Current developments and opportunities in the northern Montenegro
Updated: May 2023
Known as ‘’the fastest developing country of the Balkan region’’ Montenegro has attracted multi-million investments and investors from all around the World. Most of such investments have been allocated to the development projects on the coast - increasing the touristic and development standards of the southern region. In such interaction, many investors realized that what really makes Montenegro unique as a destination is perfect blending of the north and the coast.
According to our research and predictions, the next big thing in terms of investment development is north of the country. A bit more wild, untouched, and yet to be discovered, northern parts of the country hide immense investment potential. Not only in sphere of tourism, but as well production, manufacturing, construction etc.
Current touristic development & multi-million investments
Stimulated with Citizenship by Investment Program launched in 2019, there are already significant developments under construction in Kolašin and Žabljak, which are identified as central touristic places and skii centers such as:
· Swissôtel Resort, Accor – under development in Kolašin
· K16 Resort – developed in Kolašin
· Grand Chalet Hotel– under developmentin Kolašin
· Kolašin 1450 Ski Resort – under development in Kolašin
· Hotel Breza – Kolašin
· Montis Hotel & Resort – Kolašin
· Durmitor Hotel & Villas – Žabljak
· Bobotov Hotel & Resort – Žabljak
· Black Pine Hotel – Mojkovac
These hotels and resorts will not only enrich and standardize touristic offering, but as well bring knowledge, quality human resources and various amenities to the northern cities and villages.
Skii centers and activities
What makes North attractive are not only development projects, but as well an opportunity to skii during the winter season (usally starting in December until March). So far, Montenegro has several skii centers and locations such as:
· Kolašin 1450 / 1600
· Cmiljača
· Žarski
· Jelovica
· Torine
· Mountain Center Komovi
· Ski Center Savin Kuk – Žabljak
· Hajla – Rožaje
· Ivanova Korita
· Vučje
· Javorovača
Other attractive northern locations
Among the norther cities, focus on development is currently in the cities of Kolašin and Durmitor. Both cities are very central of the northern region, already having active touristic activities. They have rich natural surrounding such as national parks (Skadarsko Jezero and Biogradska Gora), ski centers and touristic locations These regions are well-know internationally for activities such as: hiking, mountaining, mountain biking, skiing, rafting, kayaking and other.
However, there is much more to be discovered – several less popular but equaly beautiful and attractive locations on the North such as Plužine and stunning Piva Lake, Rožaje and mountain Hajla.
Business zones & incentives for investment in the northern region
In order to stimulate development in the country, Government has defined and mapped business zones in all regions. In the North, there are
Free business zones are part of customs area of Montenegro at which economic activities are performed under special conditions set by the Law. Establishing a business and investing in the area of free business zones, investors have the opportunity to invest under favorable terms in northern towns of: Berane, Bijelo Polje, Kolašin and Mojkovac.
Industries to consider in the North
Establishing a business activity on the North might be very attractive for certain industries such as: agriculture, forestry and wood processing, textile production, manufacturing and tourism. Through the history, Montenegrins have been well known for very skilled hands. They did a lot of craftsmanship and artisian work, for hobby or they even had small production facilities.
It is a good time to invest into property or land in the North
The right time to invest in the North of Montenegro is now! Why? The prices of the properties and lands are still very affordable, but hide immense potential. With development of infrastructure, mentioned resorts and ski centers, their worth will only rise in the upcoming years. So, in fact, if you are thinking of whether small or bigger investment, do not consider only Coast – actually, rather focus on exploring all the hidden gems of the North.
If you are looking for information from the first hand, we are here on ground in Montenegro to assist you! Do not hesitate to contact us!
Author:
Bojana Minic
Managing Director | Rufil Consulting Montenegro
How to get in touch with us?
minic@rufil-consulting.com | www.rufil.me | +38267555715 | Viber | Whatsapp | Telegram