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The Real Estate Hype

posted 24 Feb 2011, 03:34 by Robin Gellately-Smith

Montenegro has come alive since October 2004 whereas before this time there was hardly any movement, buying or selling. This occurred because during the summer of 2004 a team from UK’s channel 4’s television series “Place in the Sun” featured Montenegro as an alternative holiday and property investment area just south of the already popular Croatia. Our Property consultant and Real Estate manager in Montenegro was here at the time to witness hundreds, infact, plane loads of investors eager to buy up at comparatively cheap prices came over in October when the programme was aired in the UK.

The local population was taken by surprise and prices went “haywire” nobody could stand still and make a decision incase, on the one hand, the price to the seller would increase or to the buyer of the property was sold under their noses. Real Estate in Montenegro was shrouded in uncertainties gazumping and price hikes that would see no end. This meant the bureaucratic systems were in deadlock. The sudden demand of Real Estate transactions in Montenegro accelerated to an all out panic with buyers and sellers filling the courts every day, Banks unable to cope with cash demands and the Katastar record keeping of transactions unable to cope.

Our Real Estate Department in Montenegro increased its staff from just three persons to eleven people and even with our larger offices we needed to expand more. Now Real Estate in Montenegro has calmed down with the current world economic down turn. Even Russian buyers, who until recently made up most of the sales of property, has declined during the past year.

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