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MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO MONTENEGRO
REPORT AND VALUATION
AS AT
DECEMBER 20, 2011
ON BEHALF OF
MONTENEGRO INVESTMENT LIMITED GUERNSEY
TABLE OF CONTENTS
PART I EXECUTIVE SUMMARY
PART II VALUATION REPORT
PART III PROPERTY REPORT
PROPERTY DETAILS
LEGAL CONSIDERATIONS
MARKET COMMENTARY
VALUATION CONSIDERATIONS
APPENDICES
PART I EXECUTIVE SUMMARY
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO
EXECUTIVE SUMMARY
REPORT DATE January 10, 2012
VALUATION DATE December 20, 2011
THE PORTFOLIO The subject portfolio comprises of different asset classes dispersed in coastal regions, mountain regions and country side areas. The vast majority of individual assets and portfolio value is embodied in vacant development land and/or ruins with adjusted land. Only several properties represent income generating buildings.
OWNERSHIP TITLE Individual assets in the subject portfolio are held by two locally registered companies: Montenegro Investment & Land Holdings (MILH) and Black Mountain Investment (BMI). Summary report as presented hereafter details all the properties by group and asset number. We have not been provided with copies of Cadastral Excerpts which would show the land usage holder for the cadastral parcels comprising the subject site.
TOWN PLANNING The vast majority of assets do not have approved planning permission in place.
MARKET SUMMARY Montenegro is a maritime country, with 200 km of the Adriatic coastline, a territory of 13,812 square km, and has a population of approximately 620,000 people. Since the referendum on Montenegrin independence, held on May 21, 2006, property market has started to develop rapidly. The residential property market is by far the most active market segment in Montenegro, especially in the coastal area. Montenegrin investment market has been severely affected with global financial crisis as its market fundamentals are directly linked with foreign capital inflow.
VALUATION METHODOLOGY In assessing the market value of the property we have carried out the Sales Comparison Approach.
Our report contains the assumptions on which our valuation has been based.
MARKET VALUE EUR 35,120,000 (Thirty Five Million One Hundred Twenty Thousand Euros) exclusive of VAT and transaction costs
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO
EXECUTIVE SUMMARY
GROUPS BREAKDOWN GROUP EUR COMMERCIAL PROJECTS 731,025 LAND BANK PORTFOLIO 412,449 MEDIUM SCALE COASTAL PROJECTS 15,895,750 LARGE SCALE COASTAL PROJECTS 11,575,450 MOUNTAIN PROJECTS 2,845,677 RURAL LAKE PROJECTS 1,262,591 RESTORATION PROJECTS 2,397,674 TOTAL 35,120,616 ROUNDED 35,120,000 Source: CB Richard Ellis
PROPERTY HOLDER BREAKDOWN PROPERTY HOLDER COMPANY EUR Monten. Investment & Land Holdings 25,913,512 Black Mountain Investment 9,207,105 TOTAL 35,120,616 ROUNDED 35,120,000 Source: CB Richard Ellis
SUITABILITY FOR LOAN SECURITY We have not been provided with any details of the loan facility to be provided.
Assuming that the loan made is on standard banking terms and with due regard to the market value of the property, in our opinion the subject property provides satisfactory security for finance secured by way of a fixed legal charge over the interest valued in this report.
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO
TABLE OF CONTENTS PART II VALUATION REPORT
CONTENT PAGE NUMBER
Valuation Report...... I – III
Scope of Work & Sources of Information ...... IV – V
Valuation Assumptions ...... VI – VII
CB Richard Ellis d.o.o. 88b Omladinskih brigada Street 11070 New Belgrade Serbia
Switchboard +381 11 225 8777 Fax +381 11 228 1969
VALUATION REPORT
REPORT DATE January 10, 2012
ADDRESSEE Mr. Shaun McDade Montenegro Investment Limited Legis House 11 New Street St Peter Port Gurensey GY1 3EG
THE PROPERTY Montenegro Investment Limited Property Porftolio Coastal and inland regions Montenegro
PROPERTY DESCRIPTION Vacant developable land, developable land with ruins and income properties
OWNERSHIP PURPOSE Investment
INSTRUCTION To value on the basis of Market Value the Freehold interest in the Property as at the valuation date under the “as is” valuation premise in accordance with the written instruction letter dated 25th November 2010.
VALUATION DATE December 20, 2011.
CAPACITY OF VALUER External
PURPOSE OF VALUATION Internal review.
MARKET VALUE EUR 35,120,000 (Thirty Five Million One Hundred Twenty Thousand Euros) exclusive of VAT and transaction costs
Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm’s length terms.
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COMPLIANCE WITH VALUATION The valuation has been prepared in accordance with The STANDARDS RICS Appraisal and Valuation Standards , Seventh Edition. The property details on which each valuation is based are as set out in this report.
ASSUMPTIONS We have made various assumptions as to tenure, letting, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination – as set out below.
If any of the information or assumptions on which the valuation is based is subsequently found to be incorrect, the valuation figures may also be incorrect and should be reconsidered.
VARIATION FROM STANDARD None. ASSUMPTIONS
VERIFICATION We recommend that before any financial transaction is entered into based upon this valuation, you obtain verification of the information contained within our property report and the validity of the assumptions we have adopted.
We would advise you that whilst we have valued the Properties reflecting current market conditions, there are certain risks which may be, or may become, uninsurable. Before undertaking any financial transaction based upon this valuation, you should satisfy yourselves as to the current insurance cover and the risks that may be involved should an uninsured loss occur.
VALUER The Property has been valued by Nenad Suzic MRICS from CB Richard Ellis in Serbia. The valuation has been undertaken in accordance with the RICS Valuation Standards.
INDEPENDENCE The Total fees, including the fee for this assignment, earned by CB Richard Ellis d.o.o. (or other companies forming part of the same group of companies) from the Addressee (or other companies forming part of the same group of companies) is less than 5.0% of the total Serbian revenues.
DISCLOSURE The principal signatory of this report has continuously for four years been the signatory of valuations for the same addressee and valuation purpose as this report. CB Richard Ellis d.o.o. has continuously for three years been carrying out valuation instructions for the addressee of this report
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RELIANCE This report is for the use only of the party to whom it is addressed for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents.
PUBLICATION Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear.
ALUATION NCERTAINTY V U In accordance with Guidance Note 5 of the RICS Valuation Standards, we would draw your attention to the following comment regarding current market conditions. The current crisis in the global financial system, including the failure or rescue of major banks and financial institutions, has created a significant degree of uncertainty in commercial real estate markets across the world. In this environment, it is possible that prices and values could go through a period of heightened volatility whilst the market absorbs the various issues and reaches its conclusions. The lack of liquidity in the capital markets means that it may be very difficult to achieve a successful sale of these assets in the short term and we would recommend that the situation and the valuations are kept under regular review and specific marketing advice is obtained should you wish to effect a disposal.
Yours faithfully
NENAD SUZIC MS C MRICS HEAD OF VALUATIONS For and on behalf of CB Richard Ellis d.o.o.
T: + 381 11 225 8777 E: [email protected]
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SCOPE OF WORK & SOURCES OF INFORMATION
SOURCES OF INFORMATION We have carried out our work based upon information supplied as follows:
• Title certificates where available and/or purchasing agreements • Site Plans • Preliminary project concept where available • Planning Permission where available And information supplied to us by Montenegro Investment Limited based in the UK, which we have assumed to be correct and comprehensive. THE PROPERTY We have inspected the subject Portfolio internally and externally. Our report contains a brief summary of the property details on which our valuation has been based.
INSPECTION DATE December 8 17 th , 2011
AREAS We have not measured the Property but have relied upon areas provided by Montenegro Investment Limited in Montenegro. We assume that all development areas provided for the property and the site area are complete and correct.
ENVIRONMENTAL MATTERS We have not undertaken, nor are we aware of the content of, any environmental audit or other environmental investigation or soil survey which may have been carried out on the Property and which may draw attention to any contamination or the possibility of any such contamination. We have not carried out any investigation into the past or present uses of the Property, nor of any neighbouring land, in order to establish whether there is any potential for contamination and have therefore assumed that none exists.
REPAIR AND CONDITION We have not carried out building surveys, tested services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigations to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Property. We are unable, therefore, to give any assurance that the Property is free from defect.
TOWN PLANNING We have not made verbal enquiries with the local authority. We have relied upon the planning information provided by Montenegro Investment Limited in Montenegro (construction authorizations). According to the information provided to us we understand that the buildings comply with the local planning regulations.
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TITLES , TENURES AND LETTINGS Details of title/tenure under which the Property is held and of lettings to which it is subject are as supplied to us by Montenegro Investment Limited in Montenegro. We have not generally examined nor had access to all the deeds, leases or other documents relating thereto. Where information from deeds, leases or other documents is recorded in this report, it represents our understanding of the relevant documents. We should emphasise, however, that the interpretation of the documents of title (including relevant deeds, leases and planning consents) is the responsibility of your legal adviser.
We have not conducted credit enquiries on the financial status of the tenant. We have, however, reflected our general understanding of purchasers’ likely perceptions of the financial status of tenants.
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VALUATION ASSUMPTIONS
CAPITAL VALUES The valuation has been prepared on the basis of “Market Value” which is defined as:
“The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion".
No allowances have been made for any expenses of realisation nor for taxation which might arise in the event of a disposal. Acquisition costs have not been included in our valuation.
No account has been taken of any inter company leases or arrangements, nor of any mortgages, debentures or other charges.
No account has been taken of the availability or otherwise of capital based Government or European Community grants.
RENTAL VALUES Rental values indicated in our report are those which have been adopted by us as appropriate in assessing the capital value and are not necessarily appropriate for other purposes nor do they necessarily accord with the definition of Market Rent.
THE PROPERTY Where appropriate we have regarded the shop fronts of retail and showroom accommodation as forming an integral part of the building.
Landlord’s fixtures such as lifts, escalators, central heating and other normal service installations have been treated as an integral part of the building and are included within our valuations.
Process plant and machinery, tenants’ fixtures and specialist trade fittings have been excluded from our valuations.
The commercial centre has been valued as fully equipped trading entity. All measurements, areas and ages quoted in our report are approximate.
ENVIRONMENTAL MATTERS In undertaking our work, we have been instructed to assume that the Properties are not contaminated and that no contaminative or potentially contaminative uses have ever been carried out on them. In the absence of any information to the contrary, we have assumed that:
(a) the Property is not contaminated and is not adversely affected by any existing or proposed environmental law;
(b) any processes which are carried out on the Property which are regulated by environmental legislation are properly licensed by the appropriate authorities.
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REPAIR AND CONDITION In the absence of any information to the contrary, we have assumed that:
(a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the property;
(b) the Property is free from rot, infestation, structural or latent defect;
(c) no currently known deleterious or hazardous materials or suspect techniques, including but not limited to Composite Panelling, have been used in the construction of, or subsequent alterations or additions to, the Property; and
We have otherwise had regard to the age and apparent general condition of the Property. Comments made in the property details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.
TITLE , TENURE , PLANNING AND Unless stated otherwise within this report, and in the absence LETTINGS of any information to the contrary, we have assumed that:
(a) the Property possesses a good and marketable title free from any onerous or hampering restrictions or conditions;
(b) all buildings have been erected either prior to planning control, or in accordance with planning permissions, and have the benefit of permanent planning consents or existing use rights for their current use;
(c) the Property is not adversely affected by town planning or road proposals;
(d) all buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations;
(e) tenants will meet their obligations under their leases and are responsible for insurance, payment of property taxes, and all repairs, whether directly or by means of a service charge;
(f) there are no user restrictions or other restrictive covenants in leases which would adversely affect value;
(g) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required; and
(h) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy.
PART III PROPERTY REPORT
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO CONTENTS
PART III PROPERTY REPORT
CONTENT PAGE NUMBER
Market Commentary ...... 3 Montenegro Economic Overview ...... 3 Montenegro Regions Overview ...... 10 Property Market Overview ...... 12 Large Scale Projects ...... 14 Land Market Overview ...... 19 Spatial Plan of Montenegro ...... 21 Hotel Market ...... 22 Mountain tourism ...... 31 Conclusion ...... Error! Bookmark not defined. Property Details ...... 34 1. Commercial Projects ...... 34 2. Large Scale Projects...... 34 3. Medium Scale Projects ...... 36 4. Mountain Projects ...... 41 5. Rural Lake Projects ...... 42 6. Restoration Projects ...... 44 7. Land Bank Portfolio ...... 46 Appendices ...... 49 Appendix 1: Regions in Montenegro ...... 50 Appendix 2: Spatial Plan ...... 51 Appendix 3: Spatial Plan Transport ...... 52 Appendix 4: Summary Analysis ...... 53
MARKET COMMENTARY
Montenegro Economic Overview
Geographically, Montenegro is a south eastern European country and part of Adria region. It is surrounded by Italy on the south (sea border), Croatia on the west, Bosnia on the northwest, Serbia on the northeast and Albania on the southeast. It has a population in excess of 600,000 citizens and is the smallest in the Balkan Peninsula. Montenegro is a maritime country, with 293 km of the Adriatic coastline and a territory of 13,812 square km.
Political and Economic Information
Montenegro is a parliamentary democracy based on a constitutional and legislative framework, which is largely in line with European principles and standards. The Montenegrin Parliament adopted a declaration of independence on June 3rd 2006, commencing the process for official dissolution of the state union of Serbia and Montenegro. Montenegro has eagerly pursued recognition and involvement within the international community. In the relatively short period since independence, Montenegro has joined the OSCE (June 2006), the United Nations (June 2006), NATO’s Partnership for Peace program (December 2006), the International Monetary Fund and the World Bank (January 2007).
Montenegro’s formal application to the European Union was lodged on 15 December 2008. On 23 April 2009, the European Union Council of Ministers invited the European Commission to submit its Opinion regarding Montenegro’s application for membership of the European Union. On 9 November 2010 European Commission adopted its 2010 Enlargement package. The Commission concluded that Montenegro is suitable and ready to become a candidate country to join the European Union, which is a major step forward in the membership process.
As stated in the EU commission report, political progress is considerable, with improvement of legal framework and upgrading of administrative and institutional capacity. However, implementation is still lagging behind the expected level. The commission suggested further reforms in a number of key areas: rule of law, fight against organised crime and corruption, before the country becomes ready to start accession negotiations. Reforms in the judiciary are in progress.
Furthermore, Montenegro benefits from Instrument for Pre Accession Assistance (IPA), a financial instrument which aims to assists candidate countries and potential candidates for EU membership. The period covered by the current Financial Perspective is from 2007 2013. According to the Montenegro IPA 2010 national programme (COMP I) report, the total budget is EUR 29.2 million. The euro has been adopted as official currency. The table below demonstrates the trend of major macroeconomic indicators for the past several years.
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GDP - Related Unit 2005 2006 2007 2008 2009 2010 Indicators Gross domestic EUR product (at current 1,814,994 2,148,998 2,680,467 3,085,621 2,980,967 3,103,855 million prices) 1 GDP growth rate 1 (%) 4.2 8.6 10.7 6.9 5.7 2.5 GDP per capita 1 EUR 2,912 3,443 4,280 4,908 4,720 5,006 Budget deficit as of 1.66 3.29 6.57 0.49 4.4 2.8 /surplus 3 GDP EUR FDI 3 392 644 1,007 832.1 460 468 million
Other Macroeconomic Unit 2005 2006 2007 2008 2009 2010 Indicators Average net wage 1 EUR 213.14 245.95 338 416 463 479 Unemployment rate 1 % 30.3 29.6 19.4 16.8 19.1 19.7 Annual Inflation 3 % 1.8 2.5 7.7 6.9 4.5 0.7 Number of tourists 1 [1] 820,457 953,928 1,133,432 1,187,560 1,207,694 1,262,985 Total income from EUR 217 276 480 590 613 627 tourism 5 million Source: 1MONSTAT Statistical Office of Montenegro, 2MIPA, 3 Central bank of Montenegro, 4The Chamber of Economy of Montenegro, 5Ministry of Finance,
The Montenegrin economy has been in transition since the year 2000, meaning changeover from a centrally planned to an open market economy. One of the potential problems was a push up in demand and growth beyond the reasonable potential, which can be seen from the rise in GDP from the year 2006 till 2008. GDP grew by an average of 6.9% year on year until 2008, and recorded a fall of 5.7% in 2009. Although 2010 brought a rise in GDP, budget deficit remained.
The global financial crisis has significantly impacted on the Montenegrin economy which resulted in deterioration in all macroeconomic indicators in the year 2009 and the beginning of 2010. After the fall in GDP in seven consecutive quarters to Q3 of 2010, the overall economic activity has been on the rise. This is indicative that economy is on the path to recovery.
Specific industries are still under the influence of the global negative trends: construction industry is still in a full on depression, trade sector is stagnating, and financial sector is burdened by non performing loans. The manufacturing industry has been witnessing evident improvement in activity but it is still in the red. The structure of GDP for the year 2010 by types of industry is given in the table below.
Share in Industry Gross value added 2010 GDP Agriculture, hunting, forestry and fishing 237,886 7.66% Mining and quarrying 38,631 1.24% Manufacturing 139,014 4.48% Electricity, gas and water supply 171,079 5.51% Construction 156,969 5.06% Wholesale and retail trade 380,067 12.24% Hotels and restaurants 161,029 5.19% Transport, storage and communication 299,027 9.63% Financial intermediation 124,515 4.01% Real estate, renting and business activities 268,510 8.65% Public administration and defense 255,210 8.22% Education 138,545 4.46%
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Health and social work 122,653 3.95% Other community, social and personal activities 94,102 3.03% Taxes on products 516,618 16.64% GDP total (EUR million) 3,103,855 Source: MONSTAT Graph depicting the change compared to the values from 2009 is given below
Source: MONSTAT According to Central bank of Montenegro as a result of the poor performance of the above mentioned sectors, budget revenues were lower in real terms which resulted in a budget deficit of 2.6% of GDP for 2010.
During the first three quarters of 2010, the inflation rate was 0.2%. Rise in prices of food and beverages, household goods and textile, had the greatest impact on inflation bringing it to 0.7% overall. The rise of inflation in 2011 can be contributed to increase external inflation (rise of food and oil prices), bringing it to level of 3.4% in September compared to the previous year. CPI index is shown on the following graph.
Source: MONSTAT; Central bank of Montenegro Given the continued high level of uncertainty of movement of these products on the global market, the Central Bank expects inflation
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projection to be in range from 2.75% to 4.00% for the year end. Based on an estimate by the Central bank of Montenegro for the period Q2 2011 – Q2 2012, inflation is expected to have a mild rise, but not to exceed the target bend, as shown in the graph below.
Source: Central bank of Montenegro
Montenegro has a chronic trade deficit due to low exports compared to high level of imports from 2007 onwards. In the period Jan Sept 2011, export levels have increased by 44.7% compared to the same period last year, amounting to EUR 1.36 billion. Import levels have also been on the increase, with 11.2% higher compared to the same period of previous year. The highest share of imports is presented mostly by food products. The coverage of import by export is 24.3%, and notes an improvement to the previous year, when it was 18.7%. The highest external trade trend was with CEFTA and EU countries. The current account deficit is financed, to a large extent, by high capital inflows (mainly by direct investments) which were in line with the trend in current account movements.
Unemployment rate has been decreasing over the past years from 30.3% in 2005 to 16.8 in 2008. The economic crisis had its toll on this economic indicator as well resulting in an increase in unemployment rate from 2009 onwards. According to the labour force survey, at the end of second quarter of 2011, the unemployment rate stood at 19.9%, and has decreased by 1.2% compared to the same period last year. On the other hand average disposable income has been on the increase throughout the crisis period.
The average gross monthly salary has shown a constant increase for the past several years rising from EUR 497 in 2007 to EUR 715 in 2010. Average gross salary recorded in September 2011 was EUR 712 and is almost the same compared to the same period of 2010 (EUR 709). Although gross earnings remained almost the same, net average earnings in September 2011 compared to August 2010 decreased 0.8%, with a 0.4% decrease compared to the year round of 2010.
The average net salaries in Montenegro’s municipalities, for the period January September 2011, as well as percentage of growth opposed previous year are presented bellow.
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Source: MONSTAT, compiled by CB Richard Ellis
FDI came from various sources. Inflow in 2005, totaling EUR 392 million, was mainly due to privatizations of major companies such as Telekom Montenegro, Podgorica Aluminium Plant and Podgoricka Banka. On the other hand, the main contributors to FDI inflow in 2006 (totaling EUR 644 million) were Greenfield investments, real estate market and investments related to already finalized privatizations. Majority of FDI in 2007 were in real estate whilst in 2008 investments were mainly in the form of intercompany debt (approximately 56% increase compared to 2007). Net FDI inflow in 2010 amounted to EUR 552 million, which was 48.2% less than in 2009. Net inflow of foreign direct investment in 2009 was significantly high due to two reasons: the inflow from the privatization and recapitalization of EPCG in the amount of EUR 436.1 million euros and the amount of debt converted to equity, accumulated from the previous period, valued at 150 million euros. The total inflow of foreign direct investment amounted to EUR 652.8 million in 2010. As a result of this Montenegro still has the highest FDI per capita in the region, which makes it still a very attractive investment destination. Net inflow of foreign direct investment and their share in GDP is shown below.
Source: Central bank of Montenegro The tourism industry in Montenegro has been recording a steady increase in tourist visits in the period 2007 2010 with average annual increase of over 5% in the period. The statistics from the Ministry of Tourism indicated that the total number of tourist visits recorded in 2010 is 4.6% higher than the year before and stood at 1,262,985 out of which 87.6% are foreign tourists. Also the amount of overnight stays was higher by 5.5% than the year before.
In the first nine months of 2011 compared to the same period in the previous year total arrivals and total overnight stays increased by 8.4% and 10.2% respectively. Ministry of Tourism of Montenegro expects EUR 654 million of revenue from the tourist season in 2011, which is five
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percent more than last year, when the season brought in a total of EUR 627 million.
According to the World Travel and Tourism Council (WTTC) expected growth in the tourism and travel sector in the period 2010 2019 is expected to be 6.2% per annum.
Taxation
With the corporate tax at 9%, which is the lowest in the region, the Government proclaimed “intelligent taxation” in order to attract foreign investments, In addition, it has introduced a lower VAT for tourism, i,e, accommodation services (7% as compared to the standard 17% rate), in recognition of the importance of this sector. In Montenegro, 9% withholding tax is calculated and paid on dividend payments to residents and non residents as well as on payments of royalties, capital gains and rent from real estate that is leased to non residents (subject to the provisions of any relevant double taxation treaties).
According to the Montenegro Investment Promotion Agency the personal income tax rate for 2010 is equal to the corporate income tax rate, or 9%, which is lower than on any other regional market. Finally, property holding tax is a proportional tax ranging between 0,08 % 0,8 % of the immovable property’s market value.
Property transfer tax is set at rate of 3% of the value of the property which is determined by the Inland Revenue Office. It is payable by the purchaser on the acquisition of real estate located in Montenegro, except on the transfer of newly built property.
Real estate tax shall not be paid for the following: • state owned real estate used by state bodies, organizations and services, and local self government bodies and organizations that discharge the public service functions; real estate owned by the Central Bank; real estate owned or occupied by accredited, diplomatic or consular offices if the real estate is used for such purposes and on condition of reciprocity; real estate owned by international organizations if stipulated by a treaty; real estate declared, in compliance with law, to be cultural monuments; real estate owned by religious organizations that are used for religious services or as housing for their clergy; real estate owned by NGOs used for functions they are established for; public roads, streets, squares, and parks, ports, railroads, and airports, protected and protection forests, and national parks. • real estate acquired by people who are buying a property for the first time(maximum property area should be 20 sq m per member of household)
With any build inside a GUP communal tax is applicable and fees are based on the total build area of the development. In exchange for these fees the Municipality will supply mains water, electricity, access roads and sewage to the development site. In many cases the developer will have the option of providing and connecting these services themselves and the money is deducted from the communal tax at source. However in many areas in Montenegro there is no mains
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sewage and this is reflected in the communal tax banding for each Municipality. The communal tax doesn't have to be paid in advance; it can be paid after the completion of the construction. In several instalments if requested.
Transportation and Infrastructure
Montenegro has two international airports in Podgorica and Tivat, two sea ports in Bar and Kotor, 5,174 kilometres of roads and 249 kilometres of railway lines. Both Tivat and Podgorica airports were completely renovated in 2006. The airports’ modernizations improved the quality of services for passengers and planes, as well as the level of security and safety at Podgorica and Tivat. The two main roads running through Montenegro are the Adriatic highway from Igalo to Ulcinj (on the Adriatic coast) and the Petrovac highway system connecting northern and southern Montenegro,
The infrastructure, particularly its road and fixed line telecommunications networks, need to be improved. This task is already well under way. For instance, the European Investment Bank (EIB) provided EUR 24 million in 2004 for the construction of the Sozina Tunnel, which opened in 2005 and connects the Montenegrin port of Bar with the capital of Podgorica.
A major motorway is also being built along the Adriatic coast, running through Croatia, Montenegro and Greece, and is due to be completed in 2015, This recent focus on creating new infrastructure is sure to have a significant impact on property prices by attracting foreign investment and encouraging trade and tourism.
The first Montenegrin highway which will run from Bar (the very south of the country) to Boljari (a border point with Serbia) is considered to be the largest one in the country so far, with an approximately 169 km long motorway with 92 bridges and 43 tunnels to be built within the next seven to eight years. During 2009, the government announced public tender for the works. A croation consortium, which consists of the construction companies Konstruktor Inzenjering, Institut Gradjevinarstva Hrvatske (IGH) and Tehnika submitted winning offer of EUR 2.77 billion. However, the Croatian consortium failed to provide necessary bank guarantees in a timely manner.
The water/sewerage infrastructure is an issue that needs to be addressed by the Government. Sewer system is available in the urban areas whilst the sewerage is scarce in rural areas where septic tanks are more common. Water is commonly available except in remote hilly areas.
The electrification of Montenegro commenced in early 20th century and currently covers the entire Montenegro area with most of its’ production capacities generated from renewable sources. The following graphs represent the power generator sources in 2010 and the import/export of electric power for the previous nine year period.
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Source: MONSTAT
The level of development of the energy sector directly affects the economic system and the overall quality of life in a country. Power stability is also one of the key points for leisure realestate development, therefore it is expected that the development of energy sector will be based on better and more efficient utilization of resources. During 2010 there was a high level of operational safety of the electricity system in Montenegro and reliability of power consumers. This was led by record production of plant commissioning due to exceptional operational readiness at the time of hydro favorable weather conditions, and high flows. Gasification process has yet to be initiated.
Challenges Ahead
1. Building a sustainable economic base. Further reforms will strengthen the country as an independent state. 2. Improving infrastructure which would support extensive development plans in tourism sector, including: water, sewerage, electricity, road network. 3. Improving the fiscal sustainability and current account deficit. This is one of the major economic challenges that lie ahead as economic development remains highly vulnerable, particularly to external shocks. 4. Lack of cheap domestic finance and dependence on cross border financing for large scale projects
Montenegro Regions Overview
There are three regions in Montenegro: southern, central and northern. This classification is made on the basis of their geographical characteristics, natural resources, economy and level of development, as well as future development prospective.
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According to available data concerning the development of these three regions, there are considerable regional inequalities.
The size of the northern region is 7,320 sq km, which is 53% of the total territory of Montenegro . Following municipalities are part of this region: Andrijevica, Berane, Bijelo Polje, Zabljak, Kolasin, Mojkovac, Plav, Pluzine, Pljevlja, Rozaje and Savnik. According to data on GDP per capita, rate of unemployment and the poverty rate, this is the least developed region in Montenegro (Source: MONSTAT). In 2006, there were eleven municipalities in Montenegro where the level of GDP per capita was below 60% of GDP at the state level. Apart from Cetinje, all other municipalities belong to the northern region. In the structure of GDP in this area, the prevailing part is held by industry, the production and transmission of electricity, agriculture, trade and tourism. There are several important zones: Pljevlja, Durmitor, Bjelasica, Komovi and Prokletije. According to the last available data on municipalities, net average salary of northern region in period January October 2009 was EUR 415, which represents the growth of 15% in comparison to the same period last year.
Municipalities of the central region are the following: Danilovgrad, Niksic, Podgorica and Cetinje. Although the size of this region represents only 35.5% of the total territory of Montenegro, its share in the population amounts 45.1%. In 2006, this region contributed 55.5% of Montenegro’s GDP, so economically speaking, one could say that this is the most important region in Montenegro (Source: MONSTAT). The largest part of industry is concentrated within this region, as is the best agricultural land and the most important centers of cultural and other tertiary activities. Thanks to Zeta and Bjelopavlici plain, agriculture is one of the most important development sectors of this region. On the other side, due to the large concentration of the population and institutions in the administrative centre of Podgorica, services have also an important role regarding the development of this region. Another important sector is tourism, since the administrative centre (Podgorica), the cultural and spiritual centre (Cetinje) and the Skadar Lake national park provide excellent conditions for the development of tourism. In addition, central region recorded the highest wages in the whole country. Net average salary in central region during first ten months of 2009 amounted to EUR 442, or was increased by 16% comparing with the correspond period in previous year.
The southern region of Montenegro is its most developed region, contributing 26.5% of Montenegro’s GDP and 23.4% of population (Source: MONSTAT). It comprises municipalities Bar, Budva, Kotor, Tivat, Ulcinj and Herceg Novi. The size of this region is 1,588 km2, what represents 11.5% of the total territory of Montenegro. The regional average wage in period January October 2009 equalled to EUR 419. Tourism is the pillar of development of this region, as well as in Montenegro in general.
The average net salaries in Montenegro’s municipalities, as well as percentage of growth opposed previous year are presented bellow.
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Source: MONSTAT, compiled by CB Richard Ellis
Map of the Montenegro regions is presented in Appendix 1.
Property Market Overview
The property market in Montenegro has always been very attractive. Even during the time of former Yugoslavia the property business on the Montenegrin coast was an enticing source of income for many individuals and state owned companies of that era. During the period 2001 2007 the situation developed into a veritable explosion of the property market in Montenegro. During 2002 the first foreign purchasers came mainly from Russia, Great Britain, Ireland, and grew constantly from year to year. During 2004 and 2005, many foreign property agencies mostly from England and Ireland began to do business in Montenegro. Investment/speculative demand was the ultimate driving force behind property values. Official records indicate that in 2006, 53% of total foreign investment inflow was attributed to property purchases. The largest amount of real estate owned by foreign persons is in Budva, Tivat, Herceg Novi and Kotor. More than 19% of total coastal residential stock is owned by foreigners. In Budva 25% of apartments are owned by foreigners. Source for this information is the Department of Real Estate being part of the Ministry of Financial Affairs. During the last several years, many Montenegrins have decided to sell their properties on the coast and to invest in buying apartments or office space in Podgorica and/or Belgrade, Serbia. During the period 2006 2007 property prices in Podgorica have risen on average by 20% per year, and in some specific locations by more than 50% per year. There were cases of new buildings in attractive locations that were pre sold even before building commences. Very sharp correction of prices which started in 2008 has proven the speculative nature of the Montenegrin property market. Property prices were heavily based on speculative short term expectations of continuing capital appreciation trend so the
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investors were basing their decisions purely calculating that they will be able to sell for higher prices. This has created inflated prices compared to property’s intrinsic values which for income generating properties are future economic benefits that are expected to be generated by rents. Average prices of sq m of apartments* in several towns on Montenegro coast during the period 2006 2011 are presented bellow.
Note: Prices indicated are VAT included Source: CB Richard Ellis * Apartment each unit intended for housing, which consists of one or more rooms with the appropriate utility rooms. The rapid growth of prices during the period 2006 2007 is replaced by their downward trend during second year half of 2008. Although property marketability is still weak, CB Richard Ellis assesses property prices are currently bottoming down and further downward correction is not expected. Important characteristics of Montenegrin property market is that the vast majority of acquisitions were highly equity based and risk that bulk of distressed properties will appear on the market is marginal. Development site values are more flexible in an upward direction when the expected profits are rising, than in a downward direction when profits are falling. Reasons for this rule is that highly equity based property owners are unwilling to sell the property for a price less than what they could have obtained previously and due to existing use values. Unless they are forced to sell, they would tend to hold on in the expectation that conditions will improve and that they will be able to achieve a more favourable price in the future. According to the information published by the Statistical office, during the first three quarters of this year, Podgorica was the most active city in residential realestate sales. The graphs showing the average sale price per sq m in 2011 and number of realized sales 2009 2011 are shown below.
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Source: MONSTAT Please note that prices shown are representing an average sales value for the number of realized sales.
Source: MONSTAT Presented data include newly constructed sold dwellings, or the dwellings for which sales contracts have been signed.
Large Scale Projects
The Adriatic coast of Montenegro is 293 kilometres long, and out of this stretch 73 kilometres are beaches. A healthy portion of the Montenegro beachfront area has already been developed limiting extensive development opportunities to the following five beaches: Buljarice, Ulcinj, Tivat with St. Marko Island, Blizikuce and Jaz. Development land supply is scarce as the steep mountainous terrain does not allow it, meaning there will never be the overdevelopment going on that might be seen in Bulgaria for example. Furthermore, demand for high profile developments will be strengthened on the wave of increased international interest in the Montenegro coast. Most of the large scale project proposals have not secured development finance and/or planning permission so there are only several developments currently in construction phase. Porto Montenegro is a unique project that will, apart from marina, include all support facilities for mega yachts, charter companies, private 18 hole golf course, restaurants, bars, retail area and hotels. The project provides for the marina to have 850 berths, of which 150 for mega and super yachts. Upon the completion, there will be approximately 300,000 sq m of facilities, excluding garages and parking lots.
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Three residential and business buildings have so far been built and handed to new owners, whereas the construction of the fourth building Milena, is in its final phase. The new, fifth residential and business building within the complex of the nautical center Porto Montenegro, named Tara, has already been 70 percent sold. New owners should be able to move into this building until summer 2012. Residential space in Porto Montenegro currently costs between EUR 6,000 and EUR 15,000 per square meter. Mixed use complex TQ Plaza in downtown Budva encompasses 48,000 sq m of GBA. The 10,000 sq m of space on the first floor will be a modern shopping centre with over 50 retail units. The second and third floors are office premises/business apartments. Residential part starts from the fourth floor, where 130 apartments have area between 54 to 220 sq m. This development is public private partnership between local developer Trade Unique and Budva municipality.
TQ Plaza Retail area is 70% sold while the asking prices for apartments, fully fitted units, range between EUR 3,600 6,900 per sq m. Some 10 apartments are currently unsold. Maxi (Delhaize Group) supermarket has entered the commercial part as anchor tenant. The official opening date for the project is set for mid December 2011. The Fab Live LTD Company is developing its’ project Tre Canne , situated in immediate proximity of Adriatic Fair in Budva. It is planned to offer 275 luxury apartment units and hotel with total gross building area of approximately 37,000 sq m.
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Asking apartment prices range start off at EUR 3,200 and keep ascending to EUR 5,000 per sq m, depending primarily on the storey where the unit is located. Garage parking places are available for EUR 30,000. According to the latest available data, around 60% of units are presold. Currently, construction works are underway whereas development completion is scheduled for September 2012.
The elite complex Belvedere Residence , developed by Russian company Sagio, is located in the heart of Budva Riviera, very close to Becici Beach. The residential complex features five buildings with seventy apartments of floor area from 58 150 sq m, as well as penthouses of floor area up to 218 sq m. In addition, the complex includes an apart hotel with 30 rooms, which is primarily intended to accommodate guests invited by the apartment owners. Moreover, the project provides an open pool, SPA and fitness centre, two level parking for 85 parking places and other amenities. Apartment prices start from EUR 2,000 per sq m upwards depending on position and payment dynamics. Around 20% of units are available. At present construction works are done on the interior, and the completion is expected in May 2012. Harmonia building residential and business complex, built by Old Town company is situated in Becici, set above the roman passage connecting it with Budva. Planned as an Apart Hotel, it comprises 28,000 sq m of GBA. Three floors of office space, two floors of parking lot and eight floors comprising 120 residential units make this complex attractive for future tenants. Construction works on are scheduled for completion and occupancy in Q2 2012. Other projects
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Some of the other noteworthy projects are currently in a planning phase, for which the actual commencement/completion of construction works is uncertain include: Zavala peninsula which is situated between Budva and Becici is one of the most valuable estates in Montenegro. The site holds 44,000 sq m where about 65,000 sq m of residential and 25,000 sq m of hotel accommodation is planned (two 5 star properties). Total investment in this project was planned at about USD 200 million. "Mirax" has been one of the best Russian construction corporations until 2009, when it experienced financial crash. The three year construction of luxury villas and other tourist facilities at Zavala cape was discontinued in autumn 2010. On the other hand, there are trial procedures in process, in which villa buyers seek the return of the money they paid to the company of for villas that have not received their final form. Some of the verdicts in favor of customers have already been processed. The complex at Zavala, the forty villas which were mainly sold during the time of computer animation, were bought by the Russian villa buyers. They paid 6,000 to 8,000 per square. During August 2011, a U.S. consortium has announced that it will finish the construction. In Q4 2009 Orascom Development entered into an agreement with the Government of Montenegro to acquire 90% stake in Lustica Development AD Podgorica, to develop a total area of 6.8 million square meters in Tivat, Montenegro, marking its third integrated development project in Europe and its first project on the Adriatic Sea. The project is planned to offer 2,350 residential units, several hotels, a town centre, a marina on the Adriatic Sea, an 18 whole golf course, commercial facilities as well as basic infrastructure requirements. The first phase is expected to be operational within five years. Preparation works commenced during October, although delayed since the municipality of Tivat was slow with the adoption of spatial plans. The second project of Sagio is a business class Poseidon Apartments project, which is also situated in Becici. The complex consists of three buildings and 174 apartments, with the flat size from 44 to 116 sq m, including an underground garage for 183 parking stalls. After the laying of the cornerstone, the construction works have seized and the project is currently put on hold. The project Royal Montenegro Grand Resort is situated in Rezevici area, near St. Stefan village. It will be divided in four zones: Hotel, Villas, Lodges and Condos. The hotel will include app. 250 rooms. Villas will have an average size of 550 sq m, on plots 800 1,000 sq m large. Lodges will range 300 480 sq m. Condominiums will have 2 3 bedrooms. Their area will be 120 270 sq m. The initial completion date is scheduled for 2010, but due to the global financial turbulence, the project was put on hold. Even though the construction has not started yet, villas and apartments are put on sale by the developer. Very small number of units has been reserved/ presold, and sale process is currently put on hold. The Russian company VAS Invest in 2008 bought 200,000 sq m of the land in Rezevici, together with a bay of Smokvica , 12 km south from Budva and 5 km away from Sveti Stefan for EUR 30 million. The Russian company signed a memorandum with Kempinski hotel to take over the management of future luxurious hotel, which will be
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constructed by VAS Invest. The complex will comprise five star hotel with villas over bay, together with sport courts, wellness and spa centre. Value of project is estimated at EUR 100 million. A company owned by the honorary Consul of Belgium, Jean Luc Durmotieu, has announced the construction of an 18-hole golf course and two hotels on the Spas Hill near Budva. The location study has been submitted to Budva council for final approval. Spatial Plan for special purpose areas for coastal zone defines the location of golf courses in the intervention plan Ulcinj Velika Plaza, possible locations for golf courses contact zone with immediate surroundings, Sutorina Herceg Novi, Budva municipality Buljarica, Kavač under the tunnel at Crossroads municipality of Kotor, across Gradiošnica Tivat Airport. They also identified the locations in Budva Spas, Crmnica of Bar, High field Danilovgrad municipalities, and the case plan for Bjelasica and Komovi identifies areas within the municipality Berane. Currently the only operational, but a 9 hole golf course, is Golf Academy St Sava, located within the municipality of Kotor Montenegro, at the ’’Savina’’ site, in the village of Zagora and covers a 50.000 m area. In October, Montenegro has declared a golf course planned near the coastal town of Tivat in the Kotor region a priority project and announced a public call for a 90 year lease of almost 80 hectares of land owned by the Montepranzo Bokaprodukt company. Hotel ‘AS’ , located in Perazica Do, Budva has been privatized by a Russian developer who until now invested approximately EUR 80 million in its reconstruction. The hotel will offer approximately 500 rooms, 25 VIP villas, heliodrome, underwater restaurant, marina with 50 berths and a five floor parking space. The completion date for this ambitious project was set for 2005, but due to legislative and financial difficulties, the actual completion date is still unknown. ‘Vektra Investment’ , a local firm, has recently acquired four hotel properties from HTP Boka (Hotel Plaza, Hotel Tamaris, Hotel Igalo and Hotel Dubrava) with intention to invest into renovation above mentioned two star category hotels. Currently works are underway on the site of Hotel Tamaris. Also in the ownership of this company is the MOC Hotel Alet in Becici, Budva. Current complex is set on an area of 36,000 sq m, 200m distance from the shoreline. The intention is to build, within the current complex, a tourist resort comprising of villas and apartments totalling 36,000 40,000 sq m. The resort will be built in the high tourism standards with all amenities Pluto Capital corporation has been active in land acquiry of land parcels located in the Kotor Bay. Pluto has plans to revitalise a rural village of Lucici, while their active residential High End project Acacia Hill, in Djenovici, is set for completion by June 2012. Serbian investor ADOC is present in Kavala, Zavala area, after acquiring land parcels that were previously owned by the army. Their intention is to erect a complex of residential villas, hotel and apart hotel on the hillside over viewing the bay area of Boka. The urbanistic technical conditions are complete, and according to our knowledge the entire complex will hold cca 50,000 sq m, with villas and marina as the first phase expected to commence in the upcoming few months.
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The hotel complex Plavi Horizonti (Blue Horizons), which was managed by HTP Primorje until recently, is now a property of the Arab investment group Qatari Diar . The new owner paid 24 million euros for that 250,000 square meter hotel complex in the cove of Przno and plans to tear down the existing and build a five star hotel in that location. The price included a beach few hundred meters long and a pine forest and olive yards in the hinterland. The complete investment will cost EUR 200 million, and the new complex should comprise about 170 suites in villas and all accompanying sports, recreational and entertainment facilities. Atlas Group is currently involved with construction of Atlas Capital Center in Podgorica, with several pipeline projects in Coastal region. Apart from these projects, a lot of other developments have been planned for Montenegrin coast, such as: the island St. Nikola in Budva (development of large scale marina and hotel), Sveti Marko/Ostrvo Cvijeca (construction of luxury hotel facilities, private villas, apartments, spa centre and a marina), and many other mid scale projects. Some of these projects are in planning phase, while some are postponed or currently uncertain.
Land Market Overview
Out of total territory of the Republic of Montenegro, the structure of land use is following: agricultural land 5,180 km² (37.5%), forests 5,450 km² (40%), and settlements, roads, waters, rocky grounds and other categories 3,195 km² (23%). Based on the data from 2003, the total surface of cultivable land amounts 1,897 km2 or 0.31 ha/inhabitant, so Montenegro is among the countries without sufficient cultivable land, and if only fields, orchards and vineyards are considered as cultivable land, as in the countries of EU, it is very poor (0,09 ha/inhabitant). Montenegro has only 741 km² of the more qualitative agricultural land (5.4% of the territory) what indicates that for Montenegro it has special importance. The major part of the more qualitative land, 75.6%, is in municipalities: Podgorica 17%, Pljevlja 14.5%, Bijelo Polje 14.2%, Berane 9.5%, Bar 7.4%, Niksic 7.3%, Ulcinj 5.7%; other municipalities 0.8 – 3.9% (Source: Physical Plan of the Republic of Montenegro until 2020 – Draft).
Demand In recent years the biggest demand has been for plots of land located by the sea, newly built apartments and stone houses built in the traditional style. Prices of land have more than doubled during the period 2006 2007. Such rapidity of growth was driven by a shortage in supply of land with views and access to the seacoast proving the most powerful driver of demand. Demand for development land planned for apartment/villas for sale strongly outperformed land for hotel development. As a consequence of global economic crisis, during last 18 months land market recorded very poor performance in terms of actual requirements and sales transactions. In addition, investors are quite cautious with regard to their investment decisions, meaning that numerous planned projects will be reviewed and/or postponed.
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Land Value Kotor Bay region has attracted the first inflow of foreign property investors. The area’s popularity was reflected in prices, which tended to be higher than the country’s average. The southern part of the coastline, the Budva Riviera, is Montenegro’s tourism capital. Until the start of global financial crisis achieved prices for development land plots “below” the Adriatic highway and within the Budva Riviera usually varied between EUR 300 and EUR 700 per sq m of land, which often depended on the size of parcel, distance from the sea, its position and the clarity of the ownership and development rights. Some smaller but attractive locations for tourism development even achieved prices around EUR 1,000 per sq m of land. Fully transparent development sites were in limited supply, resulting in monopolistic conditions for the few that existed. Locations “above” the Adriatic Highway normally achieved lower price ranges, up to EUR 150 300 per sq m of land. Plots in other coastline towns, Bar, Herceg Novi, Ulcinj and Tivat, usually commanded prices in the range of EUR 200 to 450 per sq m, while in cities like Petrovac and St. Stefan prices were even higher. Below we show average land prices trend for several cities on Montenegro seaside during 2005 – 2009 period. The effects of global economic crises yielded in total lack of transactions during 2008 and 2009. A recovery is noticeable from 2010 onwards, but the current prices are based on our best estimates to the large extent.
Source: CB Richard Ellis
At the same time the first purchasers have appeared in the interior of Montenegro. The greatest interest existed for the areas around Lake Skadar, the old Royal Capital of Cetinje, and the well known winter holiday resorts in the North: Bjelasica, near Kolasin and Durmitor, at Zabljak. These first two places are of interest because of the low prices, while they are in good locations, not far from the sea, near the mountains, near the capital Podgorica, and surrounded by superb and unique natural beauty.
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Holiday resorts Bjelasica and Durmitor are fantastic ski and mountain resorts which are becoming increasingly popular with tourists and locals alike. Ski resorts are developing at a rapid rate, particularly as the government begins to invest heavily in the infrastructure that enables tourists to travel easily to these continually growing resorts. One of the resorts that has generated quite a bit of interest recently is Zabljak. This region is of particular interest to investors as it is renowned for not having fantastic accommodation but, nevertheless, for offering wonderful skiing and mountain sports, depending on the season. The exact the number of realized transactions of land deals is not available, but according to the field information received, there have been no major deals in the previous year. The possibility of land sale/acquisition is realistic for smaller developable size plots with clean paperwork and available infrastructure in locations closer to the seaside. The market was extremely inactive in the previous three years and if the owner is willing to sell, he will have to be ready to discount heavily.
Below we show the comparable market evidence of land in the interior of Montenegro conclusive with H1 2008. The effects of global economic crises are visible through total lack of transactions during the last three years, so the current prices could be only based on estimates.
Hills Location Price EUR/sq m
Cetinje 15 30 Kolasin 10 20 Skadar Valley 5 10 Zabljak 15 30 Source: CB Richard Ellis
Spatial Plan of Montenegro
The Government of Montenegro has adopted draft version of new spatial plan of the Republic of Montenegro which indicates basic development guidelines that will be followed by Montenegrin government authorities throughout 2020.
The spatial plan identifies Montenegro’s road network as one of the major problems in Montenegro. Especially in the southern region, due to the lack of bypasses detours around towns. Regional traffic lines do not satisfy neither with number nor with quality (part of the problem is solved with the construction of tunnels Sozina and Vrmac). Development of transport has the main role of providing conditions for balanced spatial development through better international, regional, inter municipal and local linking. Highways on two transversal and three longitudinal directions are dominant axis in development corridors.
Corridors of future motorways are:
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• Section of the motorway Belgrade: southern Adriatic through Montenegro: Boljare Andrijevica Matesevo Bratonozici western bypass road Podgorica Tanki rt Bar; • Section of the motorway from the connection to the motorway Belgrade Bar to the border with Serbia (Kosovo and Metohija): Andrijevica – Murino – Cakor – Bjeluha; • Section of the Adriatic – Ionian motorway: border with Bosnia and Herzegovina (in Trebinje region) – Cevo – Podgorica (northern bypass road – further more detailed research of the route) – Bozaj (border with Albania).
Highways for fast motor vehicle traffic are:
• Adriatic highway for fast motor vehicle traffic: Debeli brijeg – Herceg Novi – Kamenari – Budva – Bar – Ulcinj • Albanian state border • Scepan Polje – Pluzine – Niksic – Podgorica • Pljevlja – Zabljak – Niksic – Boka Kotorska Bay in post planning period.
Regarding rail network, the primary network will consist of the reconstructed part of the railroad Belgrade – Bar through Montenegro with branches Podgorica – Niksic (with displacing the part of the route through Duklja zone) and the Montenegrin part of the railroad Podgorica – Skadar. The secondary network will consist of possibly newly built railroad: Pljevlja – Prijepolje (alternatively Ravna Rijeka), Bijelo Polje – Berane – Pec and Niksic – Trebinje. Justification studies should be made for the secondary network.
The airports in Podgorica and Tivat are the facilities of primary importance for the transport infrastructure of Montenegro. The airports in Berane, Zabljak, Niksic and Ulcinj (with the category of at least 3C) are only to find their place in air transport. These airports will be developed primarily as the airports for special purposes: recreational flying, sport flying and seasonal regional transport.
Graphical interpretations of the Spatial Plan of Montenegro are presented in Appendix 2 and Appendix 3.
Hotel Market
The overall agreement among tourist analysts and professionals is that the hotel market in Montenegro is characterized with a lack of four and five star hotels versus anticipated demand. Furthermore, lack of proper refurbishment and maintenance caused by financial difficulties and changes in the sizes and standards of hotel rooms over time resulted in a loss of former categorization for many hotels. Another characteristic is that there is a degree of discrepancy between some hotels’ claimed standards and the actual quality of the product. This problem can be found in other neighbouring countries also, where hotels have been adapting according to the local legislature. Often the categorization process was conducted by individuals who aren’t experts in this field of work, and their scope of works would consist of filling a prepared questionnaire in a yes/no form, thus deriving the
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category of the hotel according to the points. Without the entrance of large hotel chains, setting up benchmark standards there will still be room for discrepancies among objects holding the same levels, but guests will be the ones who will ultimately judge the quality of services provided.
Existing supply According to the latest data available and published by Montenegrin Statistical office, the total number of objects used for tourism purposes in Montenegro is 303 with 65,174 rooms available and 157,697 beds. The Coastal area takes up almost 95% of all room and bed capacities, whilst out of this number almost half of all Coastal capacities are concentrated in Budvan Riviera.
City # of objects # of rooms # of beds
Bar 47 8,851 20,648 Budva 77 24,749 58,052
Kotor 22 4,098 9,506 Tivat 17 3,011 7,239
Ulcinj 21 8,032 19,630 Herceg Novi 32 13,191 35,914
TOTAL 216 61,932 150,989
Source: MONSTAT
Taking only hotels into consideration according to the same source there are 88 hotels available along the Montenegrin coastline, with almost 20,000 rooms available and 48,000 beds. Share of hotels according to the category is given on the following chart.
Source: MONSTAT The table on the following page below shows upscale hotels and villas in the Montenegrin coast.
5-STAR HOTELS Town Beds Rooms Suites Avala Budva 685 210 67 Forza Mare Dobrota 20 10 Villa Montenegro Sveti Stefan 29 5 6 Milocer Miloce 12 6 Splendid Budva 750 322 21 4+-STAR HOTELS Town Beds Rooms Suites Azimut Sveti Stefan 34 3 13 Maestral Sveti Stefan 415 196 18
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Monte Casa Petrovac 137 29 38 Mediteran Budva 460 230 0 Residence Milocer 60 8 22 The Queen of Montenegro Budva 550 270 6 Ibero Star Bellevue Budva 470 221 17 4-STAR HOTELS Town Beds Rooms Suites Amfora Kotor 46 0 12 Astoria Budva 38 4 8 Bella Vista Budva 44 3 19 Blue Star Budva 52 22 4 Casa Grande Ulcinj 70 33 4 Casa del Mare Herceg Novi 16 6 2 Cattaro Maximus Kotor 40 17 3 Conte Kotor 26 9 2 Haus Freiburg Ulcinj 18 9 Ibero Star Otrant Beach Ulcinj 268 126 8 Kalamper Bar 38 16 Kraljicina plaza Sveti Stefan 120 39 7 Max Prestige Budva 38 9 2 Meridian Budva 16 6 2 Milocer Sveti Stefan 68 19 6 Montebay Villa Budva 20 7 Montenegrino Tivat 20 2 6 Montenegro Budva 344 168 4 Oaza Budva 10 5 Palace Petrovac 342 167 4 Perla Herceg Novi 50 16 9 Perper Tivat 18 9 Per Astra Kotor 22 5 6 Primavera Tivat 18 3 6 Princess Bar 300 106 27 Palazzo Radomiri Kotor 27 5 2 RR Herceg Novi 43 17 Regina Herceg Novi 37 16 3 Rivijera Petrovac 255 49 42 Ruza Vjetrova Bar 50 21 Romanov Sveti Stefan 47 18 4 Sajo Budva 52 12 14 Splendido Kotor 102 40 3 Stella di Mare Budva 38 14 4 Hunguest Sun Resort Herceg Novi 328 149 15 Sveti Stefan Sveti Stefan 204 101 11 Tara Budva 672 251 29 Vardar Kotor 80 18 6 Vila Prcanj Kotor 20 3 4 Vila Tenzera Herceg Novi 15 6 Garni Fineso Petrovac 39 14 3 Garni Petrovac Petrovac 34 15 2 Garni Del Mar Petrovac 32 14 Garni Vila Duomo Kotor 33 13 Sun Rose Apartments Budva 25 11 Nautica Apartments Herceg Novi 20 1 7 TOTAL 7,817 2,984 618 Source: Ministry of Tourism of Montenegro compiled by CB Richard Ellis According to the survey conducted by Horwath Consulting, the average hotel age in the sample is 27 years, although the majority of hotels in the survey belong to the 3* segment. Hotels belonging to 4+* and 5* category are newer and have been built or refurbished in the previous 5 7 years.
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Traditionally Montenegrin seaside population has relied on rental income from the summer tourist season. Depending on the demand levels, there were occurrences of individual bed renting.. Mid and high income population traditionally targets hotel market, while low income population usually looks for accommodation in private sector.
Hotel operating performance Montenegro has huge potential for internationally branded hotel chains for a waterfront resort, or a resort with a golf course. The start of construction of a golf course in Budva was initially planned for year 2009, however it is not likely due to financial crisis. In the high season period (July 1 to September 15) rack rates of overnight accommodation with breakfast in upscale segment vary between EUR 40 in small unbranded hotels to EUR 120 150 in brand new international hotels (Splendid, Maestral, Queen of Montenegro). Prices in mid season (Jun, September) are discounted around 30%, while low season prices are usually 50% of the comparable high season prices. Tourism remains the branch with the most dynamic development and it also affects the accelerated growth of other related branches. In 2010, the tourism industry in Montenegro recorded of increase for the seventh year in a row, and a positive trend is certainly the fact that the average number of tourist overnight stays increased. For the first time since 1989, more than a million tourists (1.13 million) visited Montenegro in 2007, while a record number since 1989 were recorded in 2010. In comparison with the previous year the number of foreign tourists increased by 4.2%, while the number of domestic tourists increased by 7%. Foreign tourists represented 86.13%, while domestic tourists represented 13.87% of the tourism total. Data on number of tourists and tourist nights are collected by regular monthly reports, which on the basis of the guest books kept by catering and other organizations providing accommodation to guests are given in the following table. Certain number of tourists and tourist nights realized in private rooms, rest houses and camping sites stay unregistered due to weak records. The number of tourist arrivals and nights by the country of origin is given in the table on the following page.
TOURIST ARRIVALS AND NIGHTS BY COUNTRY Arrivals 2007 2008 2009 2010 Montenegro total 1,133,432 1,188,116 1,207,694 1,262,985 Domestic 149,294 156,904 163,680 175,191 Foreign 984,138 1,031,212 1,044,014 1,087,794 Serbia 389,428 412,915 338,894 314,836 Russian Federation 102,350 117,866 145,559 150,194 Bosnia and Herzegovina 101,394 98,763 101,882 103,025 France 30,279 24,509 33,080 42,099 Italy 31,351 42,549 39,987 39,987 Albania 37,807 20,546 39,263 37,601 Germany 22,294 18,329 25,381 25,381 Macedonia 22,543 29,428 19,911 24,417
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Check Republic 33,100 29,704 25,928 24,058 Slovenia 20,663 17,887 1,897 22,472 USA 7,426 7,487 6,698 8,769 Other countries 185,503 211,229 265,534 294,955
Nights 2007 2008 2009 2010 Montenegro total 7,294,530 7,794,741 7,552,006 7,294,530 Domestic 851,045 828,462 856,332 987,033 Foreign 6,443,485 6,966,279 6,695,674 6,977,860 Serbia 2,644,312 2,877,464 2,298,720 2,097,051 Russian Federation 789,497 899,898 1,060,510 1,217,978 Bosnia and Herzegovina 703,472 804,714 778,455 731,633 France 181,384 143,226 193,989 233,959 Italy 205,937 151,396 225,976 199,617 Albania 188,572 154,227 192,145 189,074 Check Republic 266,598 241,484 171,643 165,050 Macedonia 156,371 230,249 154,530 163,961 Germany 116,807 137,146 109,893 151,843 Slovenia 90,023 79,066 84,578 106,016 USA 22,005 21,404 22,645 33,820 Other countries 1,078,507 1,226,005 1,402,590 1,687,858 Note: As of year 2007, tourists coming from Serbia are no longer considered as domestic tourists; Source: Statistical Office of Montenegro The total number of visitors during period January – August 2011 was almost equalled to the number of visitors achieved in same period last year. After weak performance marked in the first half of year, summer brought positive movements. The cumulative monthly data on number of tourist arrivals and nights are presented bellow.
Note: As of year 2007, tourists coming from Serbia are no longer considered as domestic tourists Source: Statistical Office of Montenegro The majority of tourist activity is realised predominantly in the Coastal resorts, accounting to almost 90% of all tourist arrivals. On the other hand realisation of overnights stays favours this region further, and amounts to cca.95% per year. The doughnut chart depicting the structure of tourist arrivals and nights by type of resort in given below. The outer ring represents the share of arrivals, with the inner ring representing the share of overnight stays.
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Source: Statistical Office of Montenegro compiled by CB Richard Ellis In 2009 the Ministry of Tourism, in cooperation with the company Horwath Consulting Zagreb and Faculty of Tourism, Hospitality and Trade Bar, has again realized the survey of the performances of Montenegrin hotel industry. The survey was being executed five years in a row and its goal was to obtain the trend from macro and regional perspective, the structural trends within the various segments of the hotel industry, which would allow them to keep track of trends and improve the tourist offer. Hotel Industry survey conducted by Horwath Consulting, was carried on a sample of 35 hotels, and the share of hotel types surveyed is given by the graph below.
Source: Horwath&Horwath consulting Out of 35 hotels sampled, 27 were from the coastal region. Locations from where hotels were sampled are shown by the picture below.
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Source: CB Richard Ellis Following the actual structure of Montenegrin hotel industry, the results of this survey relate to the structure of the survey's sample in which there are mostly 3 star hotels. The average hotel age in the sample is 27 years with the average period from last renovation of little bit more than two years. Due to a significant revenue growth of Montenegrin hotels in the past few years, the profitability of hotels is also improving. According to the latest data available on Hotel Industry survey conducted by Horwath Consulting, the main indicator of operating profitability of a hotel is Gross Operating Profit (GOP). According to this indicator, in the survey period (2004 2008) the profitability of hotels in Montenegro is cumulatively improved over 15 times, and it was expected that 2009 records EUR 4.3 thousands of GOP per hotel room. Figures of planned share of the GOP in total hotel revenue, which is expected to be 27% in 2009, show that hoteliers successfully manage the operating costs. 2008 and 2009 Montenegrin Hotels GOP Level by Region
Source: Horwath&Horwath consulting
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2008 and 2009 Montenegrin Hotels Average Room Rate and Annual Room Occupancy by Region
Source: Horwath&Horwath consulting
2008 and 2009 Montenegrin Hotels Operating Revenue per Available Room by Region
Source: Horwath&Horwath consulting
2008 and 2009 Montenegrin Hotels Operating Revenue per Available Room by Hotel Category
Source: Horwath&Horwath consulting
High end Hotel Development
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In the past few years Montenegro achieved a very intensive tourism development, thanks to a successful national marketing, the activities of the Ministry of tourism and environment protection, as well as the significant interest on the part of investors. Recognized as one of the most attractive, newly discovered, emerging tourism destinations in the world, Montenegro has a high market potential in tourism, as has been confirmed by world's tourism experts. High end hotel development is a goal of the Government of Montenegro strategy defined in Touristic Masterplan. With accordance of highest priority to tourism, measures have been taken in order to attract foreign funds willing to invest in development of luxury hotels on the sea coast. Different funds, such as American and Arabian, have already shown great interest and announced the construction of luxury complexes including hotel and high end residential units at very attractive locations. Moreover, The Government of Montenegro has set a clear strategy of further development of Montenegro as a top market destination. Very ambitious plans have as their result the creation of “new Monaco”, holding one of the prime positions among tourist destinations in the Mediterranean. The Government is determined in its orientation towards high end tourism and development of luxury hotels and residential complexes able to meet the needs of demanding foreign guests. In years to come, activities in the area of tourism will be focused toward the creation of a recognizable Montenegro as a Mediterranean destination, whereby the key importance will be the increase of a quality tourism offering in the seaside area by developing luxurious tourism resorts and improving the quality of existing ones. At the same time activities are being carried out within the overall sustainable development concept, based on the nature oriented tourism that represents a development opportunity, in particular in the segment of valorisation of tourism potentials of the hinterlands and the mountain region. In recent years, thanks to the qualitative reconstruction of privatized hotel, synchronized activities of the tourism industry, Ministry of Tourism and National Tourism Organization, as well as the government's policy of re integration of Montenegro into the international community, there are visible signs of revitalization of Montenegrin tourism and hotel industry, and heralds of his reascent, but the qualitatively new basis. Montenegro got, in the form of assistance from the German Government, a new, contemporary strategy for tourism development Master plan for tourism development adopted in 2001, which includes a new marketing strategy, and model projects for the development of each of the attractive tourist locations. Followed the adoption of strategic and operational tourism policy, what had noticeable impact on the revitalization and growth of the tourism sector in Montenegro. Master Plan was innovated in 2007, and his innovation is adopted in 2008, by which Montenegro has received an exceptionally high quality development strategy.
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Mountain tourism
Although the coastal tourism was always a development priority, and although it is much more developed, from the aspect of its capacities and the number of visits and participation in the overall revenues from tourism, the northern and central parts of Montenegro offer rich natural and cultural resources for the development of tourism. Bjelasica and Durmitor, as well as Lovcen and Cetinje can be considered as tourist destinations. All the other zones can be considered as zones with substantial tourist potential, in which the development of tourism has started. (Source: International Institute for Tourism of Ljubljana)
Durmitor is the mighty mountain mass with 30 dominating peaks of more than 2,000 m high (the highest mountain – Bobotov Kuk is 2,522 m). In order to preserve its unique nature, the Durmitor and Tara canyon have been given the status of National Park. In 1980 it was included to the UNESCO list of world natural heritage. The central point of the Durmitor National Park is a ski resort Zabljak (1,465 m). It is the highest town in the Balkan region. Zabljak is interesting for visitors in all seasons. Beside the fact that it is an excellent mountain ski centre (ski season lasts until the middle of April), there are also a lot of amusements in spring and summer: mountaineering, marked walking routes, ice caves, cascade of glacier lakes, rafting on the river Tara. River Tara (150 kilometres in length) has the second deepest canyon in the world after the Grand Canyon. On the periphery of Zabljak, there is the picturesque Black Lake – the largest of 18 glacial lakes, situated nearby. The high level of isolation in the sense of transportation network represents the biggest development obstacle. The main highways in Montenegro in the direction north south or east west avoid the Durmitor area. Additionally, there is no railway infrastructure in this region. In the Zabljak area there is a small airport, which could be developed into an airport of a regional character for small general aviation planes. Besides that, this airport could also serve as a heliodrome. Currently, the closest airport is in Podgorica, 175km away, via Mojkovac, and 158km away via Savnik and Niksic.
Mountain Bjelasica is fore sure one of the most beautiful mountain ranges of Montenegro. National park Biogradska Gora takes 5,650 ha of the central part of the Bjelasica Mountain, between the rivers Tara and Lim. In the heart of Biogradska Gora is famous and beautiful Biograd's Lake (this mountain is home of 6 glacial lakes).The massif of Mountain Bjelasica has 10 peaks above 2,000 m and its highest peak is Crna Glava (2,139 m). The Biogradska gora is attractive not only for the explorers, but for the numerous visitors, as well. “Jezerine” at Bjelasica (Kolasin town area) is one of the two greatest Montenegrin ski resorts. It has good traffic connections and it is situated close to the main road and railroad directions. The Adriatic highway and the highways E760 and M9 run through this area. Apart from the road transportation, the railway Belgrade Bar also runs through this tourist destination. The closest airport is in Podgorica, 75km away.
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Prokletije (the Damned Mountains) is the Montenegrin name for the mountains the other side of which is the North Albanian Alps. The highest peak of the mountains, the Jezerca (2,694 m) is situated in Albania. The smaller part of the mountain range is in Montenegro referred to as Prokletije, with highest peak Bogicevica peak (2,358 m). On Serbian territory (on Kosovo, now under UN protectorate) is one part of Prokletije massif, with highest peak Djeravica (2,656 m), second highest peak of whole Prokletije range. There are numerous glacier lakes of different size and depth here. The Plav Lake is the biggest among them. During last several years a large number of cottages and pensions were constructed here, but not many guests still come to this region. Mountain Prokletije belongs to a row of unknown destinations for tourists, first of all due to its eccentric position and fact that mountain is not on by main traffic infrastructure. In spite of this, it has to be paid due attention to this mountain, as it has extraordinary potentials for development of great number of different types of tourism that characterize mountain areas. The region of Prokletije is not well connected with the other regions in the Republic. The roads that run through this region are Adriatic highway and highway M9. All of the mentioned roads, except for some rare exceptions, are in a very bad condition. The railway does not run through this area. The closest operational airport is in Podgorica.
Mountain Lovcen is situated in south east part of Montenegro. By the Mountain passes road direction Podgorica Cetinje Njegusi Kotor. On the Lovcen Mountain is National Park with the same name. Synonymous for Lovcen Mountain represents “Njegos Mausoleum”, built on “Jezerski vrh” (Lake Peak) that dominates on this terrain. Mausoleum was built on the height of 1,660 meters. Situated in the fields of Cetinje, at the base of the Lovcen Mountain, Cetinje is a treasure of Montenegrin cultural and historical heritage. Orjen, Lovcen and Rumija, have a strong complementary advantage: sea – mountains, in the close vicinity, in summer, as well as in winter time.
Niksic has its mountainous surroundings: Prekornica, Maganik, Vojnik, Krnovo, part of the Moraca Mountains, that is, significant resources for the development of mountain tourism. Niksic will also be the pillar for the development of the area of Savnik.
Savnik, towards which the following mountains gravitate: Vojnik, Krnovska glavica, Lola, Zurim, Stit, Kapa moracka and their slopes, which all together represent a separate geographic, spatial, transportation and mountain tourism development unit. This area has the potential to host 70,000 skiers, and it also has several classical agro tourist villages.
Andrijevica can be developed in three directions: towards Bjelasica, towards Komovi and towards Prokletije, and use the advantages of all three areas.
Pljevlja represents a separate mountain tourist area, with its mountains: Ljubisnja, as the biggest resource, and Kosanica, from which the mountain tourism development can start.
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Rozaje with its mountains Hajla and Cmiljevica also represents a separate natural, transportation, demographic tourist area.
Plav has its specific mountain tourism potentials: mountains, lakes, rivers and a special geo transportation position that has to be promoted in the future tourist development.
Verusa will soon have the most favorable geo transportation position in the planned highway and at the distance of 30 km from Podgorica, and only 40 km from the airport. This fact, as well as the excellent tourist potentials of Crna planina, Maglic, part of Komovi, Zijovo, Planinica, confirm that this is a separate tourist area.
Hotel Supply
The expansion of hotels and other accommodation in the mountain regions of Montenegro is particularly planned for Durmitor and Bjelasica. At the end of 2006, accommodation capacities in mountain regions represented only 1.7% of total hotel accommodation capacities in Montene gro, and the number of overnights only 1.1% of total overnights in Montenegro, which is a very small share (Source: Horwath Hotel Industry Survey Montenegro 2006). So far, upgrading of existing hotels and new development has been modest. The highest profile project to date has been the modernization of the Hotel Bianca (formerly the Bjelasica Hotel) in Kolasin, owned by the UK based Anglo Russian company, Beppler & Jacobson. In December 2007, the same company opened the doors of the new hotel Lipka (former hotel of the PIO fond) in Kolasin. The supply of qualitative accommodation in Rozaje has been enriched by reconstruction of hotel Rozaje during 2007. In order to improve Zabljak’s hotel supply, HTE Primorje plans to tear down hotel Planinka and to build a new luxurious hotel in the same place.
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PROPERTY DETAILS
Concise property description and valuation comments for selected assets are given in the following paragraphs.
1. Commercial Projects 1.1. Ref. no. 39, 40, 173
Description: Industrial development land
Land Area: 9,747 sq m
Topography: level
Terrain: clear to bushy
Shape: rectangular
Infrastructure: in immediate vicinity
Planning: urbanised zone; plot ratio 1.0; density of construction 50%
Perceived Marketability: High
Comments: does not have frontage on the highway; close to petrol station; legal claim issue
Valuation Assumptions: €75 per sq m of land area
2. Large Scale Projects 2.1. Oak Village Ref. no. – property is pooled out of 40 individual assets in total
Description: Hilltop village overlooking Budva Riviera;
Land Area (non occupied): 212,170 sq m
Ruin footprint: 1,373 sq m
Topography: extremely sloping; terraces
Terrain: Rocky and very steep terraces
Shape: NA (many small pockets)
Infrastructure: electricity
Planning: planned as urbanised zone – residential, tourism; development density 0.4; study of location not approved yet
Perceived Marketability: Relatively low
Comments: 10 minutes drive from the main Adriatic highway (Budva road); great view; cable car possibility; running stream
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Valuation Assumptions: €450 per sq m of ruin footprint, €30 per sq m of land area.
2.2. Castle Hill Ref. no. – property is pooled out of 13 individual assets in total
Description: Hilltop village overlooking Budva Riviera;
Land Area (non occupied): 61,156 sq m
Ruin footprint: 260 sq m
Topography: moderately sloping; terraces
Terrain: meadow prevailing area
Shape: NA (many small pockets)
Infrastructure: electricity
Planning: planned as urbanised zone – residential, tourism; development density 0.4; study of location not approved yet
Perceived Marketability: Moderate
Comments: 10 minutes drive from the main Adriatic highway (Budva road); great view; cable car possibility; running stream
Valuation Assumptions: €450 per sq m of ruin footprint, €42.5 per sq m of land area.
2.3. Mirac Ref. no. – property is pooled out of 33 individual assets in total
Description: Hilltop village overlooking Tivat and Jaz beach
Land Area (non occupied): 134,365 sq m
Ruin footprint: 794 sq m
Topography: moderately to very sloping; terraces
Terrain: meadows prevailing area
Shape: NA
Infrastructure: no
Planning: not in urbanised zone i.e. green zone
Perceived Marketability: Moderate
Comments: • three distinctive zones can be identified: (i) village zone, (ii) lower zone – frontage on asphalt road and (iii) upper zone – currently does not have frontage on the asphalt zone;
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• spatial plan prescribes new road which will rung close to Mirac; • great view, bordered with cliff
Valuation Assumptions: €325 per sq m of ruin footprint, €18 per sq m of land area in the village zone, €15 per sq m in the lower zone and €6 per sq m of land in the upper zone.
3. Medium Scale Projects 3.1. Ref. no. 184, 185
Description: Budva hillside with see view
Land Area: 14,551 sq m
Topography: moderately sloping; terraces; stream
Terrain: trees
Shape: one part rectangular, the other triangular
Infrastructure: in close proximity
Planning: urbanised zone – residential, tourism; development density 0.4
Perceived Marketability: Very high
Comments: 2 kilometres from the highway; asphalt access road; pipe line development in neighbouring lot; fragmented ownership title for cadastral parcel no. 1780
Valuation Assumptions: €120 per sq m of land area
3.2. Ref. no. 61, 62, 64
Description: Rezevici coastline vacant land
Land Area: 7,786
Topography: flat to moderately sloping;
Terrain: trees, meadows, stone wall terraces
Shape: rectangular
Infrastructure: no
Planning: master urban plan prescribes development density of 0.4 for asset no. 61 (holding 1,226 sq m of land area) and it is expected that green zone for asset no. 62 and 64 will be converted into buildable zone
Perceived Marketability: High
Comments: inconvenient footpath access road, limited sea view
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Valuation Assumptions: €270 per sq m of land area for asset no. 61 and €140 per sq m of land area for asset no. 62 and 64
3.3. Ref. no. 63
Description: Rezevici waterfront property
Land Area: 7,905
Topography: very sloping with a cliff sea border;
Terrain: rocky, stone wall terraces
Shape: rectangular
Infrastructure: no
Planning: tourism zone with development density of 0.5 pending
Perceived Marketability: Very high
Comments: narrow frontage along the highway
Valuation Assumptions: €380 per sq m of land area
3.4. Ref. no. 75
Description: Buljarice hillside vacant land
Land Area: 10,634
Topography: slightly sloping
Terrain: meadows, trees, stream
Shape: rectangular
Infrastructure: no
Planning: residential/tourism zone with development density of 0.4 pending
Perceived Marketability: Very high
Comments: power lines on the site; the site is situated at the edge of the study of location; clear buildable land
Valuation Assumptions: €100 per sq m of land area
3.5. Ref. no. 107, 125, 153, 181
Description: Blue Horizon Land suitable for hotel developments
Land Area: 19,612 sq m (out of which 772 sq m are in expropriation process)
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Topography: moderately sloping
Terrain: bushy
Shape: 3,613 sq m dislocated from remaining part; relatively rectangular
Infrastructure: no
Planning: not in urbanised zone i.e. green zone
Perceived Marketability: Moderate
Comments: no asphalt road; 500 meters from the sea; third party claim over small fraction of land
Valuation Assumptions: €70 per sq m of land area
3.6. Ref. no. 5
Description: Prcanj development land (Kotor Bay Tree) – suitable for individual villas
Land Area: 20,472 sq m
Ruin footprint: 294 sq m
Topography: very sloping; terraces
Terrain: meadows; trees
Shape: relatively rectangular
Infrastructure: in immediate vicinity
Planning: detail urban planning; development density of 0.75
Perceived Marketability: Very high
Comments: village zone; hill top site; in the shade; very steep access road; DUP prescribes new road on which property will have frontage; approximately 10 kilometres from Kotor old town
Valuation Assumptions: €130 per sq m of land area
3.7. Ref. no. 6
Description: Prcanj development land (Kotor Woodland) – suitable for individual villas
Land Area: 12,040 sq m
Ruin footprint: 11 sq m
Topography: very sloping; terraces
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Terrain: meadows; pine trees; greenery
Shape: two merged rectangulars
Infrastructure: no
Planning: detail urban planning; development density of 0.75
Perceived Marketability: Very high
Comments: hill top site; in the shade; extremely steep access road; approximately 10 kilometres from Kotor old town
Valuation Assumptions: €105 per sq m of land area
3.8. Ref. no. 26
Description: Zabrdje ruin with adjoining land
Land Area: 1,716 sq m
Ruin footprint: 36 sq m
Topography: very sloping; terraces
Terrain: meadows; trees
Shape: rectangular
Infrastructure: in immediate vicinity
Planning: detail urban planning; development density of 0.5
Perceived Marketability: Very high
Comments: village zone; beautiful hill top site overlooking Herceg Novi, Tivat Bijela; border of DUP – surrounding parcels are in green zone
Valuation Assumptions: €800 per sq m of ruin footprint and €100 per sq m of excess land area
3.9. Ref. no. 126, 159
Description: Ponta Vesla – vacant land
Land Area: 15,474 sq m
Topography: moderately sloping
Terrain: bushy, trees, rocks
Shape: two separate lots with merged rectangulars shape
Infrastructure: no
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Planning: in urbanised zone based on spatial plan
Perceived Marketability: High
Comments: frontage on the access road; 500 meters from the sea;
Valuation Assumptions: €120 per sq m of land area
3.10. Ref. no. 124
Description: Zukovica vacant land with see view
Land Area: 11,257 sq m
Topography: moderately sloping; terraces
Terrain: trees, cleared from bushes
Shape: trapezoid
Infrastructure: no
Planning: partly green, partly buildable (approximately 50%)
Perceived Marketability: Moderate
Comments: no developments in close proximity
Valuation Assumptions: €90 per sq m of land area
3.11. Ref. no. 56
Description: Lustica Estate – Land suitable for individual villas
Land Area: 5,643 sq m
Ruin footprint: 88 sq m
Topography: level to slightly sloping
Terrain: meadow, trees
Shape: rectangular
Infrastructure: electricity
Planning: village area
Perceived Marketability: High
Comments: on the asphalt road; beautiful property;
Valuation Assumptions: €800 per sq m of ruin footprint and €70 per sq m of land area
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4. Mountain Projects 9.1. Ref. no. 104
Description: Kolasin meadow
Land Area: 65,444 sq m
Topography: slightly sloping;
Terrain: woodland prevailing area (approximately 48,700 sq m) and meadows (app. 16,700 sq m)
Shape: merged rectangular
Infrastructure: no
Planning: no
Perceived Marketability: Moderate
Comments: on the main road; good views; not far from the center; potential to be buildable
Valuation Assumptions: €11 per sq m of meadow and €1.75 per sq m of woodland
9.2. Ref. no. 144, 182
Description: Kolasin meadow
Land Area: 92,753 sq m
Ruin footprint: 80 sq m
Topography: moderately sloping;
Terrain: mixed meadows (app. 48,000 sq m) and woods (app. 44,000 sq m)
Shape: regular
Infrastructure: no
Planning: no
Perceived Marketability: Moderate
Comments: on the main road; good views; not far from the center; potential to be buildable
Valuation Assumptions: €11.5 per sq m of meadow and €1.75 per sq m of woodland
9.3. Ref. no. 162, 171, 189
Description: Zabljak meadow
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Land Area: 115,505 sq m
Topography: very flat to slightly sloping;
Terrain: mountain meadows
Shape: NA
Infrastructure: in close proximity
Planning: buildable zone
Perceived Marketability: Moderate
Comments: 6 kilometres from the ski center;
Valuation Assumptions: €15.0 per sq m of land area
5. Rural Lake Projects
6.1. Ref. no. 163
Description: Dobrsko selo ruin with adjoining land
Land Area: 180,073 sq m
Ruin footprint: 0 sq m
Topography: moderately to very sloping;
Terrain: rocky woodland prevailing area (approximately 123,000 sq m) and meadows (app. 57,000 sq m)
Shape: NA
Infrastructure: electricity
Planning: no, village zone
Perceived Marketability: Moderate
Valuation Assumptions: €3.5 per sq m of meadow and €0.20 per sq m of woodland
6.2. Ref. no. 81
Description: Skadar Lake view
Land Area: 56,875 sq m
Ruin footprint: 63 sq m
Topography: moderately to very sloping;
Terrain: buildable meadows and rocky woodland
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Shape: rectangular
Infrastructure: no
Planning: no
Perceived Marketability: Low
Comments: beautiful panoramic view; neighbouring grave yard
Valuation Assumptions: €3.0 per sq m of land area on average
6.3. Ref. no. 116
Description: Dobrsko selo house with adjoining land
Land Area: 183,601 sq m
Ruin footprint: 90 sq m
Topography: moderately to very sloping;
Terrain: rocky woodland prevailing area (approximately 178,000 sq m) and meadows (app. 5,500 sq m)
Shape: NA
Infrastructure: electricity
Planning: no, village zone
Perceived Marketability: Moderate
Valuation Assumptions: €600 per sq m of house footprint, €5.0 per sq m of meadow and €0.2 per sq m of woodland
6.4. Ref. no. 58, 59, 83, 84, 86, 121
Description: Skadar Valley estate with adjoining land
Land Area: 170,991 sq m
Ruin footprint: 220 sq m
Topography: flat to moderately sloping;
Terrain: rocky woodland prevailing area and meadows
Shape: NA
Infrastructure: electricity
Planning: no, village zone
Perceived Marketability: Moderate
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Valuation Assumptions: €550 per sq m of ruin footprint, €6 per sq m of meadow and €0.25 per sq m of woodland
6. Restoration Projects 7.1. Ref. no. 22, 23, 24, 25
Description: Zabrdje ruins with adjoining land
Land Area: 4,119 sq m
Ruin footprint: 621 sq m
Topography: very sloping; terraces
Terrain: meadows; trees
Shape: irregular amoeba shape
Infrastructure: in immediate vicinity
Planning: detail urban planning; development density of 0.4
Perceived Marketability: Very high
Comments: village zone; beautiful hill top site overlooking Herceg Novi, Tivat Bijela; steep footpath to the seacoast
Valuation Assumptions: €725 per sq m of ruin footprint and €80 per sq m of excess land area
7.2. Ref. no. 27, 28
Description: Zabrdje ruins with adjoining land
Land Area: 1,680 sq m
Ruin footprint: 172 sq m
Topography: very sloping; terraces
Terrain: meadows; trees
Shape: irregular amoeba shape
Infrastructure: in immediate vicinity
Planning: detail urban planning; development density of 0.6
Perceived Marketability: Very high
Comments: village zone; beautiful hill top site overlooking Herceg Novi, Tivat Bijela; steep footpath to the seacoast
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 45
Valuation Assumptions: €800 per sq m of ruin footprint and €90 per sq m of excess land area
7.3. Ref. no. 32
Description: Ruins with adjoining land
Land Area: 2,258 sq m
Ruin footprint: 198 sq m
Topography: very sloping
Terrain: rocks, trees
Shape: NA
Infrastructure: no
Planning: no; village zone
Perceived Marketability: High
Comments: village zone; there is also part of relatively flat land dislocated from the main lot, which can be used as parking
Valuation Assumptions: €450 per sq m of ruin footprint
7.4. Ref. no. 164
Description: Zagora ruin with adjoining land
Land Area: 2,226 sq m
Ruin footprint: 167 sq m
Topography: relatively flat
Terrain: meadows, trees, ruins with guvno
Shape: two merged rectangulars
Infrastructure: no
Planning: village zone
Perceived Marketability: High
Comments: part of land with legal troublesome has not been included in the valuation analysis
Valuation Assumptions: €550 per sq m of ruin footprint and €55 per sq m of land area
7.5. Ref. no. 33, 34, 35
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 46
Description: Ruins in Tudorovici hilltop village
Land Area: 550 sq m
Ruin footprint: 164 sq m
Topography: moderately sloping; terraces;
Terrain: meadows
Shape: three separate lots, two with regular and one with irregular shape
Infrastructure: electricity
Planning: urbanised village zone; development density 0.4
Perceived Marketability: Very high
Comments: asphalt access road, large scale development project in close proximity
Valuation Assumptions: €900 per sq m of ruin
7.6. Ref. no. 3
Description: Kotor old town apartment (Fountain Square)
Building Area: 98 sq m
Perceived Marketability: Low
Comments: Apartment on the second floor; restricted access due to problems with the first neighbour
Valuation Assumptions: €1,600 per sq m of building area
7.7. Ref. no. 4
Description: Kotor old town apartment
Building Area: 76 sq m
Perceived Marketability: Good
Comments: Apartment on the second floor;
Valuation Assumptions: €1,600 per sq m of building area
7. Land Bank Portfolio
8.1. Ref. no. 112
Description: Country side open space property Drazevina
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 47
Land Area: 269,352 sq m
Ruin footprint: 85 sq m
Topography: generally flat land;
Terrain: rocky, bushy prevailing (app. 183,000 sq m) with meadows pockets (app. 86,200 sq m)
Shape: NA
Infrastructure: no
Planning: no
Perceived Marketability: Low
Comments: 8 kilometres from the highway; spatial plan prescribes Podgorica ring road which is to pass close to the property
Valuation Assumptions: €1.2 per sq m of meadow and €0.09 per sq m of rocky woodland
8.2. Ref. no. 102, 103
Description: Zukovica vacant land with see view
Land Area: 64,309 sq m
Ruin footprint: 133 sq m
Topography: moderately sloping; terraces
Terrain: meadows, trees
Shape: irregular
Infrastructure: electricity
Planning: no, village zone
Perceived Marketability: Moderate
Comments: clean, very buildable land
Valuation Assumptions: €1.0 per sq m of land area
8.3. Ref. no. 135, 136
Description: Savnik meadow
Land Area: 139,347 sq m
Ruin footprint: 108 sq m
Topography: flat to moderately sloping;
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 48
Terrain: mountain meadows
Shape: NA
Infrastructure: no
Planning: no
Perceived Marketability: Moderate
Comments: between Zabljak and Niksic
Valuation Assumptions: €0.2 per sq m of land area
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 49
APPENDICES
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 50
Appendix 1: Regions in Montenegro
Source: CB Richard Ellis
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 51
Appendix 2: Spatial Plan
Source: CB Richard Ellis
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 52
Appendix 3: Spatial Plan - Transport
Source: CB Richard Ellis
MONTENEGRO INVESTMENT LIMITED PROPERTY PORTFOLIO , MONTENEGRO PROPERTY REPORT PAGE 53
Appendix 4: Summary Analysis
GROUP EUR COMMERCIAL PROJECTS 731,025 LAND BANK PORTFOLIO 412,449 MEDIUM SCALE COASTAL PROJECTS 15,895,750 LARGE SCALE COASTAL PROJECTS 11,575,450 MOUNTAIN PROJECTS 2,845,677 RURAL LAKE PROJECTS 1,262,591 RESTORATION PROJECTS 2,397,674 TOTAL 35,120,616 ROUNDED 35,120,000 Source: CB Richard Ellis
MONTENEGRO INVESTMENT & LAND HOLDINGS doo KOTOR Stari Grad 475 Kotor Montenegro PIB : 02451247 Registration Number: 5-0278664/001
COMMERCIAL PROJECTS - Summary
Asset Land Registry Building Land TotalNOTES Value Property Name Number Date Reference KO LN KP Base Area Description Comments Estimate Holder Area Number Parcel m2 m2 m2 m2 (EUR) Company
Commercial Land 39 19.04.2006 Industrial Land 3 Lješevi ći - Kotor 247 19.0 0 0 3,745 3,745 meadow 431,025 MILH 20.0 0 0 2,002 2,002 meadow 40 19.04.2006 Industrial Land 4 Lješevi ći - Kotor 310 21.0 0 0 2,667 2,667 meadow 200,025 MILH 173 Industrial Land 5 Lješevi ći - Kotor 29 17 0.0 0.0 1,333.0 1,333.0 meadow 99,975 BMI 9,747 9,747 731,025
TOTAL 0 0 9,747 9,747 731,025 MONTENEGRO INVESTMENT & LAND HOLDINGS doo KOTOR Stari Grad 475 Kotor Montenegro PIB : 02451247 Registration Number: 5-0278664/001
LAND BANK PORTFOLIO - Summary
Asset Land Registry Building Land TotalNOTES Value Property Name Number Date Reference KO LN KP Base Area Description Comments Estimate Holder Area Number Parcel m2 m2 m2 m2 (EUR) Company
Church Woods 44 04.07.2006 Dobrsko Selo Dobrsko Selo - Cetinje 320 1,873.0 0 0 6,404 6,404 woods 5,202 MILH Dobrsko Selo Dobrsko Selo - Cetinje 1,895.0 0 0 19,608 19,608 woods MILH 26,012 26,012 5,202 Orchard Meadow 183 04.07.2006 Dobrsko Selo 2 Dobrsko Selo - Cetinje 270 1,566.0 0 0 1,517 1,517 meadow 3,034 BMI Orchard Woods 183 04.07.2006 Dobrsko Selo 2 Dobrsko Selo - Cetinje 270 1,227.0 0 0 2,727 2,727 woods 1,015 BMI Dobrsko Selo 2 Dobrsko Selo - Cetinje 1,228.0 0 0 2,348 2,348 meadow BMI 5,075 5,075 meadow 1,015 BMI Pond Meadow 176 24.11.2006 Ceklin 1 Ceklin - Cetinje 355 1,548.0 0 0 3,819.0 3,819.0 woods 27,498 BMI Ceklin - Cetinje 1,549.0 0 0 3,967.0 3,967.0 meadow BMI Ceklin - Cetinje 1,550.0 0 0 3,272.0 3,272.0 woods BMI Ceklin - Cetinje 1,899.0 0 0 825.0 825.0 Meadow BMI Ceklin - Cetinje 1,900.0 0 0 266.0 266.0 woods BMI Ceklin - Cetinje 1,901.0 0 0 776 776 Vineyard BMI Ceklin - Cetinje 1,902.0 0 0 824 824 Meadow BMI 13,749.0 13,749.0 27,498 Half Woods 47 04.05.2006 Ljubotinj Half House Ljubotinj 1 - Cetinje 337 387.0 0 0 574 574 meadow 11,833 MILH 388.0 0 0 58,590 58,590 woods MILH 59,164 59,164 11,833 Hamlet Meadows 174 Ljubotinj Meadow 4 Ljubotinj I - Cetinje 515 1,052.0 0.0 0.0 5,775.0 5,775.0 woods 20,028 BMI 1,053.0 0.0 0.0 3,419.0 3,419.0 woods BMI 1,054.0 0.0 0.0 820.0 820.0 woods BMI 10,014 10,014 20,028 Ljubotinj Woods 155 Ljubotinj Ruin 3 Ljubotinj 2 - Cetinje 206 1,456.0 0.0 0.0 22,664 22,664 woods 4,533 MILH Hamlet Brook 199 Ljubotinj I - cetinje 499 998 0 0 268 268 meadow 3rd class 9,000 MILH (LN) 999 0 0 2162 2162 meadow 5th class MILH (LN) 1096 0 0 317 317 woods 5th class MILH (LN) 1097 0 0 1753 1753 meadow 4th class MILH (LN) 4,500 4,500 9,000 White Woods 139 Ljubotinj House Ceklin - Cetinje 644 2,067.0 0.0 0.0 16,732.0 16,732.0 woods 3,346 MILH Lodge Meadows 36 02.08.2005 Hunting Land Ljubotinj I - Cetinje 315 1581 0 0 194 194 woods 5,568 BMI 1582 0 0 1,347 1,347 meadow BMI 1583 0 0 159 159 woods BMI 1629 0 0 314 314 meadow BMI 1630 0 0 265 265 meadow BMI 1631 0 0 435 435 meadow BMI 1632 0 0 8,826 8,826 woods BMI 1633 0 0 2,081 2,081 meadow BMI 1634 0 0 281 281 woods BMI 1635 0 0 359 359 woods BMI 1636 0 0 341 341 meadow BMI 1637 0 0 439 439 woods BMI 1906 0 0 1,539 1,539 woods BMI 1907 0 0 1,897 1,897 meadow BMI 1918 0 0 71 71 meadow BMI 1919 0 0 168 168 woods BMI 1920 0 0 28 28 meadow BMI 1921 0 0 5,614 5,614 woods BMI 1922 0 0 3,224 3,224 meadow BMI 1923 0 0 256 256 woods BMI 27,838 27,838 5,568 Hunting Land 36 02.08.2005 Hunting Land Ljubotinj I - Cetinje 315 2055 0 0 12,598 12,598 woods 18,110 BMI 2087 0 0 12,796 12,796 woods BMI 2118 0 0 356 356 meadow BMI 2119 0 0 1,945 1,945 meadow BMI 2120 0 0 477 477 meadow BMI 2121 0 0 414 414 meadow BMI 2122 0 0 23,245 23,245 woods BMI 1718 0 0 314 314 meadow BMI 1719 0 0 38,407 38,407 woods BMI 90,552 90,552 18,110 Riv erside Land 79 28.07.2006 Riverside Land 1 Ovto čići - Bar 22 722 0 0 593 593 woods 1,962 MILH 723 0 0 757 757 meadow 724 0 0 612 612 meadow 80 Ovto čići - Bar 669 0 0 359 359 meadow 359 MILH 2,321 2,321 2,321 Fig Tree Farm 112 20.10.2006 Drazevina Draževina - Podgorica 64 4 0 0 410 410 meadow 119,934 MILH 6 0 0 4,701 4,701 meadow 6 0 0 10,970 10,970 woods 7 0 0 430 430 meadow 10 0 0 2,058 2,058 meadow 10 0 0 4,802 4,802 woods 299 0 0 100 100 meadow 299 0 0 145 145 wineyard 302 0 0 240 240 wineyard 302 0 0 1,997 1,997 meadow 303/2 0 0 11,515 11,515 meadow 303/2 0 0 26,869 26,869 woods 303/1 0 0 240 240 wineyard 957 0 0 180 180 wineyard 957 0 0 250 250 meadow 958 0 0 350 350 meadow 959 0 0 701 701 wineyard 1004/2 0 0 2,161 2,161 woods 1004/1 0 0 576 576 meadow 1004/1 0 0 1,345 1,345 meadow 1005 0 0 190 190 wineyard 1005 0 0 310 310 meadow 1006 0 0 1,451 1,451 meadow 1006 0 0 130 130 wineyard 1007 0 0 360 360 woods 1040 0 0 180 180 meadow 1040 0 0 190 190 woods 1040 0 0 390 390 woods 1041 0 0 320 320 meadow 1042 0 0 895 895 wineyard 1043 0 0 620 620 meadow 1044 0 0 8,312 8,312 meadow 1044 0 0 40,626 40,626 woods 1065 0 0 350 350 woods 1066 0 0 750 750 meadow 1087 0 0 690 690 meadow 1088 0 0 250 250 woods 1111 0 0 270 270 meadow 1112 0 0 870 870 meadow 1113 0 0 420 420 meadow 1114 0 0 635 635 meadow 1115 0 0 210 210 meadow 1116 0 0 240 240 meadow 1117 0 0 425 425 meadow 1118 0 0 1,320 1,320 meadow 1119 0 0 300 300 meadow 1120 0 0 1,300 1,300 meadow 1121 0 0 595 595 meadow 1122 0 0 1,120 1,120 meadow 1123 0 0 400 400 meadow 1124 0 0 210 210 meadow 1125 0 0 320 320 meadow 1126 0 0 315 315 meadow 1127 0 0 200 200 meadow 1128 0 0 930 930 meadow 1129 0 0 21,794 21,794 meadow 1129 0 0 84,616 84,616 woods 1130 0 0 2,219 2,219 woods 1131 0 0 340 340 meadow 1132 0 0 200 200 wineyard 1133 0 0 260 260 meadow 1134 0 0 50 50 wineyard 1134 0 0 2,029 2,029 meadow 1135 0 0 200 200 wineyard 1136 0 0 1,300 1,300 meadow 1137 0 0 935 935 meadow 1138 0 0 395 395 meadow 1139 0 0 100 100 wineyard 1139 0 0 340 340 meadow 1140 0 0 250 250 wineyard 1141 0 0 1,647 1,647 meadow 1141 0 0 6,586 6,586 woods 1142 0 0 1,359 1,359 meadow 1143 0 0 240 240 wineyard 1144 0 0 515 515 meadow 1144 0 0 120 120 wineyard 1145 0 0 440 440 wineyard 1146 0 0 380 380 meadow 1147 0 0 50 50 wineyard 1147 0 0 1,449 1,449 meadow 1148 0 0 325 325 meadow 1148 0 0 140 140 meadow 1149 0 0 250 250 wineyard 1150 0 0 144 144 wineyard 1150 0 0 246 246 meadow 1150 0 0 1,969 1,969 woods 1150 0 0 180 180 meadow 1151 0 0 500 500 court yard 1151 0 0 364 364 woods 1151.1 47 67 0 67 family house 1151.2 38 54 0 54 additional build 1154 0 0 380 380 wineyard 1155 0 0 290 290 woods 1156 0 0 495 495 meadow 269,231 269,352 119,934 Lov cen Mountain Village 102 29.09.2006 Locven Meadow 1 Cetinje - Bajice 779 3,021.0 3,822 3,822 meadow 18,276 MILH 3,028.0 2,548 2,548 meadow 3,056.0 2,203 2,203 meadow 3,349.1 8,049 8,049 meadow 3,349.2 459 459 meadow 3,349.4 1,195 1,195 meadow 103 29.09.2006 Lovcen Meadow 2 Cetinje - Bajice 445 3,014.0 35,396 35,396 woods 46,033 MILH 3,015.0 2,562 2,562 meadow 3,015.0 500 500 Courtyard 3,015.1 36 36 36 Family House 3,016.0 2,148 2,148 woods 3,017.0 707 707 woods 3,018.0 2,047 2,047 meadow 3,019.0 452 452 meadow 3,020.0 1,611 1,611 meadow 3,020.1 52 52 52 Ruin 3,020 34 34 34 Ruin 3,020 11 11 11 Ruin 3,022 477 477 woods 141 Lovcen Meadow 4 Bajice - Cetinje 43 2916/1 19,424.0 19,424.0 woods 25,451 MILH 2916/2 4,668.0 4,668.0 meadow 2916/2 500.0 500.0 court yard 2916/3 800.0 800.0 meadow 2916/2.1 59.0 59.0 0.0 59.0 family house 89,568 89,760 89,760 Lov cen Mountain Meadow 111 29.09.2006 Lovcen Meadow 3 Cetinje - Njegusi 856 199 263 263 meadow 3,197 MILH 199 150 150 meadow 200 862 862 meadow 201 1,712 1,712 meadow 201 210 210 meadow 3,197 3,197 3,197 Kolasin Retreat 90 21.08.2006 Kolasin Village 1 Lipovo - Kolašin 83 292.0 9 9 meadow 13,806 MILH 292.0 500 500 court yard 292.1 51 51 51 family house 293.0 2,071 2,071 woods 294.0 5,452 5,452 meadow 295.0 1,451 1,451 orchard 296/1 16,127 16,127 meadow 296/2 1,951 1,951 woods 27,561 27,612 13,806 Kolasin 360 115 30.10.2006 Kolasin Meadow 4 Trunica Do - Kolašin 21 171 5,650 5,650 meadow 31,577 MILH 171 17,536 17,536 meadow 172/1 27,889 27,889 woods 173 1,402 1,402 meadow 174 2,404 2,404 woods 175 8,273 8,273 meadow 63,154 63,154 31,577 Kolasin Hillside 151 Kolasin Meadow 5 Žirci - Kolašin 354 1532 4,309.0 4,309.0 meadow 16,905 MILH 1533 21,544.0 21,544.0 woods 1536 21,774.0 21,774.0 woods 1536.1 18.0 18.0 additional building 1537 10,472.0 10,472.0 meadow 1538 678.0 678.0 meadow 1539 7,480.0 7,480.0 woods 1540 8,178.0 8,178.0 meadow 1541 1,995.0 1,995.0 meadow 1542 8,079.0 8,079.0 woods 84,509 84,527 16,905 The Canyon 135 Savnik Canyon 1 Mljeticak - Šavnik 241/51 15/1 7,500.0 7,500.0 meadow 7,180 MILH 16/2 5,840.0 5,840.0 meadow 16/1 1,460.0 1,460.0 meadow 241/53 21/2 2,000.0 2,000.0 meadow 21/3 8,800.0 8,800.0 meadow 21/1 500.0 500.0 meadow 25/2 900.0 900.0 meadow 25/1 900.0 900.0 meadow 241/54 1 5,000.0 5,000.0 meadow 3 3,000.0 3,000.0 meadow 136 Savnik Canyon 2 Mljeticak - Šavnik 7/51 11/2 1,272.0 1,272.0 meadow 18,601 MILH 11/1 6,700.0 6,700.0 meadow 14/2 15,800.0 15,800.0 meadow 14/1 15,800.0 15,800.0 meadow 7/50 9/1 4,300.0 4,300.0 meadow 11/2 4,080.0 4,080.0 meadow 11/1 1,020.0 1,020.0 meadow 12/2 4,367.0 4,367.0 meadow 12/3 7,600.0 7,600.0 meadow 12/1 7,600.0 7,600.0 meadow 14/1 5,580.0 5,580.0 meadow 7/53 14/3 4,000.0 4,000.0 meadow 14/4 2,200.0 2,200.0 meadow 14/2 620.0 620.0 meadow 16/2 4,700.0 4,700.0 meadow 16/1 4,600.0 4,600.0 meadow 17/1 2,800.0 2,800.0 meadow 19/1 3,600.0 3,600.0 meadow 20/1 2,600.0 2,600.0 meadow 22/1 1,300.0 1,300.0 meadow 7/54 4/1 1,700.0 1,700.0 meadow 5/3 600.0 600.0 meadow 5/2 108.0 108.0 108.0 family house 5/1 500.0 500.0 court yard 139,239 139,347 25,781
TOTAL Ref: Number of Individual Units 956,597 957,087 412,449 MONTENEGRO INVESTMENT & LAND HOLDINGS doo KOTOR Stari Grad 475 Kotor Montenegro PIB : 02451247 Registration Number: 5-0278664/001
MEDIUM-SCALE COASTAL PROJECTS - Summary
Asset Land Registry Building Land TotalNOTES Value Property Name Number Date Reference KO LN KP Base Area Description Comments Estimate Holder Area Number Parcel m2 m2 m2 m2 (EUR) Company
Budva Bay View 184 08.11.2006 Hillside 1&2 Budva - Kuljace 100 1,730.0 1,679 1,679 Land 1,746,120 MILH 100 1,731.0 1,395 1,395 Land 100 1,737.0 4,626 4,626 Land 100 1,779.0 5,498 5,498 Land 185 95 1,780.0 1,353 1,353 Land 14,551 14,551 1,746,120 Ocean's Edge 63 19.04.2006 Rezevici 3 Reževi ći 1 - Budva 445 2,548 830 830 woods 3,003,900 MILH 2,549 1,690 1,690 woods 226 2,543 1,103 1,103 meadow 2,553 37 37 orchard 154 2544/1 300 300 crust 2544/2 848 848 woods 2,545 228 228 Karst 2,546 749 749 woods 2,547 1,971 1,971 meadow 2,550 149 149 orchard 7,905 7,905 3,003,900 Villa Adria 61 07.04.2006 Rezevici 1 Reževi ći 1 - Budva 658 241 403 403 Meadows 331,020 MILH Rezevici 1 - Budva 658 242 823 823 Woods 1,226 1,226 331,020 Rezevici Coast 62 10.04.2006 Rezevici 2 Rezevici 1 - Budva 321 293 4,208 4,208 Woods 589,120 MILH 64 22.06.2006 Rezevici 5 Rezevici I 306 291 207 207 Meadows 329,280 MILH 292 2,145 2,145 Meadows 6,560 6,560 918,400 Sunset Villas 34 Tudorovici 2 Tudorovi ći - Budva 298 2,330.0 782 782 meadow 62,560 BMI Buljarica Bay 75 21.07.2006 Buljarica Land 1 Buljarica II - Budva 120 717 3,121 3,121 woods 1,063,400 MILH 718 490 490 meadow 719 725 725 meadow 720 230 230 meadow 721 660 660 meadow 721 140 140 orchard 722 5,268 5,268 meadow 10,634 10,634 1,063,400 Horizon Bay 56 27.03.2006 "Lustica" Estate Bogisici-Tivat 171 579.0 0 0 3,938 3,938 Forest/Woods 459,250 MILH 0 0 500 500 Garden 88 176 0 88 Ruin 171 580.0 0 0 1,117 1,117 Meadows 5,555 5,643 459,250 Blue Horizon 107 20.10.2006 Blue Horizon 1 Bogiši ći - Tivat 173 783.0 0 0 3,453 3,453 woods 241,710 MILH 125 15.11.2006 Blue Horizon 2 Bogiši ći - Tivat 710.0 0 0 6,924 6,924 meadow 484,680 MILH 153 Blue Horizon 3 Bogišići - Tivat 226 709 0.0 0.0 4,434.8 4,434.8 meadow 310,433 MILH 154 Bogišići - Tivat 315 708 1,885.0 1,885.0 Woods 3rd class 131,950 MILH 203 NR (MILH) Bogišići - Tivat 315 706/2 0.0 0.0 985 985 Woods 3rd class 68,950 181 NR (BMI) Bogišići - Tivat 306 709 0.0 0.0 1,157.3 1,157 Woods 3rd class 81007.5 18,839 18,839 1,318,730 Lustica Bay View 26 16.02.2005 Lustica 2 Zabr đe - Herceg Novi 123 718 0 0 1,154 1,154 orchard 196,800 BMI 718.1 36 72 0 36 ruin 719 0 0 526 526 woods 36 72 1,680 1,716 196,800 Ponta Village 126 15.11.2006 Lustica Coast 1 3,350.0 0 0 6,805 6,805 woods 1,231,680 MILH 3,351.0 0 0 2,339 2,339 karst 3,352.0 0 0 1,120 1,120 woods 159 Lustica Coast 2 Radovani ći - Herceg Novi 172 3353 0.0 0.0 2,370.0 2,370.0 woods 625,200 MILH 3354 0.0 0.0 1,383.0 1,383.0 unagricultural land 3355.1 0.0 0.0 259.0 259.0 woods 3354/2 0.0 0.0 70.0 70 road 3354/3 0.0 0.0 1,128.0 1,128 unagricultural land 15,474 15,474 1,856,880 The Reef 124 08.11.2006 Zukovica Hillside Glavati čići - Kotor 12 790.0 9,636 9,636 woods 1,013,130 MILH 791.0 1,621 1,621 meadow 11,257 11,257 1,013,130 Kotor Bay Tree 5 Kotor Land Kotor - Prcanj I 95 184/2 320 320 Meadow 2,661,360 BMI 184/2.1 165 165 165 Ruin 185/1 4,128 4,128 Meadow 185.2 480 480 Meadow Kotor - Prcanj I 207 182.0 483 483 Meadow 182.0 500 500 Meadow 182.1 113 113 113 Family House 182.2 16 16 16 Additional Build 183.0 1,006 1,006 Meadow 184/1 3,505 3,505 Meadow Kotor - Prcanj I 839 145/2 1,700 1,700 Meadow 146.0 927 927 Meadow 147.0 562 562 Meadow 148.0 3,296 3,296 Meadow Kotor - Prcanj I 258 150.0 1,312 1,312 Meadow 151.0 1,959 1,959 Meadow 20,178 20,472 2,661,360 Kotor Woodland 6 Kotor Woodland Pr čanj I - Kotor 616 882.0 0 0 840 840 meadow 1,264,200 BMI 883/2 0 0 2,267 2,267 meadow 884/2 0 0 1,718 1,718 meadow 885/2 0 0 1,268 1,268 woods Pr čanj I - Kotor 614 883/1 0 0 2,596 2,596 meadow 883/1 11 11 0 11 ruin 884/1 0 0 55 55 meadow 885/1 0 0 2,612 2,612 orchard 886.0 0 0 673 673 woods 11 11 12,029 12,040 1,264,200
TOTAL Ref: Number of Individual Units 116,036 116,465 15,895,750 MONTENEGRO INVESTMENT & LAND HOLDINGS doo KOTOR Stari Grad 475 Kotor Montenegro PIB : 02451247 Registration Number: 5-0278664/001
LARGE-SCALE COASTAL PROJECTS - Summary
Asset Land Registry Building Land TotalNOTES Value Property Name Number Date Reference KO LN KP Base Area Description Comments Estimate Holder Area Number Parcel m2 m2 m2 m2 (EUR) Company Oak Village 7 LS Pobori - Budva 27 1445.0 196 196 meadow 75,150 BMI 158 1446.0 747 747 meadow 158 1447.0 1,562 1,562 meadow 10 OR Pobori - Budva 117 1478.0 2,127 2,127 meadow 203,880 BMI 117 1478.1 248 248 248 Ruin 117 1478.2 21 21 21 Ruin 117 1478.3 33 33 33 Ruin 117 1475.0 139 139 meadow 19 27.03.2006 OT Pobori - Budva 286 1679.0 1,412 1,412 meadow 491,700 MILH 286 1680.0 400 400 meadow 286 1681.0 413 413 meadow 286 1682.0 440 440 meadow 286 1683.0 319 319 meadow 286 1684.0 2,099 2,099 meadow 286 1685.0 2,591 2,591 woods 286 1686.0 977 977 meadow 286 1696.0 7,739 7,739 woods 20 OT2 Pobori - Budva 11 1601.0 480 480 meadow 274,890 MILH 11 1602.0 520 520 meadow 11 1604.0 1,300 1,300 meadow 11 1605.0 370 370 meadow 11 1631.0 1,117 1,117 meadow 11 1632.0 2,114 2,114 meadow 11 1678.0 3,262 3,262 meadow 106 OT3 Pobori - Budva 25 1595.0 120 120 meadow 331,410 MILH 25 1606.0 1,670 1,670 meadow 25 1607.0 1,370 1,370 meadow 25 1608.0 240 240 meadow 25 1650.0 946 946 meadow 25 1651.0 130 130 meadow 25 1651.0 1,246 1,246 meadow 25 1720.0 5,325 5,325 meadow 21 OT4 Pobori - Budva 26 1627.0 1,226 1,226 meadow 799,050 MILH 26 1669.0 4,137 4,137 meadow 26 1670.0 1,392 1,392 meadow 26 1671.0 1,473 1,473 meadow 26 1672.0 934 934 meadow 26 1672.0 160 160 meadow 26 1689.0 1,101 1,101 meadow 26 1690.0 1,408 1,408 meadow 26 1691.0 557 557 meadow 26 684.3 9,848 9,848 meadow 26 684.4 4,399 4,399 meadow 91 OT5 pobori - Budva 28 1596.0 1,200 1,200 woods 509,580 MILH 28 1597.0 1,390 1,390 meadow 28 1598.0 250 250 meadow 28 1599.0 2,051 2,051 meadow 28 1600.0 270 270 meadow 28 1615.0 2,325 2,325 meadow 28 1616.0 700 700 meadow 28 1617.0 350 350 meadow 28 1619.0 1,072 1,072 woods 28 1625.0 588 588 woods 28 1801.0 1,759 1,759 woods 28 1802.0 3,522 3,522 meadow 28 1802.0 1,509 1,509 Karst 92 OT6 Pobori - Budva 198 1654.0 3,714 3,714 woods 222,450 MILH 1655.0 1,974 1,974 meadow 1658.0 1,661 1,661 woods 1659.0 66 66 woods 97 OT7 Pobori - Budva 199 1589.0 425 425 meadow 195,540 MILH 1590.0 430 430 meadow 1591.0 1,280 1,280 meadow 1621.0 4,383 4,383 woods 98 OT8 Pobori - Budva 60 1603.0 850 850 meadow 66,690 MILH 1677.0 658 658 meadow 1677.1 190 190 meadow 1677.2 525 525 woods 99 OT9 Pobori - Budva 8 1626 1,217 1,217 woods 36,510 MILH 100 OT10 Pobori - Budva 162 1611.0 1,020 1,020 meadow 479,160 MILH 1620.0 9,812 9,812 meadow 1629.0 414 414 meadow 1739.0 2,619 2,619 meadow 1740.0 351 351 meadow 1741.0 1,003 1,003 meadow 1743.0 753 753 meadow 132 22.11.2006 OT11 Pobori - Budva 19 1587 740 740 meadow 157,860 MILH 1633 279 279 meadow 1634 414 414 meadow 1635 424 424 meadow 1636 2,323 2,323 woods 1637 937 937 meadow 1637 145 145 meadow 137 OT12 Pobori - Budva 200 1723 6,825 6,825 woods 204,750 MILH 138 OT13 Pobori - Budva 25 1721 2,715 2,715 woods 298,560 MILH 1722 2,035 2,035 Karst 1804 5,202 5,202 woods 157 OT14 Pobori / Budva 8 1660 447 447 crust 328,860 MILH 1664 249 249 meadow 1665 75 75 meadow 1665 557 557 meadow 1710 269 269 1714 732 732 meadow 1715 471 471 woods 1716 1,538 1,538 meadow 1717 5,151 5,151 woods 1718 846 846 meadow 1719 627 627 meadow 158 OT15 Pobori - Budva 5 1711 689 689 meadow 63,810 MILH 1712 448 448 meadow 1713 990 990 woods 160 OT16 Pobori - Budva 6 1663 1,216 1,216 meadow 36,480 MILH 165 OT17 Pobori - Budva 19 1638 2,777 2,777 meadow 152,700 BMI 1639 2,313 2,313 meadow 166 OT18 Pobori - Budva 190 1666 378 378 woods 52,830 BMI 1667 170 170 meadow 1667 1,213 1,213 meadow 167 OT19 Pobori - Budva 61 1622 1,077 1,077 woods 54,450 BMI 1628 738 738 woods 168 OT20 Pobori - Budva 18 1640 439 439 meadow 76,740 BMI 1641 1,256 1,256 meadow 1642 429 429 meadow 1643 434 434 woods 169 OT21 Pobori - Budva 16 1738 1,796 1,796 meadow 94,980 BMI 1647 1,370 1,370 meadow 170 OT22 Pobori - Budva 1644 259 259 meadow 49,350 BMI 1645 319 319 meadow 1646 1,067 1,067 meadow 188 OT23 Pobori - Budva 1555 99 99 Yard 575,910 MILH 1555.1 120 120 120 Family House 1556 35 35 Yard 1556.1 75 75 75 Family House 1576 199 199 Meadow 1577 276 276 Meadow 1592 490 490 Orchard 1593 196 196 Meadow 1593 1,507 1,507 Forest 1594 890 890 Meadow 1630 259 259 Meadow 1652 1,875 1,875 Meadow 1653 8,999 8,999 Meadow 1687 349 349 Meadow 1687 198 198 Meadow 1688 900 900 Meadow 190 OT24 Pobori - Budva 8 1673 965 965 woods 44,670 MILH 1674 318 318 meadow 1675 206 206 meadow 193 Pobori - Budva 8 1407 0.0 0.0 1,614.0 1,614 meadow 3rd class 48,420 NR (BMI) 194 Pobori - Budva 62 684/2 0.0 9,668.0 9,668 woods 4th class 327,870 NR (MILH) 1668 0.0 498.0 498 meadow 4th class 1676 0.0 763.0 763 meadow 4th class 202 321 1692 0.0 512.0 512 meadow 4th class 35,190 NR (MILH) 1693 0.0 661.0 661 pasture 3rd class 11 OV1 Pobori - Budva 11 1560.0 212 212 meadow 55,230 BMI 11 1560.1 38 38 38 ruin 11 1560.2 34 34 34 ruin 11 1562.0 120 120 meadow 11 1562.1 20 20 20 ruin 11 1567.0 129 129 meadow 12 OV2 Pobori - Budva 25 1561.0 428 428 meadow 14,370 BMI 25 1563.0 51 51 meadow 25 1563.1 48 48 48 ruin 13 OV3 Pobori - Budva 26 1417.0 449 449 meadow 90,780 BMI 26 1543.0 149 149 meadow 26 1550.0 351 351 meadow 26 1551.0 597 597 meadow 26 1558.0 81 81 meadow 26 1558.1 54 54 54 ruin 26 1559.0 36 36 49 85 ruin 14 OV4 Pobori - Budva 27 1418.0 2,176 2,176 meadow 205,890 BMI 27 1557.0 70 70 meadow 27 1557.1 59 59 59 ruin 27 1574.0 154 154 meadow 27 1581.0 448 448 meadow 27 1582.0 846 846 meadow 27 1582.1 30 30 30 ruin 27 1583.0 1,834 1,834 meadow 15 OV5 Pobori - Budva 28 1552.0 228 228 meadow 80,010 BMI 28 1552.1 120 120 120 ruin 28 1566.0 109 109 meadow 28 1566.1 30 30 30 ruin 28 1580.0 80 80 meadow 16 OV6 Pobori - Budva 11 1529.1 20 20 20 ruin 49,050 MILH 11 1529.2 89 89 89 ruin 17 OV7 Pobori - Budva 21 1526.0 64 64 meadow 28,920 MILH 21 1526.1 60 60 60 ruin 18 (b) OV8 Pobori - Budva 162 1508.0 243 243 vineyard 29,730 MILH 162 1508.1 25 25 25 ruin 162 1525.0 269 269 Karst 162 1542.0 104 104 meadow 161 OV9 Pobori - Budva 82 1530/1.1 86 86 86 ruin 68,160 MILH 232 1518.1 32 32 32 additional building 1531 100 100 crust 1612 402 402 meadow 131 22.11.2006 OV10 Pobori - Budva 84 1527.0 65 65 65 ruin 29,250 MILH 172 OV11 Pobori - Budva 299 1530/2 30 30 30 ruin 13,500 BMI 192b Pobori - Budva 1532 0 234 234 meadow 6th class 7020 MILH 1,373 212,170 213,543 6,961,350 Castle Hill 42 CL Pobori - Budva 59 1050.0 4,800 4,800 meadow 427,125 MILH 59 1051.0 5,250 5,250 woods 146 CL2 Pobori - Budva 60 965 1,138 1,138 meadow 170,468 MILH 992 2,299 2,299 meadow 1061 574 574 meadow 147 CL3 Pobori - Budva 11 991 1,010 1,010 meadow 213,053 MILH 992 2,553 2,553 meadow 1066 1,450 1,450 meadow 148 CL4 Pobori - Budva 199 979 1,133 1,133 meadow 70,125 MILH 980 266 266 wineyard 981 251 251 meadow 175 CL5 Pobori - Budva 194 962 971 971 woods 125,120 BMI 963 1,973 1,973 meadow 177 CL6 Pobori - Budva 27 964 973 973 meadow 125,715 BMI 985 1,985 1,985 meadow 180 CL7 Pobori - Budva 162 1041 800 800 meadow 93,713 BMI 1042 330 330 woods 1043 630 630 meadow 1063 445 445 meadow 179 CL8 Pobori - Budva 190 1047 1,637 1,637 meadow 98,558 BMI 1048 682 682 meadow 191 CL10 Pobori - Budva 274 987 1,960.0 1,960.0 meadow 153,765 BMI 987 145.0 145.0 meadow 990 1,513.0 1,513.0 meadow 192 CL11 Pobori - Budva 274 986 602 602.0 meadow 168,470 MILH 988 2,631 2,631.0 meadow 989 731 731.0 meadow 201 Pobori - Budva 168 954 0 0 2,334 2,334 pasture 3rd class 99195 NR (MILH) 9 25.04.2006 L3 Pobori - Budva 162 953.0 1,555 1,555 meadow 276,248 MILH 162 953.1 175 175 175 ruin 162 953.2 85 85 85 ruin 162 960.0 528 528 meadow 162 961.0 1,664 1,664 meadow 8 LB Pobori - Budva 201 947.0 718 718 meadow 694,578 BMI 201 948.0 1,117 1,117 meadow 201 949.0 798 798 meadow 201 950.0 8,674 8,674 meadow 201 951.0 280 280 meadow 201 952.0 4,756 4,756 meadow 260 61,156 61,416 2,716,130 Mirac 72 MM1 Mirac - Kotor 79 206 2,121 2,121 Meadow Village Zone 48,402 MILH 207 568 568 Woods 77 MM2 Mirac - Kotor 79 567 978 978 Meadow Upper Zone 31,278 MILH 568 4,235 4,235 Meadow 73 MM3 Nalježi ći 114 40 8,804 8,804 Meadow Lower Zone 134,460 MILH 160 160 Woods 93 MM5 Mirac - Kotor 41 465.0 1,067 1,067 Meadow Upper Zone 23,280 MILH 466.0 1,908 1,908 Meadow 467.0 905 905 Meadow 149 MM6 Mirac - Kotor 55 222 2,868.0 2,868.0 meadow Village Zone 108,576 MILH 223 548.0 548.0 meadow 462 627.0 627.0 woods 463 676.0 676.0 meadow 464 1,313.0 1,313.0 meadow 87 MM9 Nalježi ći 170 41 5,618 5,618 Meadow Lower Zone 84,270 MILH 88 MM10 Mirac - Kotor 85 598 1,503 1,503 Meadow Upper Zone 30,666 MILH 599 842 842 Meadow 600 150 150 Woods 600 2,616 2,616 Meadow 94 MM11 Mirac - Kotor 54 308 631 631 Meadow Village Zone 118,022 MILH 346 720 720 Meadow 347 467 467 Woods 396 62 62 Court Yard 396.1 48 48 0 48 Family House 396.2 20 20 0 20 Family House 471.1 433 433 Meadow 471.2 249 249 Meadow 488 845 845 Meadow 500 240 240 Meadow 501 468 468 Woods 520 1,214 1,214 Meadow 110 MM13 Mirac - Kotor 51 151.0 1,962.0 1,962 meadow Village Zone 50,922 MILH 154.0 867.0 867 meadow 95 MM14 Mirac - Kotor 17 527.0 797 797 Meadow Upper Zone 83,496 MILH 528.0 577 577 Meadow 529.0 647 647 Meadow 530.0 2,339 2,339 Meadow 531.0 4,835 4,835 Meadow 532.0 299 299 Meadow 538.0 310 310 Meadow 539.0 4,112 4,112 Meadow 101 MM15 Mirac - Kotor 41 30.0 857 857 Meadow Lower Zone 33,765 MILH 31.0 1,394 1,394 Meadow 109 MM16 Mirac - Kotor 80 545/1 397 397 Meadow Upper Zone 12,420 MILH 545/2 190 190 Meadow 546.0 358 358 Meadow 547.0 318 318 Meadow 548/1 150 150 Meadow 548/2 657 657 Meadow 113 MM17 Nalježi ći 130 38.0 2,829 2,829 Meadow Lower Zone 81,885 MILH 39.0 2,630 2,630 Meadow 127 MM18 Mirac - Kotor 17 152.0 2,889 2,889 Woods Village Zone 68,490 MILH 153.0 916 916 Meadow 128 MM19 Mirac - kotor 51 580.0 2,000 2,000 woods Upper Zone 56,556 MILH 581.0 1,263 1,263 meadow 588.0 291 291 meadow 589.0 3,277 3,277 meadow 590.0 972 972 meadow 591.0 1,132 1,132 woods 592.0 491 491 woods 130 MM20 Mirac - Kotor 14 449 67.0 67.0 meadow Upper Zone 67,440 MILH 449 370.0 370.0 meadow 449 180.0 180.0 meadow 452 468.0 468.0 meadow 453 352.0 352.0 meadow 514 229.0 229.0 meadow 515 1,136.0 1,136.0 woods 516 1,166.0 1,166.0 meadow 517 2,202.0 2,202.0 woods 593 1,513.0 1,513.0 woods 594 1,002.0 1,002.0 meadow 595 2,555.0 2,555.0 meadow 129 MM21 Mirac - kotor 106 524.0 1,567 1,567 Meadow Upper Zone 38,826 MILH 525.0 1,343 1,343 Meadow 557.0 2,963 2,963 Meadow 558.0 299 299 Meadow 559.0 299 299 Meadow 145 MM22 Mirac - Kotor 31 336 2,177.0 2,177.0 Meadow Lower Zone 32,655 MILH 152 MM23 Mirac - Kotor 21 228/1 2,423.0 2,423.0 meadow Village Zone 73,170 MILH 228/2 1,642.0 1,642.0 woods 156 MM24 Nalježi ći - Kotor 264 43/2 1,909.0 1,909.0 meadow Lower Zone 43,560 MILH 44 995.0 995.0 meadow 178 MM25 Nalježi ći - Kotor 35 37 2,869.0 2,869.0 meadow Lower Zone 43,035 MILH 65 MR1 Mirac - Kotor 84 403 174 174 Meadow Village Zone 29,682 MILH 403 500 500 courtyard 403.1 24 24 0 24 Ruin 403.2 30 30 0 30 Ruin 66 MR2 Mirac - Kotor 101 192 685 685 Meadow Village Zone 49,380 MILH 192.1 66 66 0 66 Ruin 192.2 48 48 0 48 Ruin 67 MR3 Mirac - Kotor 100 194 547 547 Meadow Village Zone 43,044 MILH 194.1 78 78 0 78 Ruin 195 228 228 Meadow 196 208 208 Meadow 68 MR4 Mirac - Kotor 95 191 1,688 1,688 Meadow Village Zone 43,326 MILH 193 394 394 Meadow 193.1 18 18 0 18 Ruin 69 MR5 Mirac - Kotor 36 258 687 687 Woods Village Zone 45,406 MILH 258 500 500 Court Yard 258.1 64 192 0 64 Family House 392 180 180 Meadow 70 MR7 Mirac - Kotor 55 254.0 181 181 Court Yard Village Zone 55,783 MILH 254.1 44 88 0 44 Family House 254.2 25 25 0 25 Ruin 255.0 650 650 Woods Mirac - Kotor 72 257.0 150 150 Court Yard 257.1 40 80 0 40 Family House 266 150 150 Meadows 85 MR8 Mirac - Kotor 37 248 285 285 Meadow Village Zone 19,755 MILH 248.1 45 90 0 45 Ruin 114 MR9 Mirac - Kotor 22 252 103 103 courtyard Village Zone 20,379 MILH 252.1 57 114 0 114 Family House 71 MR11 Mirac - Kotor 46 142 707 707 Meadow Village Zone 111,311 MILH 143 1,066 1,066 Meadow 146 266 266 Meadow 146.1 53 106 53 Ruin 147 3,188 3,188 Woods 78 MR12 Mirac - Kotor 70 133 3,359 3,359 Meadow Village Zone 153,891 MILH 165 3,013 3,013 Meadow 165 70 70 Court Yard 165 45 90 45 Family House 166 219 219 Meadow 167 339 339 Woods 168 179 179 Meadow 204 558 558 Woods 142 MR13 Mirac - Kotor 24 267 248.0 248.0 court yard Village Zone 21,689 MILH 267.1 53.0 53.0 53.0 family house 143 MR14 Mirac - Kotor 19 246 1,525.0 1,525.0 woods Village Zone 39,150 MILH 246.1 36.0 72.0 36.0 ruin 794 134,365 135,216 1,897,970
TOTAL Ref: Number of Individual Units 407,691 410,175 11,575,450 MONTENEGRO INVESTMENT & LAND HOLDINGS doo KOTOR Stari Grad 475 Kotor Montenegro PIB : 02451247 Registration Number: 5-0278664/001
MOUNTAIN PROJECTS PROJECTS - Summary
Asset Land Registry Building Land Total NOTES Value Property Name Number Date Reference KO LN KP Base Area Description Comments Estimate Holder Area Number Parcel m2 m2 m2 m2 (EUR) Company Kolasin Ski Apartments 76 04.08.2006 Kolasin Meadow 1 Radigojno 47 55/1 6,585 6,585 meadow 92,190 MILH Kolasin Peaks 104 15.09.2006 Kolasin Meadow 2 Kolasin - Smailagica Polje 42 1,094.0 670 670 meadow 269,039 MILH 1,095.0 1,150 1,150 woods 1,096.0 400 400 woods 1,097 870 870 orchard 1,098 650 650 woods 1,099 2,231 2,231 woods 1,100 680 680 meadow 1,101 14,484 14,484 meadow 1102 44,309 44,309 woods 65,444 65,444 269,039 Kolasin Mountain Village 144 Kolasin Meadow 3 Kolašin 807 1700 17,061.0 17,061.0 meadow 429,276 MILH 1700.1 24.0 24.0 24.0 additional building 1700.2 20.0 20.0 20.0 additional building 1701 2,826.0 2,826.0 woods 1702 1,748.0 1,748.0 meadow 1703 327.0 327.0 meadow 1704 2,243.0 2,243.0 woods 1705 620.0 620.0 meadow 1706 5,684.0 5,684.0 meadow 1707 187.0 187.0 court yard 1707 55.0 55.0 meadow 1701.1 36.0 57.0 57.0 family house 1708 536.0 536.0 meadow 1709 487.0 487.0 meadow 1710 952.0 952.0 meadow 1711 5,989.0 5,989.0 woods 1712 4,096.0 4,096.0 gulch 1713 4,470.0 4,470.0 woods 1714 2,704.0 2,704.0 meadow 1715 1,926.0 1,926.0 public road 1716 5,276.0 5,276.0 woods 182 Kolasin Meadow 6Kolašin 409 1669/2 197.0 197.0 meadow 209,684 BMI 1673/2 1,912.0 1,912.0 meadow 1676 1,076.0 1,076.0 meadow 1676 720.0 720.0 woods 1682 1,055.0 2,055.0 woods 1683 8,958.0 8,958.0 meadow 1684 1,330.0 1,330.0 woods 1685 16,040.0 16,040.0 woods 1686 893.0 893.0 meadow 1687 599.0 599.0 meadow 1688 1,685.0 1,685.0 meadow 91,652.0 92,753.0 638,959 Zabljak Ski Apartments 105 19.09.2006 Zabljak Meadow 1 Zabljak - Moticki Gaji 310 761.1 5,254 5,254 meadow 112,914 MILH 762.1 1,388 1,388 meadow 6,642.0 6,642.0 112,914 Zabljak Mountain Village 162 Žabljak 2 Borje 2 - Žabljak 580/95 23/1 7,000.0 7,000.0 woods 973,500 MILH 28/1 33,400.0 33,400.0 meadow 28/2 1,700.0 1,700.0 unagricultural land 33/1 3,700.0 3,700.0 meadow 33/2 19,100.0 19,100.0 meadow 171 Žabljak 3 Borje 2 - Žabljak 585/95 32/1 24,400.0 24,400.0 Meadow 620,685 BMI 36/1 16,979.0 16,979.0 Meadow 189 Zabljak 4 Borje 2 - Žabljak 809 84/21 - 5 600.0 600.0 meadow 138,390 MILH 84/21 - 6 1,000.0 1,000.0 meadow 84/21 - 7 1,700.0 1,700.0 meadow 84/21 - 1 1,600.0 1,600.0 meadow 84/21 - 2 4,326.0 4,326.0 meadow 115,505 115,505 1,732,575
TOTAL Ref: Number of Individual Units 285,828 286,929 2,845,677 MONTENEGRO INVESTMENT & LAND HOLDINGS doo KOTOR Stari Grad 475 Kotor Montenegro PIB : 02451247 Registration Number: 5-0278664/001
RURAL-LAKE PROJECTS - Summary
Asset Land Registry Building Land TotalNOTES Value Property Name Number Date Reference KO LN KP Base Area Description Comments Estimate Holder Area Number Parcel m2 m2 m2 m2 (EUR) Company Vineyard Estate 50 12.04.2006 Ljubotinj Valley ViewLjubotinj 1 - Cetinje 226 67.0 0 0 5,836 5,836 Forest/Woods 56,008 MILH 67.1 70 140 0 70 Ruin 58 12.04.2006 Skadar Valley 1 blocLjubotinj 2 1 - Cetinje 436 261.1 34 68 0 34 House 38,572 MILH 4,778.0 0 0 2,001 2,001 Meadow 4,778.0 0 0 1,311 1,311 Meadow 83 18.07.2006 Skadar Valley 1 blocLjubotinj 3 2 - Cetinje 202 1,446.0 0 0 47,886 47,886 woods fragmented 11,972 MILH 59 21.02.2006 Skadar Valley 2 (a) Ljubotinj 1 - Cetinje 431 263.0 0 0 147 147 meadow 208,170 MILH 264.0 0 0 96 96 garden 265.0 0 0 1,461 1,461 meadow 265.0 0 0 500 500 garden 266.0 0 0 14,875 14,875 meadow 266.0 0 0 500 500 garden 267.0 0 0 906 906 woods 268.0 0 0 676 676 woods 264.1 94 194 0 194 family house 265.1 37 62 0 62 family house 266.1 27 54 0 27 additional building 266.2 28 56 0 28 additional building 86 18.07.2006 Skadar Valley 2 (b) Ljubotinj 2 - Cetinje 202 1,446.0 0 0 47,886 47,886 woods 11,972 MILH 84 04.08.2006 Skadar Valley 3 blocLjubotinj 1 2 - Cetinje 202 1,446.0 0 0 47,886 47,886 woods 11,972 MILH 121 25.10.2006 Skadar Valley 3 blocLjubotinj 2 1 - Cetinje 439 326.0 0 0 410 410 meadow 6,194 MILH 327.0 0 0 180 180 woods 328.0 0 0 158 158 woods 182.0 0 0 471 471 meadow 183.0 0 0 3,295 3,295 woods 48 21.04.2006 Ljubotinj Meadow 3Ljubotinj 1- Cetinje 439 338.0 0 0 6,127 6,127 Meadows 54,365 MILH 339.0 0 0 1,295 1,295 Meadows 340.0 0 0 285 285 Meadows 341.0 0 0 2,773 2,773 Meadows 342.0 0 0 393 393 Forest/Woods 117 27.10.2006 Ljubotinj Meadow 5Ljubotinj 1 - Cetinje 433 273.0 0 0 1,787 1,787 meadow 36,985 MILH 274.0 0 0 354 354 meadow 275.0 0 0 207 207 meadow 323.0 0 0 2,251 2,251 meadow 324.0 0 0 319 319 meadow 325.0 0 0 2,479 2,479 woods 186 Ljubotinj Meadow 6Ljubotinj 1/ Cetinje 428 321 0.0 0.0 3,509.0 3,509.0 meadow 99,166 MILH Ljubotinj 2/Cetinje 198 1448 0.0 0.0 341.0 341.0 meadow 1449 0.0 0.0 17,027.0 17,027.0 woods 195 Ljubotinj 2 - Cetinje 13 1447 0 0 5,388 5,388 woods 5 class 25593 BMI (LN) 196 Ljubotinj 1 - cetinje 158 281 0 0 285 285 meadow 4 class 28020.25 BMI (LN) 282 0 0 559 559 meadow 3 class BMI (LN) 283 0 0 1,127 1,127 woods 5 class BMI (LN) 284 0 0 2,700 2,700 meadow 4 class BMI (LN) 285 0 0 1,228 1,228 wineyard 3 class BMI (LN) 197 Ljubotinj I - cetinje 93 276 0 0 1,888 1,888 meadow 12027 BMI (LN) 280 0 0 644 644 meadow BMI (LN) 200 Ljubotinj 1 - Cetinje 445 329 0 0 3,238 3,238 meadow 4th class 42146.75 NR (MILH) 330 0 0 342 342 meadow 5th class NR (MILH) 331 0 0 4,905 4,905 woods 5th class NR (MILH) 332 0 0 388 388 meadow 4th class NR (MILH) 47 04.05.2006 Ljubotinj Half HouseLjubotinj 1 - Cetinje 337 237.0 0 0 9,358 9,358 woods 108,702 MILH 238.0 0 0 1,125 1,125 meadow 239.0 0 0 1,111 1,111 meadow 240.0 0 0 1,412 1,412 meadow 308.0 0 0 270 270 garden 308.1 32 66 0 66 family house 308.2 25 50 0 50 additional object 309.0 0 0 293 293 meadow 310.0 0 0 1,352 1,352 meadow 311.0 0 0 122 122 woods 313.0 0 0 321 321 woods 314.0 0 0 3,495 3,495 meadow 356.0 0 0 832 832 meadow 387.0 0 0 574 574 meadow 388.0 0 0 58,590 58,590 woods 4,721.0 0 0 7,320 7,320 meadow 324,496 325,027 751,863 Skadar Lake 81 21.07.2006 Skadar Lake 1 Čukovi ći - Cetinje 62 1391 0 0 1,877 1,877 meadow 170,625 MILH 1392 0 0 1,717 1,717 meadow 1393 0 0 699 699 meadow 1394 0 0 499 499 meadow 1395 0 0 399 399 meadow 1396 0 0 499 499 meadow 1397 0 0 799 799 meadow 1398 0 0 839 839 woods 1399 0 0 6,271 6,271 meadow 1400 0 0 24,324 24,324 woods 1401 0 0 2,756 2,756 woods 1402 0 0 16,133 16,133 crust 1402 63 126 0 63 ruin 56,812 56,875 170,625 Belvedere Estate 116 25.10.2006 Belvedere Dobrsko Selo-Cetinje 245 1,865 0 0 10,664 10,664 woods 116,982 MILH 2044.1 70 121 0 121 family house 2056/1 0 0 49,587 49,587 woods 2056/1.1 20 40 0 20 ruin 2,145 0 0 3,202 3,202 woods 2151 0 0 36,399 36,399 woods 2234 0 0 4,928 4,928 meadow 2235 0 0 549 549 meadow 2236/1 0 0 78,131 78,131 woods 163 Belvedere 2 Dobrsko Selo-Cetinje 402 1869 0.0 0.0 763.0 763.0 woods 223,121 MILH 1870 0.0 0.0 6,224.0 6,224.0 woods 2008 0.0 0.0 17,126.0 17,126.0 woods 2026 0.0 0.0 274.0 274.0 woods 2027 0.0 0.0 208.0 208.0 meadow 2028 0.0 0.0 267.0 267.0 meadow 2029 0.0 0.0 406.0 406.0 meadow 2030 0.0 0.0 8,708.0 8,708.0 woods 2034 0.0 0.0 407.0 407.0 meadow 2046 0.0 0.0 376.0 376.0 wineyard 2047 0.0 0.0 203.0 203.0 meadow 2051 0.0 0.0 817.0 817.0 wineyard 2052 0.0 0.0 599.0 599.0 meadow 2074 0.0 0.0 176.0 176.0 woods 2075 0.0 0.0 285.0 285.0 meadow 2076 0.0 0.0 161.0 161.0 woods 2077 0.0 0.0 134.0 134.0 meadow 2078 0.0 0.0 182.0 182.0 woods 2079 0.0 0.0 284.0 284.0 meadow 2080 0.0 0.0 13,510.0 13,510.0 woods 2081 0.0 0.0 1,049.0 1,049.0 meadow 2082 0.0 0.0 1,621.0 1,621.0 woods 2131 0.0 0.0 33,924.0 33,924.0 meadow 2132 0.0 0.0 11,236.0 11,236.0 woods 2133 0.0 0.0 13,356.0 13,356.0 meadow 2134 0.0 0.0 4,253.0 4,253.0 meadow 2135 0.0 0.0 131.0 131.0 meadow 2136 0.0 0.0 63,393.0 63,393.0 woods 363,533 363,674 340,103
TOTAL Ref: Number of Individual Units 744,841 745,576 1,262,591 MONTENEGRO INVESTMENT & LAND HOLDINGS doo KOTOR Stari Grad 475 Kotor Montenegro PIB : 02451247 Registration Number: 5-0278664/001
RESTORATION PROJECTS - Summary
Asset Land Registry Building Land Total NOTES Value Property Name Number Date Reference KO LN KP Base Area Description Comments Estimate Holder Area Number Parcel m2 m2 m2 m2 (EUR) Company The Lustica Estate 22 07.02.2005 Lustica 1 Zabr đe - Herceg Novi 123 574/1 432 432 Land 574/1.1 68 136 68 Ruin 245,775 BMI 574/1.2 50 100 50 Ruin 574/1.3 56 112 56 Ruin 574/1.4 35 70 35 Ruin 574/1.5 64 128 64 Ruin 574/1.6 66 132 66 Ruin 23 01.04.2005 Lustica 1.2 Zabr đe - Herceg Novi 121 427.0 446 446 Land 158,760 BMI 427.1 88 176 88 Ruin 428.0 110 110 Land 428.0 242 242 Land 445.0 685 685 Land 445.0 150 150 Land 24 25.05.2005 Lustica 1.3 Zabr đe - Herceg Novi 134 426.0 143 143 Land 140,945 BMI 426.1 53 106 53 Ruin 442/2 354 354 Land 442/3 300 300 Land 564.0 410 410 Land 573.0 83 83 Land 573.1 24 48 24 Ruin 25 08.06.2005 Lustica 1.4 Zabr đe - Herceg Novi 131 572 143 143 Land 84,825 BMI 572 82 164 82 Ruin 572 35 70 35 Ruin 3,498 4,119 630,305 The Oliv e Mill Estate 27 11.03.2005 Lustica 3 Zabr đe - Herceg Novi 9 310.1 68 204 0 68 ruin 77,080 BMI 310 0 0 252 252 court yard 28 08.06.2005 Lustica 4 Zabr đe - Herceg Novi 125 315/1 0 0 896 896 meadow 163,840 BMI 315/1.1 104 208 0 104 ruin 315/2 0 0 149 149 road 433 0 0 211 211 woods 1,508 1,680 240,920 Church Valley 164 Zagora Ruins Glavati - Kotor 289 160 1,086.0 1,086.0 meadow: final = 1086m2 205,095 MILH 160.1 41.0 82.0 41.0 ruin 160.2 74.0 148.0 74.0 ruin 160.3 52.0 104.0 52.0 ruin 161 973.0 973.0 meadow 2,059 2,226 205,095 Villa Petrov ac 51 29.08.2005 Petrovac 1 Kruševica - Budva 7 1147 147 147 court yard 43,200 BMI 1147 12 12 meadow 1147.1 48 144 48 family house 1148 406 406 meadow 54 11.04.2006 Petrovac Parking 1 Kruševica - Budva 7 568 96 96 Meadow 4,800 MILH 55 11.04.2006 Petrovac Parking 2 Krusevica - Budva 6 567 51 51 Meadow 2,550 MILH 712 760 50,550 Ponta Villa 123 06.11.2006 Lustica 7 Radovani ći - Herceg Novi 201 3390/5 45 135 0 45 ruin 66,250 MILH 3390/5 0 0 265 265 court yard 265 310 66,250 The School House 32 23.05.2005 School House Radovani ći - Herceg Novi 129 518 0 0 395 395 meadow 89,100 BMI 518.1 24 48 0 24 ruin 567/2 0 0 212 212 orchard 569/2 0 0 193 193 court yard 569/2.1 62 124 0 62 ruin 569/2.2 66 132 0 66 ruin 575/2 0 0 48 48 court yard 575/2.1 46 92 0 46 ruin 583/2 0 0 536 536 meadow 613 613 0 0 676 676 woods 2,060 2,258 89,100 Oliv e Grov e Cottage 122 07.11.2006 Lustica 6 Rose - Herceg Novi 17 1,185.0 0 0 211 211 court yard 33,150 MILH 1185.1 39 78 0 39 ruin 211 250 33,150 Sunset House 35 02.12.2005 Tudorovici 3 Tudorovi ći - Budva 71 2,332.0 140 140 meadow 88,200 BMI 2,508.0 41 41 karst 2508.1 41 82 41 ruin 2511/2.1 27 54 27 ruin 92 2,510 36 36 meadow 2,510 30 60 30 ruin 33 29.07.2005 Tudorovici 1 Tudorovi ći - Budva 55 2,509.0 85 85 meadow 27,000 BMI 2,509.1 30 60 30 ruin 302 430 115,200 Sunset Cottage 34 16.08.2005 Tudorovici 2 Tudorovi ći - Budva 298 2,520.0 84 84 Karst 32,400 BMI 2,520.0 36 72 36 ruin 84 120 32,400 The Retreat 74 Risan 2 - Ledinice Ledenice donje - Kotor 40 417.0 0 0 1,124 1,124 meadow 75,831 MILH 417.1 98 98 0 98 ruin 417.2 84 84 0 84 ruin 417.3 101 101 0 101 ruin 22 413.0 0 0 160 160 meadow 414.0 0 0 1,466 1,466 meadow 415.0 0 0 703 703 meadow 416.0 0 0 4,658 4,658 woods 438.0 0 0 530 530 woods 439.0 0 0 1,229 1,229 meadow 440.0 0 0 724 724 meadow 441.0 0 0 1,149 1,149 meadow 442.0 0 0 7,971 7,971 woods 478.0 0 0 810 810 meadow 485.0 0 0 859 859 meadow 21,383 21,666 75,831 Belv edere Cottage 163 Belvedere 2 Dobrsko Selo-Cetinje 402 2045 0.0 0.0 453.0 453.0 court yard 41,319 2045.1 102.0 102.0 0.0 102.0 family house 2045.2 46.0 46.0 0.0 46.0 additional building 453 601 41,319 Church House 44 04.07.2006 Dobrsko Selo Dobrsko Selo - Cetinje 320 1,515.0 0 0 3,222 3,222 Vineyard 43,474 MILH 1515.1 22 44 0 22 ruin 439 1,442.0 0 0 422 422 courtyard 1442.1 67 122 0 67 ruin 1442.2 7 0 0 7 ruin 3,644 3,740 43,474 Orchard House 183 Dobrsko Selo 2 Dobrsko selo-Cetinje 270 1,572 0.0 0.0 4,375.0 4,375.0 meadow 65,138 1,572 0.0 0.0 500.0 500.0 yard 1572.1 88.0 88.0 0.0 88.0 family house 1,573 0.0 0.0 320.0 320.0 Vineyard 1,574 0.0 0.0 365.0 365.0 Vineyard 1,575 0.0 0.0 115.0 115.0 Vineyard 5,675 5,763 65,138 The Guard House 133 24.11.2006 Ljubotinj Ruin 1 Ceklin - Cetinje 349 1113 0.0 0.0 6,209.0 6,209.0 woods 55,283 MILH 1114 0.0 0.0 211.0 211.0 meadow 1114 60.0 120.0 0.0 60.0 ruin 1997 0.0 0.0 2,895.0 2,895.0 woods 2001 0.0 0.0 3,858.0 3,858.0 meadow 2003 0.0 0.0 6,209.0 6,209.0 meadow 2004 0.0 0.0 92,671.0 92,671.0 woods 63.0 126.0 0.0 63.0 ruin 134 24.11.2006 Ljubotinj Ruin 2 Ceklin - Cetinje 351 1996 0.0 0.0 434.0 434.0 meadow 16,280 MILH 74.0 74.0 0.0 74.0 ruin 112,487 112,684 71,563 Pond House 176 Ceklin 1 Ceklin - Cetinje 197 1447 0.0 0.0 341.0 341.0 m eadow 58,095 BMI 1447 30.0 30.0 0.0 30.0 ruin 1448 0.0 0.0 188.0 188.0 meadow 1448 103.0 206.0 0.0 103.0 ruin 1449 0.0 0.0 689.0 689.0 woods 1449 29.0 58.0 0.0 29.0 ruin 1450 0.0 0.0 177.0 177.0 meadow 1,395 1,557 58,095 Hilltop 60 21.02.2006 Skadar Valley Estate 1 Ljubotinj 1 - Cetinje 439 963.0 93 186 107 200 Ruin 46,500 MILH 107 200 46,500 Hamlet House 155 Ljubotinj Ruin 3 Ljubotinj 1 - Cetinje 442 1003 0.0 0.0 5,112.0 5,112.0 woods 69,740 MILH 1003 0.0 0.0 500.0 500.0 court yard 1003.1 94.0 94.0 0.0 94.0 family house 1004 0.0 0.0 521.0 521.0 meadow 1005 0.0 0.0 1,707.0 1,707.0 woods 7,840 7,934 69,740 Hamlet Cottage 198 Ljubotinj - Skadar Valley (Cetinje)Ljubotinj I - Cetinje 434 1013 0.0 0.0 179.0 179.0 Courtyard 90835 MILH (LN) Ljubotinj I - Cetinje 434 1013.1 68.0 136.0 0.0 68.0 Family house MILH (LN) Ljubotinj I - Cetinje 434 1014 0.0 0.0 82.0 82.0 Meadow - 6th class MILH (LN) Ljubotinj I - Cetinje 420 930 0.0 0.0 1,363.0 1,363.0 Woods - 5th class MILH (LN) Ljubotinj I - Cetinje 420 935 0.0 0.0 1,790.0 1,790.0 Meadow - 6th class MILH (LN) Ljubotinj I - Cetinje 419 912 0.0 0.0 775.0 775.0 Meadow - 6th class MILH (LN) Ljubotinj I - Cetinje 419 913 0.0 0.0 2,176.0 2,176.0 Meadow - 5th class MILH (LN) Ljubotinj I - Cetinje 419 914 0.0 0.0 996.0 996.0 Meadow - 6th class MILH (LN) Ljubotinj I - Cetinje 419 915 0.0 0.0 1,143.0 1,143.0 Meadow - 6th class MILH (LN) Ljubotinj I - Cetinje 419 916 0.0 0.0 5,653.0 5,653.0 Woods - 5th class MILH (LN) Ljubotinj I - Cetinje 419 918 0.0 0.0 928.0 928.0 Woods - 5th class MILH (LN) Ljubotinj I - Cetinje 419 936 0.0 0.0 1,667.0 1,667.0 Woods - 5th class MILH (LN) Ljubotinj I - Cetinje 419 1006 0.0 0.0 116.0 116.0 Meadow - 6th class MILH (LN) Ljubotinj 2 - Cetinje 200 1491 0.0 0.0 7,226.0 7,226.0 woods - 5th class MILH (LN) 24,094 24,162 90,835 White Cottage 139 Ljubotinj House Ceklin - Cetinje 644 1485 0.0 0.0 500.0 500.0 court house 23,600 MILH 1485 0.0 0.0 449.0 449.0 Meadow 1485.1 59.0 59.0 0.0 59.0 family house 949 1,008 23,600 The Lodge 36 02.08.2005 Hunting Land Ljubotinj I - Cetinje 315 1489 0 0 3,037 3,037 meadow 25,200 BMI 1489/1 63 100 0 100 family house 1489/1 0 0 500 500 court yard 3,537 3,637 25,200 Meadow Cottage 49 12.04.2006 Ljubotinj Small House Ljubotinj 2 - Cetinje 194 1524 0 0 586 586 Vineyard 24,750 MILH 1524 0 0 500 500 Garden 1524.1 45 45 0 45 Holiday house 1525 0 0 219 219 Forest/Woods 1526 0 0 291 291 Meadow 1,596 1,641 24,750 Valley House 45 04.05.2006 Gradani Ruin 1 Gra đani - Cetinje 173 2110 0 0 386 386 meadow 9,411 MILH 2110/1 30 57 0 57 family house 2125 0 0 288 288 meadow 46 04.05.2006 Gradani Ruin 2 Gra đani - Cetinje 19 2108 0 0 129 129 court yard 9,258 MILH 2108/1 30 42 0 42 family house 2109 0 0 443 443 meadow 1,246 1,345 18,669 Valley Cottage 150 Gradani Ruin 3 Gra đani - Cetinje 205 209 0.0 0.0 581.0 581.0 meadow 19,009 MILH 210 0.0 0.0 1,626.0 1,626.0 woods 210 0.0 0.0 697.0 697.0 nonagricultural land 211 0.0 0.0 1,011.0 1,011.0 meadow 216/2 45.0 45.0 0.0 45.0 ruin 3,915 3,960 19,009 Vista Cottage 43 11.04.2006 Crmica Ruin 1 Ovto čičć i - Bar 141 2036 0 0 500 500 Garden 19,600 MILH 70 140 0 70 Ruin 500 570 19,600 Lakeside House 82 04.08.2006 Skadar Lake 2 Krnjice - Bar 107 830 0 0 133 133 court yard 14,560 MILH 830.1 52 52 0 52 family house 133 185 14,560 Lakeside Cottage 108 30.10.2006 Skadar Lake 3 Krnjice - Bar 93 616 0 0 481 481 Court yard 21,280 MILH 616.1 30 60 0 30 ruin 616.2 46 92 0 46 ruin 617 0 0 166 166 crust 647 723 21,280 Lov cen Mountain Retreat 96 08.09.2006 Locven Ruin 1 Njegusi - Cetinje 1,455 5,489.0 1,965 1,965 woods 9,542 MILH 5,490.0 614 614 meadow Njegusi - Cetinje 1,455 5,489.1 70 140 70 Ruin 15400 Njegusi - Cetinje 1,455 5,489.2 40 80 40 Ruin 2,579 2,689 24,942 Moraca Valley 89 21.08.2006 Moraca House Bare - Kolašin 63 1,207.0 195 195 meadow 23,799 MILH 1,207.0 1,371 1,371 meadow 1,207.0 500 500 court yard 1207.1 81 81 81 family house 1,613.0 640 640 woods 1,614.0 400 400 orchard 1,615.0 4,170 4,170 meadow 1,616.0 1,030 1,030 meadow 8,306 8,387 23,799 Fountain Square 3 Fountain Square Kotor II - Kotor 163 213.0 98 98 0 98 flat (P2) 156,800 BMI
TOTAL Ref: Number of Individual Units 211,185 214,703 2,397,674