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Buy Land and Build a Villa in Luštica Peninsula, Montenegro

May 11, 2026 | Private List update

The EU is in such pitiful state, that it is trying to rush Montenegro’s accession into the bloc as a sign that it is still “doing well” and “in expansion mode.”

Corners are being cut, and reforms to complete the prerequisite “chapters” are not actually being implemented. Balkan Insight has an interesting article on this topic.

Bullish real estate

EU accession is definitely bullish for real estate. Funds and investment will pour in from all corners of the EU. In some areas of Montenegro, prices have already been marked up a lot. 

But on Luštica Peninsula, I find that land specifically is still very much undervalued relative to other global destinations with comparable amenities and views.

Map of Lustica Peninsula

In this video with Peter Square Meter, we had a look at various land plots on Luštica Peninsula and finished the tour with a villa in Tivat. Some of these plots are objectively great value for money when taking the breathtaking views into account.

https://youtu.be/U824pJ9ntrI?si=HCoc9XfL1lfDVqNw

What about the negatives?

EU accession has obvious negatives, such as the deterioration of residents’ personal freedoms and of Montenegro’s own sovereignty. The sovereignty aspect is crucial as Montenegro will have to give up visa-free access to such big spenders as Turks, Russians, Kazakhs, Azeris, etc. It’s sad.

But it’ll be made up for with increased tourism from the EU. Already, Wizz Air is expanding its network map to Montenegro in a massive way by setting up a base in the capital city of Podgorica.

How is the summer season looking?

It’s very hard to predict anything right now. The Hormuz crisis may lead to shortages of diesel and jet fuel. If this transpires, economies such as Montenegro that are heavily reliant on international tourism would get hit hard. Flights might get cancelled, and people might be reluctant to drive long distances if there are fuel restrictions or very high prices at the gas pump.

Regional tourism from Serbia, Bosnia, etc. will still be there, but it is not enough to compensate for such a shock. 

Resources

To a World of Opportunities,

The Wandering Investor.

Services in Montenegro:

Articles on Montenegro:

If you want to read more such articles on other real estate markets in the world, go to the bottom of my International Real Estate Services page.

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Transcript of “Buy Land and Build a Villa in Luštica Peninsula, Montenegro”

LADISLAS MAURICE: Hello everyone, Ladislas Maurice from The Wandering Investor. Today we are in beautiful Luštica in Montenegro and we are going to have a look at multiple investment lots, plots, /land where you can build on and we’ll be doing some preliminary numbers as well. So this will be really investor focused but as well for people who want to buy and build for themselves.

PETER: Absolutely.

LADISLAS MAURICE: So Peter Square Meter, how are you?

PETER: I’m good, thanks. How are you? Nice to see you. Been a while.

LADISLAS MAURICE: Always a pleasure. So tell us about the program for today.

PETER: Okay. We have a few plots to see in Lustica peninsula and we may have a super special bonus one in Tivat which is really kind of high end big numbers. The plots we’ll look at here are 100, 200,000 euros. Obviously in Tivat it’s going to be a lot more.

LADISLAS MAURICE: Of course, so we’ll go see a lot in the end for 2.5 million but we’ll focus on the ones for 200 and 100k initially. So Peter, everyone knows about Tivat, Kotor, Budva but today we’re doing Lustica which isn’t discussed that much. So why?

PETER: So I think we’ve touched on something already. So the plot that we’re going to see in Tivat is 2.5 million whereas the plots we’re going to see in Lustica peninsula are roughly about a third of the price, price per square meter. So one is value for money and yet the final sales price is not that much difference to what you can get in Tivat in that area. So you actually get once you build a villa, something like that. You can see for example we have Lustica Bay and the prices there are 8 to 12,000 euros per square meter. So a luxury villa outside of that you’re talking probably 3.5 to 5,000 euros a square meter quite reasonably for a luxury finish.

LADISLAS MAURICE: So what’s interesting about Lustica is that it’s really close to Tivat, you’re looking at around a 20 minute drive so you’re a 20 minute drive from the airport, from the international airport. There are also international schools at the intersection between Tivat and Lustica so schooling works well if you have kids.

Infrastructure development in Luštica Peninsula

LADISLAS MAURICE: Generally speaking, like you said it’s more affordable and there’s a lot of development happening in this particular part of Montenegro and long-term there are discussions, alright I’m just saying discussions, I’m not saying it’s going to happen, but of a potential bridge linking Lustica to the mainland if I can call it this way, close to the Croatian border. So if that were to happen, if there were to be a bridge or ferry connection, that would be a huge catalyst for the whole peninsula.

PETER: I think also we can look at some of the other infrastructure things that are coming to the Lustica peninsula. So you’ve got a new road that’s being built, we’ll pass that later on. That’s going to go from Klintsi all the way to Lustica Bay, that’s really going to speed up the traffic. You’ll see perhaps if we can get some b-roll later on that the roads around Lustica they’re very, very beautiful and quaint, they’re not meant for high speed, they are meant for enjoying the journey but they have these lovely Lustica drystone walls and the olive groves and the cypress pines and so on. Infrastructure’s coming and it’s better to buy before the infrastructure gets here rather than after because obviously the prices will go up.

LADISLAS MAURICE: And we’ll look at the numbers, they’re actually quite attractive if you want to buy and build. Alright, so let’s go see the first lot.

PETER: Let’s go.

LADISLAS MAURICE: Lovely.

PETER: Not bad is it? You got a bit of nature here.

LADISLAS MAURICE: It’s getting, it’s even getting a bit warm here. We are in mid-October in the morning. I needed a little bit of a jacket early on but now just ready for a nice Mediterranean Adriatic day of not wearing any jacket or sweater.

PETER: It’s not bad, yeah. You just see the guy here, you missed him actually he’s just going to go and milk the goats but you could probably hear them in the background.

LADISLAS MAURICE: Yeah, actually he’s here. So the little cows here and then the guy’s going to go milk his goats up there, the local farmer. So this is what’s really nice about Lustica is you have this whole kind of rural aspect, really quaint, really peaceful but you drive 20 minutes away there’s an international airport and there are multi-billion dollar developments with massive super yachts. So it’s quite unique. And you live in an environment with very low taxes as well. This is why so many people are moving to Montenegro. So Peter, the lots are up here?

Touring a 200,000 € lot for sale in Luštica

PETER: We have one lot up here and then we, there’s another one a few hundred meters just up here on the right.

LADISLAS MAURICE: Alright, let’s, we’re going to have to climb up there?

PETER: We’re going to have to do some scrambling, yeah.

LADISLAS MAURICE: Alright, let’s go scramble. Alright, let’s do this.

PETER: They’re amazingly dextrous these pigs around here. The life of a realtor, huh?

LADISLAS MAURICE: Yeah, I’m impressed Peter, you’re fit.

PETER: Yeah, I have to be. but this is, this is my day job. This is me kind of if you can call it my 9 to 5. So it’s not bad.

LADISLAS MAURICE: Doing viewings in Montenegro is always fun.

PETER: Yeah yeah, it’s pretty cool. Yeah, I work at my own pace.

We’re going to go higher up. I do explain to people that if they do fall, we’re not insured. So…

LADISLAS MAURICE: Good luck seeing Peter through the Montenegrin courts system if you fall on a viewing.

PETER: So I do have the disclaimer.

LADISLAS MAURICE: So this lot is 200,000 euros? And it’s 1600 square meters, so it’s 124 euros per square meter before negotiations and you can make three lots out of it. This is a good investment. Can you tell us about the view here? And this would be the view from the first floor.

PETER: This would be your first floor level, yeah. You would actually come in from the road, garage area, ground floor, first floor and then actually if it was me I’d put a roof terrace on there, you know with some I don’t know toys like a Jacuzzi or something like that to really enjoy the amazing views. For a developer money making thing’s fantastic, you could do the three villas here or somebody just wants a lot of land and they want to live next to it there’s an organic farm next door. You’ve got your a nice house in a third of an acre which is pretty cool surrounded by olive groves with these amazing views. So Porto Novi in front of us, you got the marina here.

Overview of Portonovi, Montenegro devlopment

LADISLAS MAURICE: Tell us about Porto Novi because this is actually a big deal.

PETER: Yeah. Porto Novi is a state oil company of Azerbaijan. I think they’ve invested about 600 million euros into it, maybe up to a billion now. Very similar along the lines of Porto Montenegro and Lustica Bay. So you actually have this kind of golden triangle between Porto Montenegro, Porto Novi and Lustica Bay in very kind of close proximity. They’re attracting these obviously five-star hotels. This is kind of where Montenegro has actually carved out a niche. I was doing my own videos yeah and I used to talk about how Montenegro was becoming a luxury destination and a few years back it’s like it’s not becoming, it’s become a luxury destination yeah but it still has a lot of capacity, it’s still got a long way to go. You look at things like Lustica Peninsula which is like a national park. There’s so much kind of beauty here but there are little pockets of areas where developers can develop. You’ve over-heard interest for example like from Ritz-Carlton, Kempinski, Six Senses, or Six Senses I can’t remember but yeah world-leading kind of hotels, these kind of boutique style hotel operators and there’s more more coming yeah.

LADISLAS MAURICE: So for people that are looking to invest in land and build this one really is a no-brainer. It will not be complicated to sell your villas with views like this of Tivat Bay. And what’s interesting to note is that in summer there are these little boats that go from down there from the little villages to the other side as well. So you don’t have to drive around the whole peninsula back through Tivat take the ferry etc you can just take a little boat across just as a person, not with your car. So you know the ferry, the bridge I mean if that ever happens we’re talking at least 10-15 years down the line but as is views like this we’re going to add b-roll of the views that you would get from the second floor of the house so from your bedroom and then from the terrace on top of the house the views are absolutely sublime. So let’s go into, let’s go into numbers. So 200,000 euros, you can divide this into three lots so about 70,000 euros per lot. And you said per lot we can build how much roughly?

PETER: It’s actually got an 80% build density so 80% of let’s say 500 you could build 400 square meters here. I would say that’s too big though. If you really wanted to maximize profits you could do but I would say that there’s a sweet spot which is probably round about 240 square meters. That’ll give you three or four bedrooms, three bathrooms, pool, garages underneath and your roof terrace and so on. So I think that would be a sweet spot because obviously if you want to sell at 4,000 euros a square meter you times that by 400 it’s going to be a lot more. You know if you’re selling it by 240 there’s a lot more buyers in that level.

Villa construction costs in Montenegro

LADISLAS MAURICE: Alright so what are the construction costs here in Montenegro these days for a villa?

PETER: I think for a reasonable quality villa you’re looking at 1500 euros a square meter to 2,000 euros a square meter. Obviously the the difference in price will depend on the finishes and also landscaping you need to add a budget for landscaping maybe add about 10%, 20% for landscaping so you need to think about those. Permitting costs are very low in this area. They’re between 75 euros to 120 euros a square meter. We actually looked into this before we we came to do the video. I think everything that we’re going to look at today is 75 euros per square meter plus maybe the water charges. I know we actually legalized a house just around the corner and that cost us 83 euros a square meter so it might be 75 plus yeah x amount for the water.

Calculating ROI of building a new villa in Montenegro

LADISLAS MAURICE: Alright so for the for the numbers for a single house let’s say of 200 square meters let’s run with 2000 euros a square meter to do slightly higher end to take into account permitting costs and to take into account that we are a little bit further away from Tivat and the like and construction companies typically demand a bit of a premium to build on Lustica compared to to other parts. So 2,000 euros a square meter total build cost here at around 400,000 euros. Let’s add 50,000 euros for architect, for the pool, for the garage, for buffer etc so 450,000 euros to build a villa. The land per lot comes down to 70,000 euros so you’re all in about 520,000 euros to build the house on one lot. So if I have a house like this and I tell you Peter sell it, how much can I sell it for?

PETER: 800,000? Something like that. That’s quite a quite an easy thing. I think the worst case scenario would be 750 but I can’t think of anything that would be like this that you could get for 750 and on a good day yeah with with EU integration you know that’s a future story or whatever but it could easily get up to a million euros. This would be a million euro type of villa for sure. So but I think a conserv- very conservatively 750.

LADISLAS MAURICE: I feel comfortable saying 800,000. That would be 4,000 euros a square meter which is standard now in in Tivat for normal apartments, new apartments. So an actual standalone villa with views like this and a garage etc 800,000 I feel very comfortable stating this. So if you were to sell it for that price it would be a gross profit of over 50%. Now you need to take into account realtor fees when you sell, taxes etc so probably you’re in the ranges of 35% or so roughly but also if prices continue to rise with EU accession and the further development on the peninsula then that’s all extra profit margin. So if you want to just buy a place for yourself and design it according to your own wishes because there is let’s face it there is a lack of inventory in Montenegro of nice villas with proper Western finishes. I think that’s that’s

PETER: 100% yeah.

LADISLAS MAURICE: Like that’s an understatement.

PETER: Yeah, yeah. We’ve just sold one actually and we sold it before it’s finished. Yeah, so it simply was just snapped up. Yeah, so not even on the market.

LADISLAS MAURICE: Cool, so this is a bit of a no-brainer of an investment and I love the fact that there are all these that there’s a little organic farm next door. You have pigs and cows and goats and chickens. Personally I have a farmhouse here in Montenegro and then I just go to the neighboring farmers and I just buy meat from them, eggs, all of that just cash and I just get the the freshest meat and and eggs and it’s just it’s great. So I’m pretty sure if you live here you have your villa you can just go to the guy next door and just pay for your eggs, pay for your meat. When you hear that he’s slaughtering a pig you can go knock at his door.

PETER: Then it’s fresh for sure. Not sure how my vegan wife would uh would like that but uh for me I like my bacon so not a problem.

LADISLAS MAURICE: Cool, great. So now we’re going to go look at a lot right down the road for 100,000 euros.

PETER: 100,000. There’s even another one which we can pass but uh let’s not bother with it today but we got another one which is in between the price is 150,000 where you could build two villas. It’s a similar location to this so just think of these views, slightly different orientation because you’d be building one villa on top of another whereas this is very simple side by side so really getting these these amazing views.

LADISLAS MAURICE: Alright, so let’s try to go down and going down is always tougher than going up, eh?

PETER: Apparently, yeah. I don’t know, I’ve never gone up.

LADISLAS MAURICE: So alright let’s go. Nice eh, this is this is the Montenegro I like.

PETER: Yeah and you see the guy before he went with a big can, stainless steel can to go and milk the goat. Yeah you can start with the goats milk yogurt and finish on the goat leg curry.

Touring a 100,000 € lot for sale in Luštica

LADISLAS MAURICE: So Peter, what are we looking at here?

PETER: We have a plot of 300 square meters. It’s 100,000 euros. You have a build density of 80% over two levels but I would say that you don’t need to kind of go that big I think that takes you to 240 square meters. So you can probably do three levels as well here. You can see where my car is parked and the buildings are there, they could probably be considered as subterranean which is then not affecting the gross build area so you could do a subterranean level plus two levels with these amazing views right looking right over Porto Novi, Tivat Bay, Bijela shipyard and Porto Montenegro and the mountains, Lovcen Mountain and so on and so forth, farmhouse amazing.

LADISLAS MAURICE: Look I mean think of where you’re from and compare what 100,000 euros or 110,000 dollars gets you for a lot and in terms of views and all of that, compare this. Do you think this is a decent deal? This is the question you need to ask yourself. I think that in 90% of cases the answer would be yes and especially if you’re looking for a safe place to put your money this view isn’t going away. So you know with everything that’s going on in the world this here 100,000 euro view feels like more. It’s right on the road so it’s easy in terms of build in terms of connection to electricity etc no drama no issues and you’re you’re invested in a peninsula that has a lot of growth as well. So we were having this discussion before they’re actually building a school here in Radovici, right?

PETER: Yeah they’re going to build a new school in Radovici. Going back to Lustica Bay, the people there are in the business of making towns. They built El Gouna, they’ve got a big development in Switzerland as well. So part of their philosophy would be to make a town incorporated with the kind of local town as well. And as you mentioned here before birth rate is high for Europe, the population is growing, economy is growing, GDP is good. This beauty isn’t going to go anywhere. And by the way I’d kind of correct you on one thing. I wouldn’t say it’s a 100,000 euro view, I think this is a million dollar view but only for 100,000.

Demographic growth in Montenegro

LADISLAS MAURICE: And about the fertility rate Montenegro has Europe’s second highest fertility rate in Europe after Kosovo if you even consider that to be a country. But this is the highest fertility rate in Europe really and it’s locals, it’s like ethnic, it’s not immigrants etc. So when you go around Montenegro you see a lot of children etc. It’s actually a very pleasant place and a lot of the demographic pressure is concentrated on the capital city Podgorica and the whole coast. So this area will continue to grow. And now we’re going to go check out another lot, full disclaimer this is your own personal lot that you’re selling, right?

PETER: It is. It’s one of the first things that I bought in Montenegro. It’s a 3000 square meter so three quarters of an acre. It’s unusual that you can only build one house there. So you can build up to 400 square meters, so 200 residential, 200 annex but effectively be part of the residential unit. And yeah I spent half an hour or so on ChatGPT and came up with a Mies van der Rohe inspired Farnsworth house and it is amazing, it’s absolutely beautiful.

LADISLAS MAURICE: Okay so look when a realtor is selling literally his own property I always take things with a pinch of salt.

PETER: Which I’ve held onto for 18 years.

LADISLAS MAURICE: So let’s go there and let’s just be very cognizant of who’s selling right now.

PETER: Yeah and I don’t mind keeping it either so don’t worry. I mean my wife would like to keep it so that’s it. Alright let’s check it out.

Luštica vs Tivat & Kotor real estate markets

LADISLAS MAURICE: So Peter prices have gone up a lot around Tivat, Budva, Kotor but Lustica has been lagging a bit.

PETER: Lustica the planning has changed a little bit but the the main emphasis has been really on Tivat. Tivat has been going kind of great guns certainly over the last four or five years. The catalyst obviously being Porto Montenegro so uh but I think that uh we’re now kind of due to have a lot more interest especially with Lustica Bay getting much more to that kind of critical mass stage. The golf course is getting kind of done, they’re getting the first five holes, they’re going to have nine then 12 and 18 eventually. If you’re comparing their villas which are between 2 and 4 million euros to buying a piece of land here for 100,000, 150, 200,000 and then building your own villa which will be like a unique kind of signature villa I think there’s a lot to say for that. And bear in mind that if you’re going to buy a villa in Lustica Bay you’re going to pay 20,000 euros a year in the homeowners association for them to mow the kind of the lawns and the road and so on and so forth, not do anything for the house. So you could actually have your own house here and 20,000 euros a year buys you a lot of meals in Lustica Bay so that could be interesting.

LADISLAS MAURICE: I think it’s a classic case of the tier one destinations going up in price first and now Lustica is is more of a tier two and I think this is the next place for for prices to to really increase. So um from a pure investment point of view, from a capital growth point of view I think Lustica is a great play. In terms of rental yields, less. There is a lot less year-round demand here.

PETER: This is the start of the new road by the way.

LADISLAS MAURICE: Oh really, new road eh?

PETER: Yeah so there’s going to be a road from here so you can see like Herceg Novi Bay all the way to Lustica Bay the development.

LADISLAS MAURICE: So look infrastructure development as an investor I’d like this. We’re talking about tier two, it’s not just talk, it’s actually happening. There is government infrastructure that is that is literally being built before our eyes. So definitely a capital appreciation play. Again like I was saying I don’t think the rental yields are going to be as good here as they are in in Budva or in Tivat but often there’s more money to be made in capital appreciation and I’m not saying you won’t be able to rent out your place I mean in summer it’ll be a full house for sure. And then you can find some year long rentals as well for people that you know put their kids at school and stuff.

PETER: I think that people are happy to get a gross of about 6%, which is going to net them maybe 3%. In my experience, where the money has been made is actually in the capital gains over the years of ownership. Here, you’re going to have good money for the summer holidays, villa rentals which is going to be great. You’re not going to do the all year round stuff, although there is a demand for people sending their kids to the international schools looking for two, three, four bedroom villas.

LADISLAS MAURICE: There’s a lack of supply of of nice villas here in the whole Kotor, Tivat Bay area. There they’re kind of old school villas but really nice ones not that much. And there on the other side as you see there’s a little peninsula, that’s actually Croatia. Such a beautiful part of the world. I mean that’s why I spend a few months every year in Montenegro. I travel around the world full-time, I could literally be anywhere I want in the world and yet Montenegro is potentially my preferred spot.

PETER: I’m just going to take you down here you can see where the crane is and this is where they have a big infrastructure kind of development. So this is a massive development for water. You can see this is pretty much the header tank for Rose to give you the water pressure.

LADISLAS MAURICE: So because right now there’s no government water, you need to have put like some cisterns some tanks rather on the homes.

PETER: Yeah pretty much the whole of Lustica peninsula is rainwater harvesting and they do it successfully. When you’re building a house you build a water tank to go with it as well. The city water is coming now so I think you’ll probably still have to do the septic tank or the biodisc kind of for the for the waste but unusually that’s kind of quite environmentally friendly.

LADISLAS MAURICE: So again prices have absolutely not risen as much as they have in Kotor, in Tivat, in Budva and yet you’re seeing all this infrastructure development. It’s happening, it’s not just plans, it’s happening. They’re building the all the water stuff, they’re building the roads. Prices are going to rise here.

PETER: Do you know an interesting thing what I was told by I think it was a junior minister of finance and tourism and he was saying that they had made a mistake because for example they had attracted big hotel operators like Ritz-Carlton and I think Kempinski was interested and four seasons and so on but they realized that they hadn’t built the infrastructure so some of those developers were a bit nervous. Now I think their plan is that they want to build the infrastructure, raise the prices and then talk to these people like Ritz-Carlton again and get a higher price and to say look you’re asking about infrastructure the road, water, electricity it’s all there.

LADISLAS MAURICE: Do what you will with this information.

Visiting Rose, Montenegro

LADISLAS MAURICE: So we were in the in the car and Peter Square Meter’s wife was busting his phone. ‘Oh when are you coming back for lunch?’ And he was answering blah blah and then Peter was like, ‘Oh let’s go get coffee here on the on the way.’

PETER: Yes so here we are yeah

LADISLAS MAURICE: So here we are.

PETER: This is this is Rose. Yeah so most people when they see the name they’ll call it Rose but the language is phonetic so R O S E Rose yeah.

LADISLAS MAURICE: This is one of my favorite areas to go spear fishing around here actually really beautiful and Lustica is peppered with cute little villages like this fishing villages on the coast.

PETER: Yeah so this is interesting you mentioned the kind of the boats and so on but already you have a a little boat here called Lauro that goes to Herceg Novi from Rose twice a day. I think you can charter it for I think it used to be like 25, 30 euros to just to take you there. But it goes in the morning and the afternoon comes back for the school kids to go to Herceg Novi for school.

LADISLAS MAURICE: Look we’re in the late morning here, it’s a work day, all the men they probably have contracts, they’re probably plumbers, electricians, they probably have a bunch of clients waiting for them. It’s one of the disadvantages of Montenegro is just it’s a bit hard to when you have renovations etc you’re always chasing people around. So it’s important to just hire an architect or a project manager to deal with the project. It’s a country where operationally it’s a little hard to get things done because I mean right you just get distracted, you go for work and then like Peter who’s been here for what almost two decades you know he suddenly lose track of things and here we are.

PETER: Sure I could have mixed my business with pleasure so I’ve got my local cafe where I sit down and do my emails and so on so I actually take the dog for a walk, have a coffee and then mix the two together. But yeah you can’t blame them.

Cost of living in Montenegro

LADISLAS MAURICE: Yeah no we’re not blaming them, yeah. So yeah it’s easy to get distracted here in Montenegro. Look in terms of prices I like doing this. Espresso 2 euros but you took the one with milk so that was 2.50. And a large beer 4 euros. I’d say that prices are up about 50 to 70% compared to pre-covid. Still pretty affordable compared to the rest of Europe especially when you take into account this setting if you take a setting like this in the south of France or even in Croatia you’d be paying a lot more. This is the sort of lifestyle that you can have. Um well talking of of pizza, um this is what a 9 euro pizza looks like. Look is it going to win awards? No but it gets is it going to taste good? Yeah it’ll do the job. So essentially this is the sort of lifestyle that you can have on on Lustica. You can just chill here, you can work. The internet’s pretty fast. International airport, Porto Montenegro, international school, supermarkets, it’s all a 25 minute drive away from here. Alright, cheers Peter.

PETER: Cheers.

LADISLAS MAURICE: Alright what are we looking at here Peter?

PETER: This is your average probably Russian oligarch kind of superyacht but the interesting thing is to see the boat behind. That’s probably the boat for the toys and the kitchens and the staff and so on. That’s probably the auxiliary boat to go with this boat.

LADISLAS MAURICE: Welcome to Montenegro.

Touring Peter’s 160,000 € lot for sale in Luštica

LADISLAS MAURICE: Alright so we’re driving and Peter Square Meter mentioned another lot that he has here. Peter I don’t know this is gradually turning into Peter Square Meter’s show yeah.

PETER: It’s the Peter show yeah.

LADISLAS MAURICE: We’re showing off your lots. Yeah okay so tell us about this one here.

PETER: Very quickly 400 square meters we think it’s 80% build ratio we just need to update the technical conditions. The view is phenomenal so you’re west facing over Mamula and Prevlaka, Prevlaka which is Croatia, sunsets all year round. Great developments ideal for a signature kind of villa.

LADISLAS MAURICE: How much?

PETER: 160,000.

LADISLAS MAURICE: Alright so there’s no realtor commission here so you can probably negotiate a bit harder.

PETER: Prices are going up they’re not going down, yeah. So you’re getting a cost price yeah

LADISLAS MAURICE: Yeah let’s go see the big one now.

PETER: So we’re going you see with the blue houses? Yeah we’re probably drive there because you’re going to have the better views but we can actually go to to my plot and that’s the other house I was in front of the other one before.

Touring Peter’s 200,000 € lot for sale in Luštica

PETER: So the plot is here. It’s just over there on the right hand side. It’s 3,000 square meters, 200,000 euros. We’re able to build a 200 square meter house and 200 square meters of auxiliary building which can be used for living as well. So 400 square meters on a three quarters of an acre plot. It really suits this kind of signature kind of property. I spent I don’t know an hour on ChatGPT and I said look give me some Mies van der Rohe inspired house so we came up with something looking like the Farnsworth house which is absolutely beautiful. And this kind of plot the things the dimensions are something like 50 meters by 60 meters or thereabouts. It would actually suit a property which is potentially 25 meters long or something like that which gives you this long sleek kind of elegant look with a big long lap pool in front of it maybe a 20 meter by 3 meter pool in front of it. I think the slope’s around about 15 degrees so a nice gentle slope. We’ve got the views over here of the bay opening into the mouth of Herceg Novi and over to the left to the Adriatic and of course we’ve got the sunsets all year round so quite a spectacular location.

This is the new road to go to Lustica Bay so you’re going to have quick access so you’re going to.

LADISLAS MAURICE: You can hear them working on it right now.

PETER: Yeah yeah you’ve got the yellow diggers over here so they’re working on it and they’re making quite decent progress. But even on the old road you’re I think about 15-20 minutes from Lustica Bay obviously you’re going to have all the kind of luxury facilities there spas, hotels. They’re pretty much going to open the golf course soon, first five holes then it’ll be up to nine holes and then eventually 18 holes so championship golf course lots of facilities behind.

LADISLAS MAURICE: So either you target a very specific niche buyer and you know exactly what you’re going for, you don’t want to build anything too generic here or it’s a lifestyle just a lifestyle play.

PETER: Yeah to give you a comparison we actually had a client that was looking at villas in Lustica Bay. Those villas were I think 2.2 million but what irked him was the 20,000 euros a year homeowners fee. And he’s like well for a million euros I can buy the plot, build my dream house to my specifications and my design and my interior and so on and so forth. Not have to worry and 20,000 euro year euros I can spend that in Lustica Bay on fancy restaurants and so on. So people saying like buying in this part of Lustica Bay is like investing in the Amalfi Coast maybe 20-30 years ago. So it’s quite quite a moment.

LADISLAS MAURICE: Alright let’s go now to Tivat and go check out that two 2.5 million lot.

PETER: Yeah let’s go.

New Luštica highway

PETER: Yeah so this is when we’re back at the other plot with the Lustica Pavilion which we talked about the new road going through Lustica. So basically it’s an extension of this road. So this road goes from the main road pretty much. See the roundabout above here to the right there’s a beautiful beach here called Plavi Horizonti. So we’re talking about something built to this quality which is going to take you all the way to the other side of the Lustica peninsula to Klintsi which is above Rose.

5000 square meter lot with view of Donja Lastva

LADISLAS MAURICE: Alright here we are.

PETER: Yeah okay let’s talk about this place here. This is a unique opportunity here right in Tivat. This is the prime location in the whole of Tivat, it’s the upper part of Donja Lastva. So this is 5,000 square meters. It consists of an existing house which is being completed 80%. I think it needs maybe another 2 or 300,000 euros to be put into it or whatever to make it much more appealing give it more curb appeal. You have a similar size if not bigger building which can go below. Each of these properties are a base of 120 square meters on three levels so 360. And I think they miss a trick on this one here because you could actually do a basement as well so you could actually do another three houses like this of 480 square meters. And in this plot as well in this area you also have two other stone cottages which can be renovated to the existing size. That’s down to the kind of the planning laws.

LADISLAS MAURICE: So what’s the total price point?

PETER: Total price point for everything is 2.5 million.

LADISLAS MAURICE: Alright, so let’s say I take this existing villa, I finish it, I add 300,000 euros to make it look nicer. There’s even an elevator inside.

PETER: Yeah.

LADISLAS MAURICE: How much would that go for in the current market?

PETER: Current market price is between 2.2 and 2.5 million.

LADISLAS MAURICE: So essentially you take 2.5 you add an extra 300k you resell it you’ve recuperated most of your money and then you still have three lots and two stone houses to renovate.

PETER: That’s it, those are the numbers.

How to contact Peter Square Meter

LADISLAS MAURICE: Thanks Peter. Yeah so I wrote a whole article on the real estate market here in Montenegro, the areas that are interesting, the areas that you should avoid, some key learnings as well there is a link below and if you want to get in touch with Peter Square Meter. So Peter Square Meter is the number one expert when it comes to Kotor Bay, so Kotor, Herceg Novi, Tivat and Lustica Bay. Feel free to get in touch with him we’ve done a bunch of deals in the past together. I bought from you you helped me sell so there’s also a link below.

PETER: Don’t forget to like and subscribe as well. Thanks for watching.

LADISLAS MAURICE: Make sure to download my free e-book 12 mistakes to avoid when investing in international real estate which you can find on my website link below and feel free to follow me on Instagram at the wandering investor. I look forward to hearing from you.

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