31,000 Russians do business in Montenegro - lots bought on locations of Trsteno, Boka, Luštica, Tudorovići, Prčanj

According to some data, there are 31,000 Russian doing business in Montenegro. Montenegrin Government signed first contracts with Russians six years ago. Recently, Russian have bought lot of half a million square meters, in the vicinity of Trsteno beach, for € 11.8 per square meter. As far as Montenegrin seaside is concerned, Russian companies purchased "As" hotel in Perazić Dol, "4. jul" hotel in Petrovac, "Xanada" hotel in Herceg Novi and restaurant "Kastelo". Montenegrin-Russian company "Montenegro stars" bought Bečići-based hotels "Splendid" and "Montenegro", whereas Russian money was invested in construction of five-star "Montenegro" villa on Sveti Stefan.

Moscow-based company "Šibengoresurs group", which purchased "As" hotel, is impossible to find on the internet, just like "Moskovskaja trastovaja", which bought "4. juli" hotel and "Kastelo bar" restaurant.

Russians are especially interested in old stone houses of the Boka citizens, peninsula Luštica and Tudorovići village above Sveti Stefan. On the eastern slope of Luštica, above Žanjica beach, they built three villas on surface of about 4,500 square meters. Russian procured 15 square kilometers of land in Tudorovići and paid € 5 per square meter. According to data of Town Hall of Kotor, Russians purchased house of Dragan Banićević in Prčanj for € 450,000.

One of the patrons of recent visit of Prime Minister Milo Đukanović to Moscow is building company "Barkli", which bought Ulcinj-based "Otrant" hotel. At the moment, privatization of "Otrant" is in court.

In 2005, it is expected that the investments rise from € 60m, which was the amount of investments in 2004, to € 150m. Republic has already privatized 15 hotels, in which € 100m will be invested. According to ownership structure in these hotels, significant share belongs to Russian companies.