Mia Investment, a Turkish real estate developer, is advancing the construction of the Riviera Montenegro Hotel & Residence on the site of the former Adriatic Fair in Budva. This ambitious project features two high-rise towers that promise panoramic views of the Adriatic Sea. The development is positioned as a mixed-use facility, integrating luxury apartments, hotel accommodations, and retail spaces, targeting the premium segment of Montenegro’s coastal real estate market.
Local market reports indicate that around 60% of the panoramic units, which offer unobstructed sea views, were sold prior to construction at prices ranging from €7,000 to €7,500 per square meter. The remaining units are now being marketed at approximately €9,000 per square meter, highlighting robust demand for prime coastal properties in Budva. For instance, a 64 m² apartment has been listed for about €580,000 on social media platforms.
The project will comprise 212 residential units for sale, alongside 144 luxury hotel rooms operating under a five-star international brand franchise and an extensive retail area featuring upscale amenities. The apartments are sold fully furnished and can serve as private residences; however, owners opting to rent their units during peak tourist seasons are typically required to enroll them in the hotel’s management program.
While advocates of the Riviera Montenegro project emphasize its potential to enhance coastal living standards and attract affluent investors and vacation homeowners to Budva, it has faced criticism. Opponents argue that constructing on land near the sea—historically reserved for tourism and public access—raises significant concerns regarding planning priorities and compliance with strategic development regulations, as well as its impact on the urban environment of Montenegro’s leading resort destination.
The land for this development is owned by Safiro Beach Resort DOO Budva, a company connected through previous ownership ties to local business figures. In 2018, it entered into a joint construction agreement with Mia Investment. The approvals and planning decisions related to this project have drawn attention from urban authorities and civil society as the residential towers continue to alter Budva’s skyline.
The elevated pricing and swift sales of units reflect heightened investor interest in Montenegro’s coastal real estate market, particularly for luxury developments situated directly along the shoreline. Mia Investment’s skyscraper complex stands as a prominent example of this trend.
