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Herceg Novi, a picturesque coastal town on the Adriatic Sea, boasts a rich history dating back to its founding in 1382. Over the centuries, this charming town has been governed by various civilizations, including the Turks, Venetians, and Austrians, each leaving their mark on the architecture and culture. Nestled at the entrance of the Bay of Kotor in Montenegro, Herceg Novi's strategic location offers stunning views, surrounded by lush landscapes and azure waters. Historical sites such as the Forte Mare fortress and the Clock Tower speak to its vibrant past and are popular attractions for visitors.

The Luxury Property Market in Herceg Novi

The exclusive property market in Herceg Novi is currently strong, driven by high demand for luxury homes and apartments. However, the supply of such high-end properties is limited, which creates a competitive market for potential buyers. The stable political and economic environment in Montenegro further supports this robust market. When purchasing a luxury home in Herceg Novi, buyers typically pay a real estate commission of around 3%, while sellers pay approximately 2%.

Understanding Additional Costs

When investing in a luxury property in Herceg Novi, it is crucial to consider additional costs such as a 3% property transfer tax, which applies to the property’s value. Furthermore, buyers should budget for notary fees, potential legal costs, and any necessary property inspections. Montenegro does not levy a wealth tax on private property ownership. However, earnings from the sale of a second or vacation home are subject to capital gains tax, although primary residences are exempt from this tax.

Financing Your Dream Home

For those seeking mortgages, banks in Montenegro typically require a down payment of at least 30% of the property's purchase price. The amount of mortgage one can obtain is often limited to about 70% of the property's value, depending on income requirements and creditworthiness.

Luxurious Living in Herceg Novi’s Premier Areas

The most sought-after residential areas in Herceg Novi for luxury homes include Savina and Djenovići, known for their stunning vistas and exclusive residences. Savina, in particular, is coveted for its proximity to the sea and the peaceful ambiance it offers its residents.

Accessibility and Connectivity

Herceg Novi is conveniently accessible by road, with well-maintained highways connecting it to major cities. The nearest big city, Tivat, is approximately 45 kilometers away, making commutes manageable. For air travel, Tivat Airport, handling both national and international flights, is the closest, located about an hour’s drive from Herceg Novi.

Educational and Healthcare Facilities

The town is home to several reputable schools and is within driving distance of educational institutions like the University of Montenegro. For healthcare, Meljine Hospital provides comprehensive medical services, ensuring resident safety and well-being.

The Natural Beauty of Herceg Novi

Herceg Novi offers a Mediterranean climate with warm summers and mild winters, perfect for enjoying its diverse natural landscape. The environment is characterized by rugged mountains, beautiful beaches, and the Adriatic Sea's calm waters. Outdoor enthusiasts can indulge in activities such as sailing, hiking, and diving.

Shopping and Entertainment

For those inclined towards luxury shopping, Herceg Novi features several upscale boutiques and shops. The town is also known for its exquisite dining experiences, with renowned restaurants like Gradska Kafana and fish restaurants providing local and international cuisine. The nightlife is vibrant, with venues like the Casino Royale offering stylish entertainment.

Cultural Richness and Events

Herceg Novi hosts numerous annual events, such as the Mimosa Festival and the Herceg Novi Film Festival, which highlight its rich cultural life. Visitors can explore cultural sites like the Kanli Kula Fortress, serving as a venue for concerts and theatrical performances.

Infrastructure and Public Amenities

The public infrastructure in Herceg Novi is well-developed, catering to the needs of its residents and visitors alike. Essential amenities, including shopping centers, transportation services, and hospitality options, are readily available, enhancing the quality of life in this exclusive coastal town.