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Ulcinj's real estate market is now experiencing the significant price escalation and active buy/sell activity, that has marked similar markets along the Adriatic coast over the last decade.
The general perception among industry players is that the Montenegro coast, particularly the Ulcinj region, will be among the top appreciating market's in coming years.
The real estate market is focused on several areas, including the future resort development at Velika Plaza - Montenegro's longest pristine beach, as well as homebuyers making second home purchases.
Montenegro Land Registry
Montenegro Land Registry Montenegro's land use law is based on a "real estate cadastre" registration system, and important distinctions in use rights between "objects" (land improvements) and the land itself. The National Government strategy has focused on priority support for the formation of this "real estate cadastre" nationwide and along with this, efforts to address illegal construction.
In 2002 the major law on State Land Survey, Cadastre and Registration of Real Estate Rights (SSCR Law) was amended to include most of the functions necessary for the introduction of secure cadastre and real property registration systems, and the GOS confirmed the single agency model adopted in 1992.
The intention is to make real property rights more secure, the involved institutions more transparent, contracts more enforceable, and to also support private sector development by reducing some administrative barriers and impediments to private investment. As well, the land registry system is intended to make property rights more a matter of administrative law, and less about local custom, tradition, and anecdotal information about property history. The project will help develop effective land/property registries, and through the more rapid and secure registration of mortgages will better support the development of functioning property markets and of efficient financial intermediation with collateral based on secure property rights.
Montenegro's land registry process is intended as the primary assurance for any investor in Montenegro as to the protection and security of its property rights, recognizing that law related to real estate is evolving as Montenegro's regulations mature following nationhood. Looking to the future, it is likely that further legislation will be forthcoming to allow more direct land ownership rights under Montenegro law.
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