style architecture and nautically themed rooms, has 175 rooms, suites and residences with panoramic views of the marina or mountains. Being a swimmer, I immediately checked out the oversized infinity pool overlooking the marina and indoor pool and spa. The 20-meter pool even has a membership option. One night I tried out the Murano restaurant serving Mediterranean cuisine, but only after sipping a nice local glass of red wine on my balcony watching the buzz of people below walking on the boardwalk. The Onyx Bar & Garden is a nice spot for an aperitivo or nightcap. What I really liked was the convenience of everything within walking distance. I strolled past the designer shops and waterfront restaurants each night. One afternoon I checked out the Porto Montenegro Yacht Club with adjacent Buddha Bar Beach for an alfresco lunch. Each morning, I enjoyed the breakfast buffet while watching early risers jogging along the marina.
Porto Montenegro is a world-class self-contained destination with 450 berths and future expansion to 850 berths. The marina has no superyacht size limitations and also has a repairs and refitting facility nearby. The marina is the first Platinum rated marina in the world nestled on the country’s Adriatic coast at the heart of the Mediterranean’s cruising grounds. Returning in 2025 is duty-free fuel for foreign private and commercial yachts, a big bonus for boaters. There is a lively retail village with many designer boutiques. There are plenty of necessities in the village like banks, hair salons, a fitness center and more. It is a family-friendly environment with an international school, the renowned Knightsbridge International School. There is also a packed calendar of entertainment activities throughout the year, especially during the high summer season. Porto Montenegro is truly both a sanctuary and a playground for the well-heeled jetset.
Coming in 2025 is the new lifestyle hotel brand from Kerzner International, SIRO Boka Place, a fitness-infused hotel concept that will be accepting guests starting mid-May. Its Fitness Lab and Recovery Lab are special amenities for guests, residents and memberships offering an assortment of fitness and wellness options.
There are a variety of real estate investment options available in Porto Montenegro. The Regent Porto Montenegro has Regent Residences, Aqua and Baia, plus a Penthouse Collection along with the Regent Rental Program. Neighborhood developments include Boka Place with SIRO Residences, seaside Synchro Yards and South Village. Boka Place’s SIRO Residences are set to open in 2025 with rental programs available. SIRO Residences prices range from about 408,000 to 1.8 million euros. In total Boka Place has 213 managed and private residences alongside SIRO hotel. Synchro Yards will become a super luxury waterfront community with residences, a five-star hotel, beach club with a pool and lagoons, all within Porto Montenegro in the future. South Village, including Elena Residences is already completed with all units sold.
Montenegro Mountains Development Sneak Peak
Yet to be formally launched is Montenegro Mountains development which will be a residential community in the mountains of Montenegro. This multi-faceted project will include a resort, wellness clinic and branded residences starting around 5 million euros. The Master Plan includes 25 private timber chalets (3 to 5 bedrooms), 5 expansive tailor-made grand chalets, and a selection of apartments (1 to 3 bedrooms) and penthouses. The state-of-the-art medical clinic will have a focus on reverse aging and life optimization. There will be four restaurants featuring both haute cuisine and wellness nutrition plus personal chefs available for residents. The club house on-site will be for residents only. Stay tuned…
Montenegro Ownership/Tax Benefits & Lifestyle
Montenegro has been attracting investors and new residents due to it being a safe haven, as well as a tax haven with a set upper limit of 15% on taxable income for both individuals and corporations, one of the most lenient in Europe. There are no restrictions on foreign ownership, attractive property taxes, low stamp duties, and no inheritance tax. Ownership can offer potential temporary residency, with the possibility of permanent residency after five years. Montenegro is also a signatory to tax treaties with more than 40 countries. The euro become the main currency in 2002. And Montenegro is anticipated to join the EU soon and is one of the fastest growing countries. With Montenegro’s favorable taxation policies, low crime rate, and a stable political environment, it is truly an attractive destination for luxury property buyers/investors. Plus, it is accessible by three airports: Podgorica, Tivat and Dubrovnik.
Montenegro might be the tenth smallest country in the world, but it is boundless with breathtaking beauty. It has Europe’s deepest canyon, some of the wildest mountains and majestic lakes and a spectacular coastline filled with sandy beaches, quiet coves, quaint fishing villages and an assortment of medieval towns and UNESCO World Heritage Sites. You might just say, Montenegro has it all.
This tiny Balkan republic of Montenegro is rapidly becoming the destination for both tourism and investment. All the major real estate developments are changing this once sleepy historical independent country into an “it” destination of today and the future.
Dubrovnik and Beyond
Croatia is no longer the only shining star of the Balkans. Serbia and Albania are getting ready for their close-ups while Montenegro has already arrived!
When I was leaving Montenegro, I opted to fly out of Dubrovnik and check out the great walled city there. It was special, but too packed with tourists for my taste. Montenegro, I will be back. The National Parks in the mountains and Lake Skader are waiting…river rafting, kayaking, and even skiing are part of my Montenegro future itinerary.