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Ana Zloković, Sales Director of Luštica Bay – The Most Successful Greenfield Investment in the Region
Source: eKapija
Wednesday, 11.06.2025.
14:03
Wednesday, 11.06.2025.
14:03
Comments
Since its establishment in 2008, Luštica Bay has become one of the largest investment projects in South-East Europe. Once complete, it will host more than 6,000 residents, 3,000 apartments, 300 luxury sea-view villas, and seven hotels.
The destination is dedicated to creating long-term value, promising its community both an investment for the future and a Place to Belong. Here, Sales Director Ana Zloković explains just what that looks like.
Luštica Bay is one of the most successful greenfield investments in the region, being developed on about 7 million square meters of land. What facilities have already been built?
– Thanks to the vision of Orascom Development Holding, a leading global company in developing self-sustaining destinations, Luštica Bay has become an integrated town and one of the most desirable addresses in Montenegro.
Guided by the ethos of ‘contemporary Mediterranean living’, the destination is currently developing through four planned neighbourhoods, each with its own atmosphere, dynamism, and role in shaping a completely new town in the making.
The first is Marina Village where life flows leisurely by the sea, exuding the charm of authentic fishing villages among stone houses and quiet alleys. The second is our Centrale neighbourhood - a modern urban core with a medical facility, administrative centre, sports facilities, shops, and restaurants. Essentially, everything needed for a comfortable and functional life, with a primary school also planned. Both of these neighbourhoods are built and fully operational. The Peaks, the jewel of the entire Luštica Bay project, is being developed around Montenegro’s first 18-hole golf course, designed by the legendary Gary Player. The neighbourhood includes apartments, townhouses and villas, with architectural and interior design concepts shaped in collaboration with studios Block 722 and NRA Atelier, combining international aesthetics and local context.
We are also developing the latest addition to our residential portfolio, Heights. In the immediate vicinity of the Luštica Bay centre, on an elevated position next to the golf course’s third hole. The Horizon neighbourhood offers complete privacy and views of the Adriatic from every angle, with a specially designed Clubhouse as a place for gathering and relaxation. Residents and guests already have access to five developed beaches and a functional marina, spread along nearly six kilometers of coastal zone, where the crystal-clear waters of Trašte Bay meet the green slopes and untouched shores of the Luštica Peninsula.
Over 1,000 properties have been sold so far, of which more than 700 have already been handed over to owners. What are the key advantages of investing in real estate within Luštica Bay compared to other Mediterranean destinations?
– Located just a few hours` flight from most European capitals, and a 30-minute drive from the towns of the Bay of Kotor and Budva, we are well-connected and have the complete infrastructure for year-round living. Whether someone`s planning to relocate, seeking a second home, or wants to generate rental earnings, Luštica Bay provides an unmatched coastal lifestyle and investment opportunity. Indeed, we are already home to a cosmopolitan community of more than 700 families from over 50 countries. The development offers stable and consistent annual property value growth, outperforming many Mediterranean destinations, while flexible payment plans make the purchase decision even more attractive. They allow for easy relocation but also offer excellent passive income through seasonal or year-round rentals. For investors seeking significant returns, The Peaks golf residences represent an early entry point into a rising market defined by luxury, sport, and a strong connection with the outdoors. This project is marked by its strategic location, excellent facilities, and commitment to sustainability.
The organic aesthetic of the residences respectfully follows the landscape and local tradition, with privacy paramount and spectacular 360-degree panoramic sea views. The Peaks’ rare combination of natural beauty, thoughtful design and contemporary luxury will match even the most demanding of investment ambitions.
What does the payment plan for property purchase look like and what financing options are available to international buyers? Are there specific tax incentives and benefits for investors?
– We offer an interest-free payment plan over four to five years, with moving-in possible after just two. What makes this model even more appealing is that a new owner can rent the property immediately after handover and during several years of the payment period, thereby generating income that can significantly contribute to covering quarterly instalments, taxes, and maintenance costs.
International buyers can expect a fully transparent and professionally managed purchase process, and an investor-friendly tax system. Under Montenegrin law, when you buy property directly from the developer you are exempt from the obligation to pay transfer tax, which in the case of secondary market purchases ranges from 3% to 6%. Montenegro’s tax environment further adds to the investment appeal: income tax ranges between 9% to 15%, capital gains tax is 15%, and there is no inheritance tax for immediate family members.
Is there a model for return on investment (ROI) for buyers who wish to rent the property or keep it as a long-term asset? Can you present specific examples of capital appreciation of real estate from the beginning of the project until today?
– In addition to the property payment model which can generate returns during its duration - in some cases even during half the period, and certainly 2 years after handover - a characteristic of the project is the significant property value growth. On average this is about 13% year-on-year, which gives special importance to the 4-year and 5-year payment plans with interest-free extensions after handover. Additionally, for investors at this stage of the project, it is important to mention that with the opening phases of the golf course (9 and then 18 holes), a significant capital increase in property value is expected.
What will the golf course mean for Luštica Bay’s image and value on the world map of golf destinations? How will the golf community contribute to off-season tourism development?
– This is the first golf destination of its kind in the country - designed to enhance Montenegro’s international recognition, respond to the growing demand for elite coastal lifestyles and golf tourism, and extend the season. Golf is a sport played year-round, and so we are confident that the course will significantly reduce seasonality and increase rental income. Our calendar of golf events will certainly help this.
The 18-hole golf course belongs to an exclusive group of just 10% of the world’s courses to offer a sea view from every hole. It’s designed by Gary Player - a sports legend and one of the most influential figures in golf course design - who says it best: “There are 64 million golfers in the world, and when a golfer comes as a tourist, they spend money. With all the other amenities and history here, the beautiful beaches, the ocean, the food… I can tell you this course will be massive for Montenegro.”
What is the long-term development vision for the Luštica Bay complex? How do you plan further community growth and what will the destination look like once the entire project is completed?
– To date, more than EUR 575 million has been put into the development, including investment in the hotel, marina, residential zones, recreational, commercial, and many other facilities. The total investment is estimated at EUR 1.6 billion by 2033, making Luštica Bay the largest greenfield investment in Montenegro and one of the largest in South-East Europe. Upon completion, Luštica Bay will be a true coastal town, home to more than 6,000 residents, in over 3,000 apartments and 300 luxury sea-view villas, and seven hotels, including the renowned The Chedi Luštica Bay. That said, with the destination’s green and blue signature, golf course, five beaches, vibrant events calendar and premium amenities, Luštica Bay is already a dynamic Mediterranean destination.
Sustainability in all areas is a necessity today, and you are vocal advocates for responsible development. How do you balance luxury construction with the protection of the natural environment and the preservation of Bay of Kotor heritage? What is the collaboration and communication with the local community like?
– Luštica Bay is proof that vision and well-executed investments can bring long-term prosperity while preserving the identity and nature of the region. Natural landscapes remain at the heart of every construction initiative, with the town being developed on less than 10% of 690 hectares. We use locally available materials, such as hand-cut stone from the original site, achieving harmony between contemporary design and tradition, with minimal environmental impact. Our architectural approach, inspired by the rich history and architecture of the Luštica Peninsula and the Mediterranean region, emphasises the preservation of natural surroundings and architectural heritage through low-rise buildings that blend into the landscape.
We also partner with forward-thinking organisations. The Chedi Luštica Bay hotel, a leader in hospitality sustainability in Montenegro, aims to be carbon-neutral by 2030 and has received the Zero Waste award, becoming the first luxury hotel in Europe on the path to zero-waste operations.
With an investment of over EUR 2.5 million in corporate social responsibility initiatives, the local community is actively supported and new opportunities are being created for the development of the municipality of Tivat.
From efficient construction with smart solutions and applied principles and programs of energy efficiency, to waste reduction and a full spectrum of ESG principles, Luštica Bay nurtures a sustainable approach in every segment of destination development.
The destination is dedicated to creating long-term value, promising its community both an investment for the future and a Place to Belong. Here, Sales Director Ana Zloković explains just what that looks like.
Luštica Bay is one of the most successful greenfield investments in the region, being developed on about 7 million square meters of land. What facilities have already been built?
– Thanks to the vision of Orascom Development Holding, a leading global company in developing self-sustaining destinations, Luštica Bay has become an integrated town and one of the most desirable addresses in Montenegro.
Guided by the ethos of ‘contemporary Mediterranean living’, the destination is currently developing through four planned neighbourhoods, each with its own atmosphere, dynamism, and role in shaping a completely new town in the making.
The first is Marina Village where life flows leisurely by the sea, exuding the charm of authentic fishing villages among stone houses and quiet alleys. The second is our Centrale neighbourhood - a modern urban core with a medical facility, administrative centre, sports facilities, shops, and restaurants. Essentially, everything needed for a comfortable and functional life, with a primary school also planned. Both of these neighbourhoods are built and fully operational. The Peaks, the jewel of the entire Luštica Bay project, is being developed around Montenegro’s first 18-hole golf course, designed by the legendary Gary Player. The neighbourhood includes apartments, townhouses and villas, with architectural and interior design concepts shaped in collaboration with studios Block 722 and NRA Atelier, combining international aesthetics and local context.
We are also developing the latest addition to our residential portfolio, Heights. In the immediate vicinity of the Luštica Bay centre, on an elevated position next to the golf course’s third hole. The Horizon neighbourhood offers complete privacy and views of the Adriatic from every angle, with a specially designed Clubhouse as a place for gathering and relaxation. Residents and guests already have access to five developed beaches and a functional marina, spread along nearly six kilometers of coastal zone, where the crystal-clear waters of Trašte Bay meet the green slopes and untouched shores of the Luštica Peninsula.
Over 1,000 properties have been sold so far, of which more than 700 have already been handed over to owners. What are the key advantages of investing in real estate within Luštica Bay compared to other Mediterranean destinations?
– Located just a few hours` flight from most European capitals, and a 30-minute drive from the towns of the Bay of Kotor and Budva, we are well-connected and have the complete infrastructure for year-round living. Whether someone`s planning to relocate, seeking a second home, or wants to generate rental earnings, Luštica Bay provides an unmatched coastal lifestyle and investment opportunity. Indeed, we are already home to a cosmopolitan community of more than 700 families from over 50 countries. The development offers stable and consistent annual property value growth, outperforming many Mediterranean destinations, while flexible payment plans make the purchase decision even more attractive. They allow for easy relocation but also offer excellent passive income through seasonal or year-round rentals. For investors seeking significant returns, The Peaks golf residences represent an early entry point into a rising market defined by luxury, sport, and a strong connection with the outdoors. This project is marked by its strategic location, excellent facilities, and commitment to sustainability.
The organic aesthetic of the residences respectfully follows the landscape and local tradition, with privacy paramount and spectacular 360-degree panoramic sea views. The Peaks’ rare combination of natural beauty, thoughtful design and contemporary luxury will match even the most demanding of investment ambitions.
What does the payment plan for property purchase look like and what financing options are available to international buyers? Are there specific tax incentives and benefits for investors?
– We offer an interest-free payment plan over four to five years, with moving-in possible after just two. What makes this model even more appealing is that a new owner can rent the property immediately after handover and during several years of the payment period, thereby generating income that can significantly contribute to covering quarterly instalments, taxes, and maintenance costs.
International buyers can expect a fully transparent and professionally managed purchase process, and an investor-friendly tax system. Under Montenegrin law, when you buy property directly from the developer you are exempt from the obligation to pay transfer tax, which in the case of secondary market purchases ranges from 3% to 6%. Montenegro’s tax environment further adds to the investment appeal: income tax ranges between 9% to 15%, capital gains tax is 15%, and there is no inheritance tax for immediate family members.
Is there a model for return on investment (ROI) for buyers who wish to rent the property or keep it as a long-term asset? Can you present specific examples of capital appreciation of real estate from the beginning of the project until today?
– In addition to the property payment model which can generate returns during its duration - in some cases even during half the period, and certainly 2 years after handover - a characteristic of the project is the significant property value growth. On average this is about 13% year-on-year, which gives special importance to the 4-year and 5-year payment plans with interest-free extensions after handover. Additionally, for investors at this stage of the project, it is important to mention that with the opening phases of the golf course (9 and then 18 holes), a significant capital increase in property value is expected.
What will the golf course mean for Luštica Bay’s image and value on the world map of golf destinations? How will the golf community contribute to off-season tourism development?
– This is the first golf destination of its kind in the country - designed to enhance Montenegro’s international recognition, respond to the growing demand for elite coastal lifestyles and golf tourism, and extend the season. Golf is a sport played year-round, and so we are confident that the course will significantly reduce seasonality and increase rental income. Our calendar of golf events will certainly help this.
The 18-hole golf course belongs to an exclusive group of just 10% of the world’s courses to offer a sea view from every hole. It’s designed by Gary Player - a sports legend and one of the most influential figures in golf course design - who says it best: “There are 64 million golfers in the world, and when a golfer comes as a tourist, they spend money. With all the other amenities and history here, the beautiful beaches, the ocean, the food… I can tell you this course will be massive for Montenegro.”
What is the long-term development vision for the Luštica Bay complex? How do you plan further community growth and what will the destination look like once the entire project is completed?
– To date, more than EUR 575 million has been put into the development, including investment in the hotel, marina, residential zones, recreational, commercial, and many other facilities. The total investment is estimated at EUR 1.6 billion by 2033, making Luštica Bay the largest greenfield investment in Montenegro and one of the largest in South-East Europe. Upon completion, Luštica Bay will be a true coastal town, home to more than 6,000 residents, in over 3,000 apartments and 300 luxury sea-view villas, and seven hotels, including the renowned The Chedi Luštica Bay. That said, with the destination’s green and blue signature, golf course, five beaches, vibrant events calendar and premium amenities, Luštica Bay is already a dynamic Mediterranean destination.
Sustainability in all areas is a necessity today, and you are vocal advocates for responsible development. How do you balance luxury construction with the protection of the natural environment and the preservation of Bay of Kotor heritage? What is the collaboration and communication with the local community like?
– Luštica Bay is proof that vision and well-executed investments can bring long-term prosperity while preserving the identity and nature of the region. Natural landscapes remain at the heart of every construction initiative, with the town being developed on less than 10% of 690 hectares. We use locally available materials, such as hand-cut stone from the original site, achieving harmony between contemporary design and tradition, with minimal environmental impact. Our architectural approach, inspired by the rich history and architecture of the Luštica Peninsula and the Mediterranean region, emphasises the preservation of natural surroundings and architectural heritage through low-rise buildings that blend into the landscape.
We also partner with forward-thinking organisations. The Chedi Luštica Bay hotel, a leader in hospitality sustainability in Montenegro, aims to be carbon-neutral by 2030 and has received the Zero Waste award, becoming the first luxury hotel in Europe on the path to zero-waste operations.
With an investment of over EUR 2.5 million in corporate social responsibility initiatives, the local community is actively supported and new opportunities are being created for the development of the municipality of Tivat.
From efficient construction with smart solutions and applied principles and programs of energy efficiency, to waste reduction and a full spectrum of ESG principles, Luštica Bay nurtures a sustainable approach in every segment of destination development.
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"Real Estate & Construction - Trends that Build the Future"
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Tags:
Luštica Bay
Ana Zloković
Marina Village
Centrale
Heights
Horizon
The Peaks
Gary Player
special edition newsletter real estate and construction trends that build the future
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