Montenegro and development process, an example

Marko Kostic, Brano Glumac, Irena Nikolic and Ivan Raskovic

ERES from European Real Estate Society (ERES)

Abstract: Real estate market in Montenegro provides a wide scope of the greenfield opportunities. Still it is not a rare case that developers start easily the land acquisition phase while having very high expectations without a thorough analysis and research. This kind of developers do not perceive the full capacity of the acquired land. Therefore, they often want to sell it instead of going further on with the following development phases. Our field of interest is questioning and analyzing the current development process and strategies in Montenegro. This paper explains an approach that helps developers to understand widely all the aspects and the complete potential that a greenfield projects could deliver. This approach has shown the significant increase on the overall project value in numerous cases. It concentrates on creating the flexible project in brief allowing multiple locations and potential to attract new developers. We selected three case studies to illustrate this approach. Montenegrin experience showed us the ways in better understanding how to use this approach for helping developers in faster and more structured way of making the decisions. This paper directs attention on the further research in providing the new tools for developers in Montenegro.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2011-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2011_234

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