Porto Montenegro to invest 500 million euros over the next 10 years

by Alexander Razinkov 26 Sep 2019 16:16 UTC

• Summer 2019 season pitched as most successful ever
• 500 million EUR to be invested over next 10 years
• Porto Montenegro transforms into a year-round destination village and business hub

Porto Montenegro, the Mediterranean's leading luxury yacht homeport and marina village, announced it is going to invest over 500 million Euros in further development and new projects on site over the next 10 years. The statement has been made at a private event at the Monaco Yacht Show 2019.

"We are currently only building on 30 percent of a vast 24 hectares that once belonged to the Arsenal, a former Yugoslav naval base," said Danilo Kalezic, Senior PR and Marketing Manager at Porto Montenegro, in his speech. "To date we have invested €500 million and I believe that in the next 10 years, we'll invest additional €500 million to develop half of the remaining land. This is difficult to predict because the site study is still being adopted but we're on the right track."

Busy and prosperous 2019

The summer season that is leaning to its end was one of the most successful ever for Porto Montenegro. The village hosted many top-level events, from the very first RC44 regatta, the Gigayacht Captains Forum, the Sunreef Yachts rendezvous and Gumball3000 supercar rally, music, fashion and wine festivals and Montenegro's inaugural polo tournament. All that in combination with the excellent facilities and favorable conditions (only 9% personal and corporate tax, 7% VAT on marine-related businesses and tax-free fuel among them) helped fill up the luxury marina village with the finest yachts and residential clients, business partners and high-profile visitors.

"All berths for yachts under 30 metres were fully occupied this summer and overall occupancy was 11.5% higher compared to 2018," stated Danilo Kalezic. "In the winter season, we recorded a 10.5% increase compared to last year. Over 30 metre berthing is expected to exceed 2018 by the end of the winter as the Bijela shipyard and new pre-Bijela offers draw positive attention from the market."

In addition, in 2019 the Regent Pool Club Residences, an exciting duo of two wings - AQUA and BAIA - consisting of apartments and penthouse suites, positioned adjacent to the five-star Regent Porto Montenegro hotel, has reached completion. Behind the contemporary design which combines elements of Venetian and Italian aesthetics, are London's WATG Architects and MHZ Paris.

Transformation ahead

Porto Montenegro continues to develop in all directions. "The village has transformed from a summer destination to a year-round destination village and regional lifestyle-centric, multi-faceted business hub," summarised Danilo Kalezic.

Alongside continued upgrades to the state-of-the-art Porto Montenegro Yacht Club, the village also takes on a new business dimension, offering co-working spaces and new office hubs. Among the additions will be the Ambulanta Club which will add a collection of new office facilities nearby the Arena and BlueRoom venues, bringing an exciting new dimension to competitive office rentals with laser clay shooting, archery and other gaming facilities in the vicinity. In 2019, Porto Montenegro welcomed its first family office for new business residents, with Monte Carlo Yachts, Beneteau, and Sunreef Yachts among them.