Since its official independence in 2006, Montenegro has been working to build its economy through tourism and real estate developments which showcase the beautiful coastline on the Adriatic Sea. Old industries like steel manufacturing have been traded in by the pro-European government for more promising ventures in attracting investors to help develop the untouched waterfront. High end real estate development and tourism have boosted economic growth which is expected to be around 4.7 per cent for 2016, according to the IMF April forecast.
The tourism industry is already thriving. From 2011 to 2015, the tourism sector grew by an average of 6.4 per cent annually and this rate is expected to increase to 8.8 per cent over the next ten years. It is no wonder why with over 117 beaches as well as mountains which accommodate winter sports, Montenegro saw tourist arrivals rise by 12.9 per cent y-o-y to 1.71 million people in 2015. The first half of 2016 showed the number up by 3.8 per cent from the same period last year.
Azmont Investments, the company behind the luxury development, Portonovi, in Boka Bay has been established in Montenegro since 2012 and is one of several companies actively investing in the country. Portonovi, set to complete its first phase in the second half of 2017, including high end apartments, a marina, shops and restaurants as well as the first One&Only resort in Europe.
The company officially launched sales of the first residences at Portonovi to the Middle East market with an event at One&Only Royal Mirage on November 15. The stunning coast is fast becoming the focus for travel and real estate investment from the
Portonovi will be home to Europe’s first One&Only resort, opening in summer 2018. One&Only Portonovi will boast approximately 120 luxurious guest rooms, suites and villas, exclusive dining and retail options, and a wellness and vitality centre in partnership with world-renowned wellness leaders, Espace Chenot, providing guests the ultimate Health Wellness Spa.
Redefining luxury in the region, One&Only Portonovi will set a new level of guest experience through the impeccable service and offering, and will showcase the beauty of Montenegro’s natural elements. Jean-Michel Gathy and the team from Denniston International Architects are responsible for the architecture and interiors, as well as the design of the exterior spaces surrounding the resort.
'We are very excited to be hosting this special event introducing Portonovi to the region. One&Only is an unparalleled ultra-luxury resort collection with an enviable portfolio in spectacular locations, with Montenegro being no exception,' commented Philippe Zuber, president and chief operating officer, One&Only Resorts. 'We are looking forward to opening our very first resort in Europe, which our guests have been asking for. Portonovi is the perfect location and represents a driver for change, with significant investment in the region. We are confident that Portonovi will become the elite new destination in Europe for sophisticated travellers.'
The Portonovi Marina will feature 220 berths for yachts and superyachts, and will be one of the most naturally protected marinas in the region offering excellent access to the Adriatic with the islands off the Dalmatian Coast just a day’s sail away. A focal point of the Marina will be the members-only Portonovi Yacht Club, which has been created by the award-winning British design studio Winch Design and is designed for the exclusive use of yacht owners.
The development will also include upscale retail options such as designer boutiques from premium international luxury fashion brands.
Portonovi is less than an hour’s drive from both Dubrovnik (33km) and Tivat International Airport (18km). Both airports have service from destinations across Europe, along with facilities for private jets.
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