Thursday, July 25, 2024
Real Estate

Dream Estates Montenegro An International Associate of Savills

Nikola Pekic

Nikola Pekic - Jun 26, 2024

Kieran Kelleher, Director Dream Estates Montenegro

2024 sees the 20th anniversary of Savills and their exclusive associate, Dream Estates, as the first global real estate brand entering the market in Montenegro.

Savills is a global company with 40,000 people and 700 offices around the world, listed on the London Stock Exchange and has been in business for 170 years. With a reputation second to none, Savills is renowned for their wide-ranging specialist and local knowledge and take pride in providing best-in-class advice as we help individuals, businesses and institutions make better property decisions. Vedrana Kelleher, Director, and team members outline more about their business in this feature.

Tell us about your history, experience, and expertise in your respective market including why sellers and buyers should choose you as their preferred partner?

Dream Estates / Savills Montenegro operate in two key market segments – transactional sales and Development Consultancy Advisory. Together with Sotheby’s and Christie’s, we bring international expertise and service expectations to Montenegro. Having these 3 international brands in such a small country is a testament to the activity and quality of the real estate marketplace.

How do you foresee your market in 2024 and beyond? What is the probable price growth, the arrival of new projects, buyer profile and nationality changes etc).

There is a significant pipeline of new product coming onto the market from a perspective of mixed-use resorts and branded residences. Montenegro is firmly on the world stage when it comes to the variety of international hotel brands, entering the real estate segment, with branded product and this is a key focus for us going forward. This product meets the expectations and lifestyle of our buyer profile, who are looking for a hassle-free investment product to act as a yield producing asset with capital growth – but also with the ability to use as desired to enjoy majestic Montenegro. We would expect moderate price growth in 2024 for completed product, but much more attractive returns for investors entering new ‘yet to be completed’ product, from reputable developers.

What are some key insights and your tips of areas or property types which potential buyers should be aware of for future potential growth?

History has shown us and hopefully will repeat itself, that buying off plan from reputable developers such as Porto Montenegro, Lustica Bay, PortoNovi and others, has delivered considerable upside as the project grows over time. New phases of off-plan product in these projects and others are worth serious consideration. Otherwise, anything unique, such as in Kotor Old Town or waterfront, are always a sound investment, as they can never be repeated.

What are the primary challenges your agency faces in the current real estate landscape, and how do you address them?

Firstly, we are delighted to be a founding member of the new association of real estate agents (UANCG) who are spearheading new legislation that will come into force this year to regulate how agencies operate in the industry. Currently, we have up to 400 competitors, of which over 60% are not legally operating in the industry. This is a major challenge for us and our other international peers as we strive to establish a transparent and professional standard in the industry. This new legislation will bring others that want to work in the industry under a new set of rules that will ensure clients of agencies are protected and provided with quality and transparent service as well as ensuring the government is receiving income from this industry in the form of VAT etc.

What are the most interesting and exciting properties currently in your portfolio (any history or interesting facts?Ivana Nikčević (General Manager)

“My Dream Waterfront Villa, with a Private Pool in Kotor Bay” (€695,000)

We asked our colleagues from our Kotor team to introduce themselves and tell us about their favourite property currently on the market. There is no better advice than local advice. Here is what the team has to offer.

Kotor Bay has been home for 6 years, so, I know the location, ‘like the back of my hand’. Although we have a substantial number of properties for sale, now and again, one pops up that catches my attention, and I am happy to feature this waterfront villa as my personal favourite.

What fascinates me the most about the Bay of Kotor is the stunning natural contrasts and colours, regardless of the season. The surrounding mountains, the green-blue waters of the bay, and the vibrant sunsets are simply breath-taking. The Bay of Kotor has also a rich history and culture that is evident in every corner of the area. From the ancient fortifications to the traditional architecture of the local villages, there is always something new to discover and explore. It is a true jewel of the country, and its reputation as a must-see destination is well-deserved. I feel privileged to be a part of this community and to have the opportunity to share its beauty and potential with our clients.

The small fisherman villages in the bay with their charming stone houses are very attractive for my future neighbours.

This beautiful and authentic stone villa, recently renovated, with a swimming pool and stunning panoramic views of the bay. Located in the heart of the coastal village of Muo, on the first line to the sea, this villa is only 2km away from Kotor Old Town. Divided into two levels, the villa has front terraces on each floor. The ground level comprises a master bedroom with an ensuite bathroom, another bedroom, a bathroom, and a utility room. On the first level of the villa, you’ll find an open plan living and dining area, a kitchen, and a bathroom. The villa sits on a 500m2 land plot, with a large swimming pool and a parking area that can accommodate up to two vehicles. This villa is a wonderful investment opportunity, for capital growth and rental income or for my new neighbours who simply wish to enjoy their holidays and experience the beauty of the bay.

Ana Miličević (Senior Sales Associate)

“Taking a Step Back in History with a Modern-day Twist close to Tivat” (€1.5m)

Throughout my career as a senior real estate agent, I’ve had the pleasure of assisting clients from various nationalities who swiftly developed a deep appreciation for the charm of Boka Bay, including its medieval towns and architecture. Many are inspired to own a holiday home that captures the essence of this captivating region, whether it be a beautifully restored stone house or a renovation project, which they can personalize to their tastes.

An outstanding example of the well restored stone house in this region is located in Lepetane, a small coastal village in the Tivat municipality. This villa, equipped with 4 bedrooms and 4 bathrooms, is situated just steps away from the sea and what sets this property apart are its airy and bright rooms, along with ample outdoor space. A Mediterranean garden with a barbecue area lies just in front of the villa. Additionally, the property features a spacious backyard with two separate patios, and if future owners desire, there is plenty of space for installing a private swimming pool. This unique property’s frontline location ensures future owners will enjoy uninterrupted views of the bay. Conveniently situated near two airports – Tivat and Dubrovnik – and just a few minutes’ drive from Tivat Centre, this property presents an excellent investment opportunity and can be easily rented out during the season.

Zorana Vuković (Sales Associate) “I simply said “WOW”. Stunning Villa with pool and million-dollar view in Budva” (€1.6m)

What I’ve discovered in my experience as a real estate agent is that the most exclusive properties are often found in remote areas, prioritizing privacy and tranquillity—the ultimate luxuries of the modern age. A particular example of such property is located in Tudorovici, one of the oldest villages of Pastrovici, in the municipality of Budva. This brand-new exclusive property is designed and structured as a boutique hotel and consists of 5 units, a fully equipped restaurant situated on the ground floor, and a swimming pool. Delivered to the highest standards with breath-taking and commanding views of the sea and Sveti Stefan Island, this property is waiting for clients to embark on a thriving business venture.

Danka Kašćelan (Office Manager) “The Garden had me at Hello! Idyllic House with Mediterranean Garden” (€799,000)

Growing up in Kotor, I have been fortunate to live surrounded by the beauty of this region. Since I commenced working as the Office Manager at Dream Estates – Savills Montenegro, I have had the opportunity to explore numerous exquisite properties that enhance the charm of our surroundings. One such property that captured my attention is a fully restored traditional stone farmhouse, located in the maritime village of Prčanj. The house consists of an open plan living and dining area with a kitchen, room for family gatherings, 4 bedrooms, and 2 bathrooms. The contemporary interior is complemented by traditional Montenegrin elements, creating a unique blend of modernity and heritage. Outside the house is a covered patio, a mature Mediterranean garden, a stone BBQ, and gated parking for two vehicles. But for me, it’s all about the garden! Surrounded by pine and olive trees, this house is a true sanctuary, where you can unwind and enjoy amazing views of Boka Bay extending to Lovćen mountain.

Dream Estates Montenegro, main office in Kotor Old Town

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