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GreekReporter.comLifeentertainmentA Greek resort in Montenegro

A Greek resort in Montenegro

In the period after obtaining independence, Montenegro has become a very attractive real estate market for both domestic and foreign investors. This is confirmed by a significant influx in the real estate market. In Montenegro’s most prominent tourist project, Sveti Stefan island, traditional stone houses-around 40 to 50- restaurants, churches constitute the complex of Restis Group, which belongs to a Greek investor.

The involvement of Restis Group, Greece’s fifth-largest shipper, in the resort project comes as it competes for a 127-million-euro stake in Montenegro’s power monopoly. Restis has, to date, invested 90 million euros in Montenegro, said Goran Velimirovic, the Greek shipping tycoon’s business advisor and lawyer in Montenegro, a former Yugoslav republic, on the Adriatic.

“He is really enchanted with Montenegro and thinks it has a great future for investment and can be a future Monaco,” he said.

Amanresorts closed Sveti Stefan in 2007 for renovations after winning a 30-year lease. The lease on Sveti Stefan and the adjacent Villa Milocer costs 2.1 million euros a year.

Montenegro is hoping to recast its coast from a largely budget destination during Yugoslav times to a region of upscale resorts and yacht ports luring rich tourists and investors.
A drop in overnight visits of ten percent in the first six months of 2009 amid the world financial crisis has however slowed investment interest of recent.

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