Often called “Monaco of the Adriatic”, this resort town offers Mediterranean-style living in uber-luxury waterfront properties. By Sadie Whitelocks31 Aug 2021
Porto Montenegro Marina. Source: Portomontenegro.comS
Skip Monaco and St Tropez this September, as Montenegro is where you’ll want to be if you’re looking for the ultimate spot to park your superyacht.
Porto Montenegro was awarded the title of the World’s Best Superyacht Marina this August by ACREW, a Netherlands-based company providing professional development to superyacht captains and crew.
Each year ACREW’s prestigious Superyacht Business recognizes superyacht businesses that deserve global recognition in their field, with its network of more than 15,000 members invited to cast their vote.
For the Best Superyacht Marina Award – one of seven categories – marinas are ranked on the services and facilities offered, and the willingness of staff to assist superyacht guests.
Other judging criteria include location, accessibility, safety and security, value for money, and WiFi.
Porto Montenegro, which carries the strapline ‘a life less ordinary’, came out on top after being voted the Adriatic’s Best Superyacht Marina last year.
Porto Montenegro’s evolution
The marina, which is located on the eastern shore of the Adriatic, started life as a former Yugoslav army military base.
Its transformation into a luxury superyacht marina was spearheaded by the late Hungarian-Canadian businessman, Peter Munk who purchased the site for €23 million. His aim was to build a superyacht marina that would rival mainstream destinations and he secured from several of the world’s most respected business figures including Lord Jacob Rothschild and LVMH chairman Bernard Arnault.
In 2016, the marina complex was acquired by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai.
Today it offers more than 450 berths for yachts of 12-250m in length and it will cater to 850 vessels upon completion.
Of these spots, 350 will be specifically reserved for superyachts – the largest offering in Europe, capable of accommodating the world’s largest yachts afloat.
Porto Montenegro prides itself on being a marina designed by mariners, with an impressive range of facilities on offer from a well-stocked chandlery to high-speed Wifi.
One of the standout offerings is the Porto Montenegro Yacht Club, which features a photogenic 64m infinity pool overlooking the marina, a state-of-the-art sports club, a sailing school, and a beach facility where regular events are held.
In terms of berths, there are short- and long-term opportunities available. During the winter season, there is currently an offer to pay for five and stay for seven months.
Artificial islands in the Bay of Kotor. Source: Portomontenegro.com
An aspirational destination
Porto Montenegro is easily accessible by air (there is an on-site helipad), land and sea and it boasts a sublime setting in the UNESCO protected Bay of Kotor.
The charming coastal town of Tivat is on the doorstep, with an undulating mountain range beyond.
Since opening in 2006, Porto Montenegro has flourished into an upscale lifestyle destination with high-end waterfront residences, luxury retailers, and fine dining venues.
The waterfront area continues to evolve, and next year will see the arrival of the hotly-anticipated new Boka Place complex.
The slick urban neighborhood has been designed for year-round living, with a focus on wellbeing and fitness.
There will be 213 managed and private residences, ranging from studios to three-bedroom duplexes, and a sports-centric hotel called SIRO (the first-of-a-kind concept from Kerzner International Holdings, the parent company of the world-famous Atlantis and One&Only Resorts).
A prime investment opportunity
Currently, there are two main residential offerings in Porto Montenegro which have set the tone for luxury living, which comprise the ‘Elena’ and ‘Regent’ residences.
The Elena includes 50 luxury freehold apartments with sea and mountain views while the ‘Regent’, inspired by the Italian Riviera, features 129 condominium properties. The latter has a pool rental program, where homeowners can earn rental income from the pool when they are not there, by providing access to guests of the accompanying five-star hotel.
Along with the Elena and Regent, there are six smaller complexes in the vicinity all boasting the same high end facilities and unparalleled views.
Buyers of all managed residences are eligible to participate in Montenegro’s Citizenship by Investment Programme, introduced in 2019. 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.
Another perk of homeownership or leasing in Porto Montenegro is access to the 200-strong Owners’ Club. Membership offers a range of lifestyle benefits and experiences, with frequent invitation-only events and kids’ clubs days during the summer.
Currently, the housing price in Porto Montenegro on JamesEdition averages around $3m or $11,000 per sqm but at the lower end, buyers can spot a one-bedroom waterfront apartment for $455,000, or at the top end, a four-bedroom penthouse in Regent Residences is currently going for $4.5m.
Meanwhile, the median listing price in Tivat is $1m or $8,000 per sqm.
Porto Montenegro attracts a mix of international jet setters, with buyers coming from the Balkans, Russia, Western Europe, Scandinavia, Turkey, and Australia.
Porto Montenegro properties on JamesEdition
Currently, there are five properties listed on JamesEdition in the Porto Montenegro area. They are as follows:
1. Penthouse in Regent residences
Property: Ultra-luxe penthouse at the Regent hotel
Price: €4.5m
A unique penthouse apartment with panoramic sea views and a pool. The contemporary-style fully-furnished apartment includes four bedrooms, four bathrooms, ample space for entertaining, and a sprawling terrace. This property is located on the fifth floor and part of the Regent five-star hotel. Shared facilities include direct access to two pools, a wellness center, a gym, and restaurant offerings.
2. Penthouse in Teuta Residences
Property: A colorful apartment in the Tueta residences
Price: $2.9m
This characterful and colorful apartment features prime views over the marina. In terms of living space, there are three bedrooms with bathrooms, a study room with its own bathroom, a guest toilet, a large living room with kitchen and dining room, a hallway, storage room, and two terraces. The property comes fully furnished. Shared facilities in the exclusive Teuta building include a swimming pool and a gym.
3. Apartment in Elena Residences
Property: Modern living at the Elena Residences
Price: €1,144,800
Brand new apartment overlooking Porto Montenegro Marina
Apartment 106 is right in the center of the Elena building, which takes its name after a Montenegrin princess who married the future King of Italy in 1896. The bright and modern property is built and equipped to the highest level. There are two large en-suite bedrooms, a huge living/dining space, a well-equipped kitchen area, and a family bathroom. The terraces are large enough for al fresco dining and you are a few seconds walk away from your poolside lounger.
4. 2-bedroom in Ksenija Residences
Property: Marina village living in a smart two-bed
Price: €850,000
A charming two-bed apartment right next to the marina. The property, decked out with neutral tones, features terrace space with unobstructed sea and mountain views. It is located inside the Ksenija residential complex, with homeowners benefitting from a dedicated 24/7 concierge team, underground parking as well as secluded terraces, pools, and sun decks.
5. 1-bedroom apartment in Regent Polo Club
Property: A one-bed investment opportunity
Price: €650,000
Apartment Aqua, Regent Polo Club
This cozy and colorful one-bed makes for a great investment opportunity in the highly sought-after Regent Pool Club Residences complex. It includes views of the swimming pools, landscaped grounds, and marina, and benefits from a southwest positioning. The apartment comes full-furnished and homeowners can use all of the services of the five-star Regent hotel.
Source: JamesEdition
