20 December 2007 Budva _ Property prices in Montenegro remain high despite a slow down in real estate sales along the coast.
According to estate agents in Budva, the highest prices for commercial premises are on Sveti Stefan island, where a property of 418 square metres was recently sold for €3.96 million.
Another agency has sold a 95 sq. m. unit with a garden in the old part of Budva for €1.1 million.
This summer, Montenegro, the small Adriatic republic which separated from Serbia in mid-2006, experienced a property boom.
Russians and West Europeans are competing to buy up villas and apartments, especially on the Adriatic coast in the area of Boka Kotorska and Budva.
Together with Croatia’s Adriatic resorts, the Montenegrin coast boasts the highest real estate prices in Southeast Europe, easily outstripping property prices in the smartest residential districts of the region’s capital cities.
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