Americans Have Found the New Monaco

Yesterday two of my team landed ahead of a mammoth Path of Progress on one of the most spectacular stretches of coastline in the entire world…

The only fjord in the Mediterranean, it’s a new and super-stylish Riviera where I believe there is a big opportunity to make serious money from incredible real estate.

I’ve sent my scouts to a part of Europe the French weekly magazine La Parisien describes as an Eldorado for the ultra-rich and a new Monaco.

In September 2022 after a scouting trip to this stretch of European coast I wrote to members of my Real Estate Trend Alert group…

“I really enjoyed my time here. The scenery is stunning and the locals are lovely. Better yet, I’ve also discovered what I believe to be a big moneymaking opportunity.”

Since that first trip, I worked hard on developing contacts along this coast. My team and I did the grunt work and the research…

And now the opportunity looks to be very close. Which is why I sent two members of my team, Eoin and Alan, back to scout…and my senior researcher, Margaret, is due to visit in May…

This is no wild frontier…

The super-rich are already there. They come in their jets and mega-yachts. My scouts sent me this photo as their plane taxied yesterday morning…

Private jets are a common site on the tarmac of this small and easy-going European airport.

But the thing is…

There is a yawning lack of best-in-class communities that appeal to the ordinary rich. Those of us who don’t own boats worth millions but who still like to have a nice pool, a spa, a gym…an ocean-view and a breeze off the mountains…

OK, so where is this new Riviera?

Well, even sophisticated travelers who have summered on Italy’s Amalfi coast or the French Riviera can be lost for words when they first encounter Montenegro’s Bay of Kotor.

Enchanting, safe…the Bay of Kotor is a European hideaway that’s emerged as a major destination for the wealthy of the world.

It’s hard to describe the sheer natural beauty of it all. Huge rippling gulfs and sparkling straits stretch on for miles, while enormous pine-covered limestone mountains loom majestically above.

The dramatic drop of the mountains straight into the bay creates breathtaking views. The calm turquoise water looks more like it belongs in the Maldives than Europe.

If you’re wondering why you never heard of Montenegro, you’re not alone. Montenegro is smaller than the state of Connecticut. It sits across the Adriatic from Italy, with Croatia to the north.

Montenegro sits right across the Adriatic from Italy.

What it lacks in size, it makes up for in beauty. It boasts one of the most dramatic stretches of coastline in all of Europe, as well as some of the continent’s wildest and most beautiful mountains.

Its 183-mile coastline is liberally sprinkled with historic towns, lively beach resorts, secluded coves and white-stone fishing villages, all punctuated by strips of fine sand and pebbled beaches. The wild and remote interior, meanwhile, is a landscape of snow-dusted peaks, crystal-clear lakes, rivers, forests and canyons.

Montenegro is said to be the only place on earth where you can pluck an orange from a tree overhanging a sunny beach while looking up at snow-capped mountains…

Montenegro’s stunning interior is dotted with glistening lakes, soaring canyons, lush forests, and towering peaks…

Montenegro has arrived as a destination. It’s beginning to see the same phenomenal tourism growth that neighboring Croatia saw over the past two decades.

But real estate is where Montenegro really diverges from its more expensive neighbor to the north. Just a few miles over the border from Croatia prices drop dramatically. Montenegro is every bit as stunning as Croatia but, in some cases, you’ll pay half the price for the same kind of real estate.

However, it’s not staying that way for long…

Montenegro is having its moment for Western visitors. Following the pandemic dip, tourism has bounced back in a big way. British, German, French, and Italians are coming in significant numbers. Americans are too.

In fact, my contacts on the ground tell me Americans who like Italy and Croatia are finding their way to the Bay of Kotor in numbers. Ever since Montenegro joined NATO in 2017 and pinned its colors to the mast so to speak, Americans have been visiting…and staying.

There are other factors at play too. Montenegro is relatively new as an independent state, only getting its independence from Serbia in 2006. It has already adopted the euro, and is expected to join the EU this decade.

And there’s easy residency…

Plus, the Montenegrin government is doing all it can to turn the country into one of Europe’s top destinations for the super-rich. The state’s tourism strategy is why some observers are saying it may rival Monaco as a hub for Europe’s wealthy and the global super-rich.

The world’s most exclusive hotels have already moved in. The Regent, the Chedi, a One&Only resort are all here, with a Ritz-Carlton set to open, and more such rumors.

All of this amounts to an exciting investment case for Montenegro.

With its rich history and spectacular coastline, Montenegro is emerging as a favored destination of the super-rich…

In terms of infrastructure, Montenegro is still very much a developing country. Access will be crucial to Montenegro’s next phrase of growth.

As it stands, the coastal transport infrastructure is at max capacity in peak tourist season. This isn’t helped by the fact that Dubrovnik Airport in neighboring Croatia is one of the main entry points for international visitors, causing huge delays at the border.

Tivat airport, which gives direct access to the Bay of Kotor, currently operates seasonal flights to over 40 destinations, including London and numerous cities throughout Northern Europe, and has potential to add more capacity. There are preliminary plans to expand the airport in the future, either through government or private funding.

There are also numerous planned road projects, including a €54 million ($59 million) highway that will better connect the coastal towns of Budva and Tivat. And a controversial and still unfinished Chinese-funded highway—one of the most expensive highways in the world—that is supposed to connect the Montenegrin coast in Bar to Boljare across the border into Serbia.

Due to Montenegro’s difficult terrain and limited budget, there is no quick fix to improve its capacity, but I think we can expect to see slow and gradual improvement over the coming years.

And my team tell me they have already seen long-promised roadworks underway…

The Bay of Kotor is just over the border from Croatia, yet real estate prices here are much lower.

When looking for the investment angle, it’s imperative to identify where all of the growth trends are converging.

And in Montenegro’s case, that’s undoubtedly along the Bay of Kotor.

That’s why my team members, Eoin and Alan, are there right now…

On the northeastern coast, right across the border from Croatia, the Bay of Kotor is jaw-droppingly beautiful and packed with ancient history. The great poet, Lord Byron famously said “the most beautiful merging of land and sea” occurred right here.

Situated less than an hour from Dubrovnik Airport and with its own regional airport at Tivat, it’s also one of the most accessible parts of the coast.

Notably, it’s a place that attracts a premium crowd. In contrast to Croatia, where mass tourism exploded two decades ago, this is where you find top-end luxury brands…fine dining…and well-dressed people enjoying it all.

And then there is the geography…

This is crucial to the investment case. The 17-mile bay is completely surrounded by steep mountains on all sides. And between the mountains and water, there is just a sliver of land which packs in small Venetian fishing villages and a narrow road. There is very little developable land available.

Add in its UNESCO status in the Old Town, and the government is protective of the whole Kotor Bay area. You won’t find high rises here or massive tourist resorts…

It’s a textbook example of a geographical “moat.” Indeed, Kotor Old Town itself has a literal moat surrounding its walls. It’s widely regarded as the best-preserved medieval town in the Mediterranean. It’s compact and dense with ancient architecture, plazas, and churches. Behind it, crumbling city walls zigzag up the steep mountain, and in front of it is the sea.

It’s also the first stop for any tourist visiting Montenegro. That’s what makes it one of the strongest investment prospects.

My team has promised me a raft of photos tomorrow from their scouting…and more details of what they find.

I’ll be sharing them with you here. Stay tuned…


Ronan McMahon, Overseas Real Estate Expert

P.S. Have you visited in Montenegro or the Bay of Kotor? I’d love to hear your thoughts. If you have any questions or comments, click here to share them with me.

Your Daily Dream Home

Karlstad, Sweden


This home is in the heart of the countryside, near a rural village in west central Sweden. This part of Karlstad is a popular hiking and fishing location.

The first floor has a kitchen, a living room, a bedroom, and a bathroom. On the second floor you’ll find a second bedroom, and another living room. Outside, you’ll find a spacious garden with three sheds currently being used as storage facilities.

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