Golf Property in
Montenegro
2025 Buyer & Investor Guide

There is currently only one seaside golf course in Montenegro: Lustica Bay Golf Club, an 18-hole Gary Player designed course with par 72 and 6,606m length. This scarcity makes coastal golf property exceptionally valuable compared to other European markets like Spain (300+ courses) and Portugal (40+ courses). Additional courses are planned at Ulcinj and Velika Plaza (expected 2027-2030).

Lustica Bay is a €1.1 billion, 690-hectare master-planned development featuring: Gary Player golf course (the country's only seaside course), 176-berth marina, 5-star Chedi hotel, 4 private beaches, and an international community of 200+ permanent residents. The combination of scarcity, completed infrastructure, and established rental management programs makes it a unique investment opportunity.

Yes, foreigners can own freehold property in Montenegro without restrictions. The process is straightforward: 1) Legal due diligence (1-2 weeks), 2) Sign pre-sale contract with 10-20% deposit, 3) Final payment and notarized contract, 4) Registration in Land Registry (2-4 weeks). We recommend engaging a local lawyer to verify clean title and legal compliance.

Yes, Lustica Bay permits short and long-term rentals. Property management services are available through Lustica Bay Property Management or independent operators. Rental options include: short-term (weekly) via Airbnb/Booking with 4.5-6.5% yields, monthly rentals for digital nomads, or annual long-term leases with 4-4.5% yields. Management fees typically run 15-25% of gross rental.

Returns vary by rental strategy and property type. For short-term: 4.5-6.5% net (after 20% management and operating costs). For long-term: 4-4.5% net. Historical capital growth has been 5.5% annually since 2015, with growth expected to accelerate with EU accession. 5-year scenario for €400k property: ~€95k rental + ~€60k appreciation = 39% cumulative return. Note: Actual returns may vary.

Membership packages vary by property and purchase timing. Typically includes: Residents' Club membership (access to beaches, pools, marina facilities), preferential green fee rates, priority booking, and event invitations. Some properties include full golf membership, while others offer discounted green fees. Verify contract details at purchase.

Prices vary by property type and course proximity: Golf-adjacent apartments (1-2 bed): €200,000-€500,000 (€3,500-4,500/sqm). Golf-front villas (3-4 bed): €600,000-€2,000,000+ (€4,000-6,000/sqm). Golf-view penthouses: €500,000-€1,500,000 (€5,000-7,500/sqm). Location premium: Direct course frontage properties command +25-35% vs properties 500m away.

Montenegro golf property (€4,500/sqm) trades at significant discounts to mature European markets: Croatia €5,800/sqm (+29%), Portugal €6,500/sqm (+44%), Spain €7,200/sqm (+60%), Italy €8,500/sqm (+89%), France €12,000/sqm (+167%). This gap reflects Montenegro's emerging market status but offers opportunity for early investors.

Montenegro has been an EU candidate since 2010, with membership targeted by 2028. Historical data from Croatia and Bulgaria showed 20-40% price appreciation in years before and after accession. Analysts expect similar impact in Montenegro. However, timelines may shift and past performance doesn't guarantee future results.

With only one seaside golf course, supply is very limited and prime properties sell quickly. Demand is growing with: golf tourism up 40%+ annually, improving infrastructure, and EU accession approaching. Early purchase offers best selection and lowest prices. New phases typically launch at 10-15% higher prices than previous phases.