Montenegro has presented a tourism investment guide identifying 12 sites and development areas across five municipalities, while warning that inclusion does not make land investment-ready. Prepared by UN Tourism with the Ministry of Tourism of Montenegro, the guide does not confirm that property and planning issues are resolved, permits obtained or land ready for allocation to investors.
The guide sets out potential projects including four- and five-star hotels, resorts, camps, glamping, wellness, conference and business facilities, marinas and other nautical tourism developments. It presents the locations as investment opportunities, but says their planning, ownership and development status varies.
Sites have different development conditions
In Žabljak, the guide identifies three locations covering a total of 37,794 square metres. One is planned as a resort with up to 250 beds and at least 30% green space; another includes the existing Jelika resort, while Jelika II is envisaged as a four-star-or-higher retreat with up to 50 beds and a forest-park concept.
For Nikšić, the guide lists two hotel sites: one of about 5,994 square metres intended for a four-star hotel, and another covering 6,100 square metres with no existing buildings. The municipality’s amended spatial and urban plan supports higher-quality city hotels and identifies conference facilities, wellness, themed restaurants and sports infrastructure as suitable elements of the tourism offer. The guide cautions that the sites differ in planning purpose, ownership, existing conditions and the authorities responsible for their disposal.
Mojkovac has eight urban plots in Podbišće, beside the Tara river, with a combined area of 64,989 square metres. The guide proposes camps and resorts, including eco-lodges and glamping, which it describes as a more comfortable form of outdoor camping with equipped tents and cabins. Although planning parameters have been confirmed, the guide says a binding package covering land disposal, infrastructure construction and investor selection has not been confirmed. It recommends prioritising local employment and training, purchases from local farms and producers, and cooperation with local guides and tourism small and medium-sized enterprises.
Velje Brdo in Podgorica is described as a wider state urban programme covering about 911.7 hectares and planned for up to 40,000 residents, rather than a single tourism plot or residential resort. The guide identifies potential in cultural and natural heritage at Crvena stijena and Megara cave, sports and active tourism, parks and botanical infrastructure, and hotel, conference, wellness and business hospitality facilities. The programme aims to create a mixed-use urban area supported by public infrastructure and with extensive green, recreational and public spaces.
In Herceg Novi, the guide covers Ograda–Žanjice, Donja Arza, Sutorina–Pećine and Zelenika. Donja Arza spans about 93,330 square metres and is planned as a high-end resort, with part of the site in a protected natural landscape. Sutorina–Pećine covers 12,018.59 square metres and is planned for a hotel of at least four stars, 38 accommodation units, 75 beds and 25 commercial berths. The guide describes it as the municipality’s most investment-ready site, with potential for commercial berths and marinas; the other three currently have planning designations for children’s and youth resorts.
At Ograda–Žanjice, the plan includes a four- or five-star hotel, villas, bungalows, food and beverage facilities, a beach and a pier. For Zelenika, the guide proposes renovating a coastal tourism complex on about 8,600 square metres, alongside plans for two hotels, a passenger port and a marina. Its stated aim is to reposition the site as a professionally managed coastal tourism facility with a defined public purpose, potentially serving youth, family, educational, sports or social tourism.
Investment context
The guide says Montenegro received about 4.85 billion euros in foreign direct investment from 2021 to 2025, with capital coming from more than 60 countries. Serbia accounted for 12.33% of investment, Russia 11.66%, Turkey 9.12%, Switzerland 7.43% and Germany 7.22%. The United States, United Arab Emirates, Cyprus, Italy and Austria were among other sources, while the 10 largest investor countries together represented 68.26%.
Annual foreign direct investment inflows exceeded 1 billion euros in 2022 and again in 2025, according to the guide; in the intervening years they ranged from about 860 million to 895 million euros. The guide’s site listings do not, by themselves, resolve the outstanding land, planning, permitting or allocation conditions required for individual projects.
