Fourteen years ago, a chance visit to Montenegro changed Edward Daniell’s life. “I arrived when the first phase of Porto Montenegro Marina was being built,” he says. “I was so struck by the beauty of the country and the potential of the marina development that I returned to the UK, packed my Freelander with all my worldly possessions and drove back to Montenegro. I’ve lived here full-time ever since.”
Montenegro was carved out of the former Yugoslavia and only won its independence in 2006. When Daniell visited, the Balkan state was in the early days of a meteoric rise in tourism numbers, the 1.3 million visitors in 2011 doubling to reach 2.6 million last year. Daniell swapped his Cotswolds home for a property in Tivat and founded Montenegro Marina Services, looking after the maintenance of motorboats and sailing yachts moored on the Bay of Kotor.
“Montenegro offers a rare combination of natural beauty, excellent infrastructure and practical advantages,” Daniell says. “The coastline is stunning with crystal-clear waters, dramatic cliffs and hidden coves, a paradise for sailors and motorboaters alike. But beyond the aesthetics, there are concrete benefits too. The country is outside the EU, which means boat owners can enjoy duty-free fuel, and there are fewer bureaucratic hoops to jump through than in many neighbouring countries.”
After a two-year hiatus, Montenegro reintroduced duty-free fuel for foreign private and commercial yachts this year, removing VAT and excise duty, a saving of close to 50 per cent. It’s a move described as a “game-changer for yacht owners and operators”, says that Tony Browne, marina director at Porto Montenegro, “reaffirming Montenegro as a premier Mediterranean yachting destination and the ultimate refuelling hub in the Adriatic”.
Daniell, 77, owns a sailing yacht, preferring the pace of wind power, but for motorboat owners, especially those with superyachts, the savings are significant.
“To give a rough example, a 150ft superyacht might take on 50,000 litres of fuel,” Daniell says. “With duty-free pricing, that could mean a saving of €25,000 or more on a single refuelling. It’s a substantial incentive and one of the reasons why Porto Montenegro is becoming a preferred destination for large yachts transiting the Mediterranean.”
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Kieran Kelleher of Savills associates Dream Estates Montenegro echoes the importance, pointing out that a potential discount of 47 per cent soon focuses the mind of boat owners and captains. “Dubrovnik was historically a usual stop-off point but Montenegro’s location is equally good, midway between Venice and the Greek islands. The three chief large-scale residential development projects on Boka Bay are Porto Montenegro, Portonovi and Lustica Bay. I would say that at least half of buyers overall are influenced by the marina component when purchasing.”
In Porto Montenegro and Portonovi in particular, says Kelleher, the superb marinas are a primary draw. All three resorts offer handsome contemporary homes, five-star hotels, good sporting facilities, boutique shops and a wide range of restaurants.
Porto Montenegro can mark its success by the severe shortage of new properties for sale. They include five studio to three-bedroom apartments managed by the wellness hotel brand SIRO, starting from €408,000, while a fully furnished waterfront penthouse managed by the five-star Regent Hotel is €3.5 million.
Lustica Bay is by far the largest of the three resorts, a 690-hectare small town with the region’s first championship golf course. It had a record sales year last year. says Kelleher, setting a record for second-home resorts in Europe with €116 million of property sold. New homes start from €425,000 for seafront studios at Horizon, the newest development to come to market, and from €1 million for golf residences at The Peaks, apartments, townhouses and villas with views to the Adriatic and Boka Bay.
Lustica Bay has been the long-term home marina for the Jeanneau 42 yacht owned by the Berkshire businessman Richard Rowles. “Montenegro provides secure berthing, high-end services and easy access to the stunning Adriatic coastline and benefits from yacht-friendly legislation that bypasses EU tax and import regulation,” he says. “Fuel is one of the largest costs in running a boat and an important consideration in choosing where to refuel and keep the boat for longer periods when not in use. With the high price of fuel, particularly in nearby Italy for example, it’s possible to save nearly 50 per cent by refuelling in Montenegro.”
He lists other reasons to berth there too. “The Bay of Kotor is spectacular, and Lustica Bay marina is safe and secure, protected by two breakwaters and with all the facilities to leave a boat year-round. There’s easy access to cruising around Italy, the islands of Croatia or turn left and you have the Greek islands.”
Three other Mediterranean marina options
Mallorca
With 47 marinas, an annual International Boat Show and high-profile regattas, Mallorca is a hugely popular port, chosen by Team Ineos as their training base before last year’s America’s Cup. Prized marinas include the Port of Palma, Club de Mar and Real Club Nautico.
Mooring fees at Club Nautico for an 8m sailing yacht are €139 a week in April and €395 in July. At Puerto Portals, the cost is €350 a month in April rising to €1,077 in July.
“Palma is the leading nautical destination in the Med with an established history of first-rate services to the yachting industry,” says Hans Lenz, the managing director of the estate agency Engel & Völkers Mallorca Southwest. “An investment of €100 million has been made in Palma’s Paseo Maritimo and Club de Mar, transforming this area with more green paths for cyclists and pedestrians and providing state-of-the-art facilities and new moorings for superyachts.”
South of France and Monaco
The prestigious marinas in the south of France include some highly romantic names: Marina de Saint-Tropez, Port Vauban in Antibes, the largest in the Mediterranean, and Port Hercule in Monaco. Mooring costs average about €1,500 to €5,000 a month for 10-20m yachts and €5,000 to €20,000 a month for larger ones. Off-season rates, October to April, are typically discounted by 30-50 per cent.
“We get frequent requests from boat owners for homes close to a marina,” says Alex Balkin, executive director of the estate agency Savills French Riviera. “A client recently spent €8 million on a home that is walking distance from Beaulieu sur Mer marina. A more affordable option is Marina Baie des Anges between Nice airport and Antibes, three curved pyramid structures you clearly see as you fly into Nice. Apartments there start from around €600,000 for two bedrooms.”
Malta
Unprecedented demand for berths means there are several new marinas in Malta, says Grahame Salt, director of Homes of Quality estate agency, including those operated by international specialists and boating brands. The Grand Harbour itself can host superyachts up to 135m and most marinas take 15-30m yachts comfortably.
“Fuel in Malta is heavily subsidised and comes at around 60 per cent of the cost on mainland Europe,” he says. “Malta holds one of the largest ship registers worldwide, a reason why the Maltese flag is so popular on the water.”
Properties close to the marina at Msida start from €350,000 with character waterfront houses in the Three Cities from €500,000. “It’s not uncommon to pay €1.6 million to have your yacht directly outside your apartment or flanking your pool,” Salt says.
