What is the Lustica Peninsula and its real estate market like?

Peninsula Lustica: A Geographically Unique Location

The Lustica Peninsula, located at the entrance to the picturesque Bay of Kotor, is of interest as a geographical feature. On one side, it is washed by the enchanting waters of Tivat Bay, while on the other, the crystal-clear waters of the Adriatic Sea. The coastline of the peninsula stretches for 35 kilometers, which accounts for approximately 12% of the entire coastline of Montenegro.

This outstanding location has influenced its history for centuries: starting from the 19th century, fortresses and defensive structures were built in this area, and before that, smugglers and pirates sought refuge here.

Modern Changes and Infrastructure

Recently, Luštica has been undergoing changes due to infrastructure development: luxurious villas and cozy apartments are being built, and elite construction projects are being realized. However, it should be noted that to date, there is not a single large residential area across the entire peninsula, as is common in Russian cities – there are only small villages and settlements here.

The "Lustica Bay" project

Previously, this peninsula was considered one of the most untouched corners of the Montenegrin coast, but in 2013, a project was launched to build a luxury complex called "Luštica Bay." According to the plans, more than will be built here by 2025:

• 500 villas and townhouses;
• 7 hotels;
• more than 1000 apartments;
• 2 marinas for yachts;
• school and business center;
• a medical facility with modern security and emergency services.

All these changes are intended to transform this resort into a fully-fledged settlement suitable for living. The area occupied by the complex will only be 6% of the entire peninsula, but it aims to become the first luxury resort in the region. Construction of 10 buildings and 70 apartments has already been completed, and by 2017, another 88 are expected to be finished.

Traditional Villages of Lustica

Besides the Lustica Bay project, of interest are the traditional villages of Morovici and Radovici, which are located near the famous beaches of Rosje and Krasici, overlooking the Tivat Bay. Also of interest are the old fishing villages of Bigova and Krimovici, located between the peninsula and Budva.

Transport Accessibility

As for transportation accessibility, the nearest international airport is located in the city of Tivat. The airport has year-round direct flights to Moscow. Three airlines: Aeroflot, S7, and Montenegro Airlines provide regular flights in this direction, with Aeroflot operating daily.

The price range for round-trip tickets is between 15,000 and 18,000 rubles per person, depending on the time of year and the booking period. As a result, an increasing number of tourists are beginning to discover the charms of Lustica and its unique atmosphere, enjoying an unforgettable vacation in this picturesque region.

Ways to get from Tivat to Luštica

To get from Tivat to Lustica, there are several convenient ways of transportation. You can take a cab, rent a car through well-known companies such as Europcar, Sixt or Stella Car directly at the airport, or reach the place by boat.

The climate of Luštica

Lustica is known for its wonderful Mediterranean climate, characterized by mild winters and hot, dry summers. The beach season here lasts for more than six months, and the winters are pleasant with no snow, allowing you to enjoy an abundance of greenery and diverse vegetation instead.

Nature and flora of the peninsula

The peninsula is a true treasure for nature lovers and botanists. Within its boundaries grow:

• various coniferous trees,
• a variety of fruit crops, such as strawberry tree, pomegranate, fig, almond, prickly pear cactus, and carob tree.

The locals skillfully use all edible fruits to create unique national dishes.

Beaches and sea expanses

Lustica is a memorable place with azure waters and beautiful beaches, which range from sandy stretches such as Plavi horizonti and Oblatno to pebbly ones such as Žanica and Mirište. Mediterranean pine trees and groves of olive trees complete the landscape.

Homemade wines and rakia are produced here, as well as cheese, prosciutto, and olive oil made from local products.

Active recreation in Luštica

For those who prefer an active vacation, Lustica offers a variety of opportunities. You can:

• to play golf on a driving range and in the future enjoy playing on a full-scale 18-hole course designed by the famous golfer Gary Player,
• to try diving and snorkeling,
• to take walks
• bike trips,
• to engage in sailing
• even archery.

Churches of the peninsula

In almost every settlement on the peninsula, you can find a church. In a relatively small area of 50 square kilometers, there are about 20 temples, including 18 Orthodox and 2 Catholic. This diversity has earned the peninsula the nicknameSmall Athos.

Real estate in Montenegro

On the real estate market in Montenegro is now a favorable situation. There is a stable interest in real estate, including luxury housing, a high level of construction activity and a noticeable increase in tourist flow.

Among foreign buyers, Russians and Britons hold the advantage. Russian investors prefer more crowded resorts like Budva, Herceg Novi, and Tivat, while Europeans and locals are more interested in capital properties in Podgorica.

In recent months, international investors have shown interest in emerging resorts like Lustico Bay, as well as in the residential sectors of the villages of Bigova and Krimovice.

Real estate inspection

When purchasing real estate on the Lustica Peninsula, it is extremely important to thoroughly check each property and the availability of all necessary permits, which is advisable to entrust to local lawyers. There are cases where properties are offered on the market without the required construction license, usually at a lower price, which may indicate issues with the legality of their sale.

Popularity of the Krasici district

In recent years, the Krasici area has attracted clients with a budget of up to €250,000. This is due to the availability of all necessary utilities, including electricity, water, and sewage. There is also a detailed development plan in place, which makes most properties legal or regularized, an important factor for potential buyers.

Features of the Rose District

Another interesting area is Rose, a cozy fishing village on a picturesque shore. However, despite its appealing nature, the situation with communications here is significantly complicated, and there are no development plans, which may deter some buyers.

Interest in Bigova and Krimovitz

There is also a heightened interest in the Bigovo area, associated with new projects for the construction of a large hotel complex with its own yacht dock. Almost parallel to this is the charming village of Krimovice in the Lustica area, not far from Jaz beach, which experts consider promising in terms of future development. Although Krimovice currently lacks a master plan for development and the necessary infrastructure, such as water supply and sewage systems, it could become a center for the construction of luxury villas in the next 20-30 years, with prices expected to rise after all utilities are established.

Real estate prices

The price of real estate on the Lustica Peninsula ranges from €1400 to €2000 per square meter, depending on the condition and location of the property. The market for new apartments offers convenient options with good layouts. For example, studios of 37 square meters and one-bedroom apartments (43 sq. m) are sold in Krasici for around €70,000.

Verification of real estate documents

Today, there are quite a few available real estate properties that may lack the necessary documents, so it is extremely important to conduct a thorough check before finalizing any transactions.

House prices in Krasići

If we consider residential houses in Krashichi that have all the necessary documentation, their price starts from120,000 eurosThese houses are located in a picturesque mountainous area. The villas situated closer to the shore can cost significantly more – starting from340,000 to 500,000 euros.

Average housing prices in Krasićići, where there are many new constructions, vary within the range of200,000 - 230,000 eurosFor example, for200,000 eurosYou can purchase a two-story house with an area of about 100 square meters, featuring a stunning panoramic view and a covered terrace with rather modest furnishings.

Premium real estate properties

As for premium options in the real estate market, the cost of such properties starts from4,500 eurosand can increase significantly. For this money, new owners receive housing of the corresponding level.

The costs of building expensive villas in Krašići and Luštica may exceed1 million eurosThis explains the high cost of such objects - from1.3 to 2.2 million euros.

Nevertheless, potential buyers have the opportunity to negotiate prices. When considering luxurious and unique villas, their price can reach4 million euros.

Housing conditions in Lustica Bay

The closed community of Lustica Bay is also characterized by high housing prices. It is a new area with modern infrastructure, located away from traditional residential neighborhoods.

• A one-bedroom apartment with an area of 50 square meters costs approximately355,000 euros.
• A two-room apartment costs about515,000 euros.
• The minimum price for a townhouse is675,000 euros.

For such a substantial amount, by Montenegrin standards, a buyer can expect an apartment with a beautiful sea view, located no further than the third line from the shore, with high-quality finishes, panoramic windows, but without furniture, although it does come with plumbing and a built-in kitchen.

Real estate rentals

When it comes to renting, the price for a night's stay in apartments in Luštica starts from35 euros. At the height of the tourist season, renting a villa can cost approx.300 euros.

There is a possibility to find more affordable options even during peak season, but such offers will mainly be located on steep slopes, and climbing 45-degree inclines will require good physical fitness from renters. Even off-season, the rental of one-bedroom apartments in Lustica Bay starts at150 eurosovernight.

Recommendations for buying real estate

Speaking about recommendations for purchasing real estate, it should be noted that Luštica represents the true Montenegro, free from tourist crowds, an untouched piece of land with rich nature, tranquility, clean air, and the magnificent waters of the Adriatic Sea and the Bay of Tivat.

Real estate market analysts claim that Montenegro is at the initial stage of the development cycle, making local properties attractive for income investments. It is predicted that after the completion of all communications and the implementation of urbanization projects, housing prices in Luštica will double.

Conclusion

In concluding the article about the seven wonders of the Lustica Peninsula in Montenegro, I would like to emphasize that this corner of nature possesses a unique combination of historical heritage, natural beauty, and modern trends in infrastructure development. Observing the changes taking place on the peninsula, I cannot help but note how this region is transforming, turning from a sparsely populated area into an attractive resort complex.

Real estate market

The real estate industry here is really booming. ProjectLuštica BayOther initiatives indicate that new horizons are opening up in the real estate market of Montenegro. This creates opportunities for investment, but also requires vigilance from buyers. Considering that money and the pursuit of quality come at a price, I urge everyone who is considering purchasing property on the peninsula to carefully check all documents and carry out the necessary legal procedures.

Natural beauty of the region

We must not forget about the outstanding natural beauty of the region. The blend of Mediterranean climate, picturesque landscapes, and rich flora and fauna captivates both locals and tourists alike. The Lustica Peninsula becomes a true paradise for active leisure enthusiasts, with views that stir the hearts of those seeking harmony in life. Here you can:

• Rent yachts
• To participate in golf tournaments
• Enjoy food made from local ingredients.

Final thoughts

In conclusion, Luštica is not just a place for relaxation, but also a prospect for living. More and more people are discovering this hidden gem of the Adriatic every day. I hope this article has been helpful, and if you plan to visit or invest here, your expectations will be met, just as they have been for many others. The Luštica Peninsula is ready to open its doors to the world, allowing everyone to enjoy its charm.