Russians paid Skocidevojka 2.3 million, sold for 50
15.02.2008
The resellers will benefit the most form the real estate transactionsa in Montenegro, according to the latest news from Montenegrin daily Vijesti. The best example for that is the sale of former military location Skocidevojka, from which the Russian Investors earned more than EUR 50 million.
At the beginning of May 2005, the Russians paid Skocidevojka (with area of 65,000 square metres of land) only EUR 2.3 million. The buyer is an Egyptian investment fund which, as Montenegrin Government and municipality Budva were informed, plans to build a hotel in that location. Until a year and a half ago, attractive locations in the Montenegrin coast could be bought at pretty cheap prices. This was used by many foreign investors, and mostly Russians. In the meantime, the price of a square metre of land in Montenegro increased several times. Further resale is probably the most profitable, even though many buyers announced the construction of hotel complexes.