Budva is an ancient city with a rich history dating back over 2,500 years. Nestled between the shimmering waters of the Adriatic and dramatic mountainous landscapes, it's a place where old-world charm meets contemporary luxury. Historical sights include the medieval old town of Budva, complete with well-preserved venetian walls and the citadel offering panoramic views of the city. Moreover, Budva’s geographical location on the Montenegrin coast offers a strategic advantage, making it a highly sought-after spot for luxury living.
The Exclusive Property Market in Budva
Budva’s luxury property market is currently stable with ample room for both growth and investment. The demand for exclusive, high-end properties tends to match the supply, however prime locations are often sought-after. The political and economic situation in Budva has been stable, encouraging international investors and ex-pats to consider it as their new home or a holiday retreat.
The Cost of Luxury in Budva
When purchasing a luxury home in Budva, buyers should be prepared for additional costs that include a transfer tax, realtor commissions, notary fees, and possibly even construction inspection or legal costs. In Budva, the average real estate commission is typically split between the buyer and seller. The exact figure may vary, but averages between 3-6% of the purchase price. The transfer tax on private property sits at a 3%.
Wealth tax is not levied on private homeownership. However, capital gains tax is applicable on the profit made from selling privately owned homes. This tax is waived if the property is used as a main residence and owned for over three years. As Budva sits within Montenegro, the corporate tax rate for registered companies is 9%, while the income tax for registered residents ranges from 9 to 11%.
Financing Luxury Properties
Mortgage requirements for buying a house in Budva typically demand a satisfactory credit score, proof of stable income, and a down payment often between 20-50% of the purchase price. The amount of mortgage one can get highly depends on these factors.
Prime Residential Areas of Budva
Budva has several high-end residential areas which include the exclusive Dukley Gardens and Zavala places, known for their picturesque views of the Budva Riviera.
Accessibility and Surroundings
Budva is accessible by road and is situated about 23 km from Bar, which offers rail transport. It's about 64 km from Podgorica, the nearest big city, and 17 km from the international airport, Tivat. The city is also home to a number of education institutions including Dulwich International High School and Mediterranean University.
Experience Budva
Budva is located in the province of Budva Municipality. Its population is around 19,218. The location offers an enviable mix of crystal-clear water, striking mountain landscape and lush vegetation. The region enjoys a Mediterranean climate with hot dry summers and mild winters.
Outdoor sports and activities including sailing, hiking, scuba diving, and cycling are popular. Luxury shops such as GUESS, Tommy Hilfiger, and Elite Boutique are found in the quaint narrow lanes of the old town. Fine dining options include famous restaurants like Dukley Seafront Restaurant, Zavala, and Aman’s Dining Room.
Well-known cultural and historical events include the Budva City Theatre Festival. The city offers diverse cultural experiences with popular locations such as the Budva Art Gallery. High-quality healthcare is readily provided by the local general hospital.
Overall, Budva offers an enviable lifestyle, steeped in history, surrounded by nature and enhanced with all modern amenities a luxury lifestyle demands. Be assured, with its elegant homes, fascinating culture and beautiful natural surroundings, luxury living in Budva is an experience like none other.
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