Montenegro to Reform
Property Law

21 December 2007
Podgorica _ Montenegro's
government has adopted a
draft law on property
relations that will make it
possible for the first time for
foreign citizens, as
individuals, to buy real
estate in the tiny Adriatic
state

Canadian magnate
Peter Munk aims to turn a crumbling
Montenegro naval base
into the next yacht hot
spot.

Munk's goal is to attract the
megamillionaires now bumping
into one another across the
Mediterranean. His
development - to be called
Porto Montenegro - is slated to
have mooring space for 800
yachts, repair yards,
provisioning services, and
hotels, as well as 1,000
apartments where captains and crew can make their homes.
There is already an airport
close by, and plans are afoot
for a golf course.

A foreign consortium came
up with an offer for
investment worth 1 billion
euros, which foresees
construction of 35 hotels
along Montenegrin coast.

British Deloitte & Touche,
German Deutsche Bank, Israeli Shafira as well as several
investors from Italy and
Western Europe, presented a
project "Lungo Mare" (Along the Sea) to Herceg Novi mayor
Dejan Mandic. The project
envisages 3.3-kilometer
enlargement of Igalo coastal
area at the expense of the sea.

Russians prompt boom
in Montenegro

BBC NEWS           Montenegro keeps another record - it gets
more foreign investment per
capita than any other country in Europe, well over $1,000 (£515) for each of its 650,000 people.
Much of it comes from Russia.