Montenegran land prices to drop in 2008
Saturday, December 29, 2007


 (New York, Bloomberg)  Real estate prices in Montenegro will likely drop in the coming months as they are overpriced, the Republika newspaper said, citing a central bank report.

  The drop of prices along the Adriatic coast will also affect properties further inland, the newspaper said. The average price for a square meter of living space in the capital Podgorica in 2007 was 1,700 euros ($2,490). The report did not say how far prices will fall.

  Montenegro, which seceded from Serbia, in 2006, has been working to rebuild its tourist industry after the end of the Balkan civil wars of the 1990s. The country has 293-kilometer Adriatic coastline and tourism represents 17 percent of its gross domestic product.