Nikola Jovanović, Mayor of Budva, has proposed that the local parliament authorize him to purchase a highly attractive 5,500-square-meter coastal parcel, just 100 meters from the Old Town. The property includes the dilapidated building of the former Yugoslav River Shipping Company (JRB), with a proposed purchase price of €6.9 million.
The land and building are owned by Vektra Montenegro, a company controlled by businessman Dragan Brković, and the bankruptcy administrator set a sales deadline of September 1, with offers to be opened on September 2.
While the municipality has not finalized plans for the property, earlier discussions suggested converting it into a residential and events complex, including exhibition spaces, a wedding hall, and other public amenities to enhance Budva’s limited waterfront offerings.
The proposal reportedly has support from 11 councilors, including members of the ruling “Budva Our City” group and allies from the European Union coalition and URA, but a majority requires additional votes from DPS councilors and potentially opposition members.
Previous attempts to sell the property set prices at €7.5 million in 2021 and €8 million in 2020, but no buyers emerged.
