Budva - Vyecheslav Leibman, the executive director for the Balkans of
Russian Group "Mirax," is of the opinion that the price of land in Montenegro
will be even lower.
According to Leibman, it will be no surprise if the price per one square
meter of land drops to as low as 50 euros, which in turn is going to rekindle
the interest of investors in Montenegro. "Mirax" has put off the
start of the construction of hotels "Tower" and "Wave" on
Zavala [peninsula], which, according to earlier announcements, was to have been
launched in the last quarter of 2008.
"We plan to start the second stage of the Zavala project at the end
of next year. The first reason for the postponement is that not all requirements
have been met because institutions in Montenegro take their time
regarding the issuance of necessary permits. The second reason is the global
financial crisis, which has resulted in fewer buyers," Leibman said,
adding that even so he expected the real estate market to return to normal.
Leibman pointed out that "Mirax" will not be lowering its
8,000-euro-per-square-meter price for luxury apartments, explaining that Zavala
was an exclusive and unique complex. | 
