Why invest in Montenegro?1 Useful facts. 1 Climate. 1 Geography. 2 History. 2 Economy. 3 Economic summary. 3 Culture. 3 Travel tips. 4 Leisure Opportunities
Over the last three years, Montenegro has been within world’s top 10 destinations for both holiday makers and property buyers. It has been a steadily growing property market (with average capital appreciation of around 50% per annum) and tourism increasing by 50% per annum. Because there are still undeveloped areas with huge potential, Montenegro continuously attracts all types of investors, from those looking for a holiday or retirement home to the giant residential and rental property developers from around the globe. Its wild and diverse natural beauty, medieval architecture, warm Mediterranean climate and relaxing lifestyle, as well as its low taxes and cheap cost of living, has already attracted a significant number of foreigners to move to Montenegro permanently.
Area: 13,812km2 Population: 670,000 Religion: 65% Orthodox, 19% Islamic, 4% Roman Catholic, 2% Protestant and 10% other Capital: Podgorica (~210,000) Language: Serbian, English widely spoken Currency: Euro Government: Multi-party parliamentary republic Main roads: Adriatic road, main continental road Budva-Podgorica-Bijelo Polje Railroads: Belgrade-Bar Main sea ports: Bar, Kotor, Tivat, Risan, Zelenika and Budva Airports: Podgorica and Tivat, Also accessible from Dubrovnik, Croatia – 14 km from border Sunshine: Average 240 days per year Coastline: 293km Beaches: 117 (73km)
The climate in Montenegro is very complex, with four climate zones: Adriatic-Mediterranean in the South, changed Mediterranean in the Zeta and Morača valley, continental in the valleys and a sharp mountain climate in the northern highlands. The Adriatic Sea is part of the Mediterranean; one of the warmest seas in Europe, it reaches temperatures of 25-28°C in summer. Along the coast, Montenegro enjoys a Mediterranean climate with summer temperatures above 30°C and mild winters.
Montenegro is located on the Balkan Peninsula, with a southern coastline along the Adriatic Sea. It borders Croatia in the west, Bosnia and Herzegovina in the northwest, Serbia in the northeast and Albania in the southeast. The capital (and largest city) is Podgorica, while Cetinje is designated as Prijestonica, the historic Old Royal Capital or seat of the throne.
Montenegro ranges from high peaks along its borders with Serbia and Albania to a narrow coastal plain that is only one to four miles wide. The plain stops abruptly in the north, where Mount Lovćen and Mount Orjen plunge abruptly into the inlet of the Bay of Kotor, the world’s southernmost fjord, famous for its stunning scenery with the mountains raising up straight from the water.
Montenegro’s Adriatic coast is 293km long, stretching from Prevlaka in the north to the mouth of the Bojana River in the south. Montenegro's large Karst region lies generally at elevations of 1,000 meters (3,281 ft) above sea level; some parts, however, rise to 2,000 meters (6,560 ft). The Zeta River valley, at an elevation of 500 meters (1,640 ft), is the lowest segment. The mountains of Montenegro include some of the most rugged terrain in Europe, averaging more than 2,000 meters (6,560 ft) in elevation. One of the country's notable peaks is Bobotov Kuk in the Durmitor Mountains, which reaches a height of 2,522 meters (8,274 ft).
The most important natural resources are four national parks: Durmitor (protected by UNESCO), Biogradska Gora, Skadar Lake and Mount Lovćen. One of the only three remaining primeval forests in Europe is situated in the Biogradska Gora National Park. The largest lake and the biggest bird sanctuary in Europe is Skadar Lake, shared with Albania. One of the most famous natural attractions is Tara Canyon, the world’s second deepest canyon.
The first inhabitants of the Balkan peninsula were the ancient people known as the Illyrians. The Slavic people followed in the 6th and 7th centuries, and in the 14th century what is now Montenegro was the Serbian principality of Zeta. This mountainous principality was under the rule of the Ottoman Empire from the 14th through to the 19th centuries, though it managed to evade tight Ottoman control.
Although it then became a principality within the Austro-Hungarian Empire, Montenegro achieved its independence in 1878, with Prince Nicholas I proclaiming himself king in 1910. During World War I, Montenegro fought on the side of the Allies and was defeated by Austro-German forces. Nicholas was forced to flee the country and Montenegro was annexed to Serbia (then called the Kingdom of the Serbs, Croats, and Slovenes) and renamed Yugoslavia in 1929.
After World War II, Yugoslavia became a Communist republic under Josip Broz Tito. Tito's tight rein kept ethnic tensions in check until his death in 1980. Without his pan-Slavic influence, ethnic and nationalist differences began to flare, and by the 1990s Yugoslavia started to disintegrate in a brutal ten-year civil war.
In the aftermath of the war, Serbia and Montenegro were the only two remaining republics in the rump Yugoslav state, and in February 2003 they formed a new state, a loose federation called simply Serbia and Montenegro. However 55.5% of the Montenegrin population voted to separate from Serbia in a referendum held on 21st May 2006, and Montenegro is now the newest country in Europe.
Spared much of the devastation faced by other Former-Yugoslav countries during the civil war of the 1990’s, Montenegro nevertheless suffered considerable economic hardship. It is now going through a period of rapid change and economic growth. Foreign investment is now widely recognized as key to the future economic success of Montenegro. The government of Montenegro is a forward-thinking, outward-looking government that understands the need for foreign investment in order to develop a modern economy.
In 2005 the World Travel and Tourism Council identified Montenegro as the fastest-growing travel and tourism economy in the World. The amount of construction under way is dramatic, including investment in improving infrastructure and the reconstruction of Montenegro’s old hotels. Montenegro was declared as an Ecological State in 1991, and careful planning has helped Montenegro to avoid building the type of concrete jungle that can be seen in the Black Sea states, such as Bulgaria.
GDP/PPP (2005 est.): $2.412 billion; per capita $3,800 Inflation: 3.4% (2004) Unemployment: 27.7% Arable land: 13.7% Agriculture: grains, tobacco, potatoes, citrus fruits, olives, grapes; sheepherding; commercial fishing negligible Labor force: 259,100; agriculture 2%, industry 30%, services 68% (2004) Industries: steelmaking, agricultural processing, consumer goods, tourism Natural resources: bauxite, hydroelectricity Exports: $171.3 million (2003) Imports: $601.7 million (2003) Major trading partners: Switzerland, Italy, Bosnia and Herzegovina, Greece, Germany
Culturally, Montenegro belongs partly to the Mediterranean and partly to the Pannonian-Danube heritage. Accordingly, it has been exposed to influences from the Mediterranean, Central and East European civilization and culture, as well as historical Ottoman influences. The lifestyles and culture of all ethnic groups in Montenegro are best seen in its museums, which house over 12 000 artifacts.
Montenegrins have accumulated a rich cultural and historical heritage, which dates from the pre-Romanesque, Gothic and Baroque periods. The Montenegrin coastal region is especially known for its cultural monuments, such as the Cathedral of St. Tryphun, the basilica of St. Luke (over 800 years old), Our Lady of the Rock (Shcrpjelo), the Savina Monastery, and others. The Byzantine influence in architecture and in the monastery paintings is felt especially in the continental part of Montenegro, where medieval monasteries are decorated with thousands of square meters of frescos on their walls.
The first literary works written in this region are ten centuries old, and the first Montenegrin book was printed five hundreds years ago. The first state-owned printing press was located in Cetinje in 1494, where the first South Slavic book was printed the same year (Oktoih). Ancient manuscripts, dating from the 13th century, are kept in the Montenegrin monasteries.
Montenegro's traditional culture revolves around clans – groups of patrilineal related families that at one time maintained tribal identities on their own traditional territories. Increasing integration into the Yugoslav state, including general provision of public education, has brought an end to clan autonomy, but clans themselves remain an important element in Montenegrin social life.
The old royal capital of Cetinje is the cultural center of Montenegro, while the administrative center is the modern capital of Podgorica. Despite a relatively small population, Montenegro has developed a wide range of cultural institutions. These include theaters, art galleries, museums and libraries - Montenegrins are dedicated to tradition, moral, customs and history!
Hiring a car is a practical way to enjoy all that Montenegro has to offer. There are a number of local companies offering competitive rates, as well as a number of international companies. Whilst main roads are generally in good condition, going off the beaten track in Montenegro is not for the faint hearted – exploration requires a considerable amount of twisting mountain journeys, sometimes over fairly rough terrain.
Since 2002, the Euro has been used as the currency in Montenegro. The financial situation is changing quickly in the country, and credit cards are becoming more widely accepted. However they are generally only accepted in major hotels, shops, restaurants and a few travel agents and car hire companies, which means that you must still rely on carrying cash for daily use. Cash machines (ATMs) are available in most of the larger towns, and increasingly banks are prepared to advance money on credit cards (although mainly Diners Card, Visa or MasterCard).
Taking out health insurance for your trip to Montenegro is essential. Foreigners do not have access to the domestic national health system unless they are working locally and making national insurance contributions. However there are a growing number of private clinics in Montenegro, and many of the doctors speak English and have been educated overseas. The level of care in these clinics is generally of a high standard, and there are also many private pharmacies with a good supply of drugs. However visitors should ensure that they travel with any prescribed medicines that they use regularly.
Montenegrins are a very friendly people, communicative and hospitable. The cuisine is mostly Mediterranean with lots of fish and seafood, salads, vegetables, cheeses, pastas and a lot of meat dishes. Grilled meat and pizzas are available everywhere. Local wines and beers are excellent.
Montenegro has a wide range of different activities to occupy even the most active visitor. On the coast, there are the obvious attractions of a seaside holiday – such as swimming, water-skiing, sailing, scuba-diving and wind-surfing – but also cultural events such as music and theatre festivals, carnivals, fashion weeks, museums, art galleries and historical monuments. For the more adventurous, Montenegro also offers opportunities for paragliding, white-water rafting, mountain-hiking, bungee-jumping, horse-riding, skiing and snow-boarding, hunting, and fishing.
