Podgorica follows the coastal route to recovery

Online, September 14, 2009 (Newswire.com) - The financial crisis has left its clear marks over the streets of Podgorica, with a number of unfinished buildings, low number of deals in the real estate sector and high level of uncertainty and fear among local investors and companies. As in many other capitals across Europe, credit lines have decreased, or nearly vanished, and the general business environment was mostly negative.
Those days however, could well be a thing of the past. It appears that new winds are blowing through the streets of Podgorica since the beginning of the summer. Following the first signs of recovery in the real estate sector in the coastal area, the experts of this sector are now carefully indicating similar movements in the capital. Local Developers are reporting on a growing number of visitors in their sales offices, and a relatively large number of contracts that are being signed for the sale and purchase of properties. Although nobody wants to declare the end of the financial crisis, mainly out of cautiousness, there is a clear change of approach, and more and more analysts are presenting optimistic forecasts and investors have seem to return from their annual holidays with a growing motivation and ambitious for new business ventures.

A recent market study, conducted by More Group, presents a moderate decrease in the average price of residential properties in Podgorica. "Prices have fallen between 10% to 15% in Podgorica, and the clients are coming now to cash on those deals before the price will take off again" says Amir Rochman, Marketing manager of the group. "The group is very positive about Montenegro and the way our projects are progressing. We have been very active here for over 4 years now, and our plans are to expand to other parts of this beautiful country" he confirms. "Podgorica is a very interesting location, in terms of development potential and prospect, because of everything that this country is going through. We are satisfied with the growing number of enquiries and interest in our project in Toloska Suma, especially with the innovative financial solutions, and mortgage posibilities that we are introducing in Montenegro The financial situation is still not easy, but you can definitely feel that the market is waking up, and I am convinced that we will meet our targets this year as well.". More Group is an international real estate group that has developments in several European countries. The Group is very active in Montenegro since 2004, and has offices in Podgorica and along the Adriatic coast.

Podgorica is a relatively small and fast developing capital , and it is only a question of time before it will pick up with its neighboring capitals in terms of business activities, banking system and price levels. Nowhere else in the region you can buy a brand new apartment in the city center and only walking distance from the university for less than 100,000 Euros. There is certainly plenty of potential for further development, and everything indicates that the time of Podgorica is about to arrive.