The official announcement came in October 2006. Gold tycoon Peter Munk would invest half a billion dollars in Tivat, a coastal area in the tiny Adriatic country of Montenegro. The project, called Porto Montenegro, would turn a former 24-hectare former naval ship repair yard into a luxury marina with world-class hotels, retail facilities, a 14-hole golf course, yacht moorings and luxurious homes. A year later, no more details have been released but, according to local agents, construction could start soon and prices might eventually rise to a staggering €15,000 per sq metre.
The speculation has added to the buzz surrounding Tivat and the Kotor Bay region of Montenegro, setting it apart from the rest of the formerly war-torn and still poor country. With stunning scenery, including a winding coastline cut with fjords, and historic towns, monasteries, castles and villas reflecting ancient Venetian hegemony, the area is starting to lure celebrity visitors such as actors Jeremy Irons and Sophia Loren and model Claudia Schiffer. And wealthy property buyers, mainly Russians and Scandanavians, have been piling in, boosting prices by an estimated 20-30 per cent in the past two years.
