In this week’s digest:
- The Lie that Built the Italian Riviera
- How Tiny Monaco Went from Bankruptcy to Billions
- Live Among the Rich and Famous on Croatia’s Dalmatian Coast
- A RETA Member-Only Deal in Europe’s “Hidden Riviera”
One of the most overworked descriptions in tourism today is “Riviera.”
An Italian word meaning “coastline,” it was first used to describe stretches of France and Italy’s Mediterranean coasts that achieved huge popularity with Europe’s aristocracy beginning in the 19th century.
Today, the term has acquired such prestige that overeager tourist officials have used it to brand coastlines in countries as diverse as Brazil, China, and Turkey.
Some of these efforts are, frankly, bizarre.
The attempt to brand a section of U.K. coast as a Riviera stands out as particularly egregious, given the often gray and rainy weather in Britain.
Other attempts are fair, up to a point. Places like Albania and Turkey certainly have the good weather and the spectacular natural beauty.
But to truly be a Riviera, you need two things…
Cannes in the South of France, one of the most popular destinations on the French Riviera.
First, you need a mind-bendingly beautiful coastline with an exceptional climate and amazing beaches…somewhere made for postcards.
Second, you need the luxury…the opulence…the extravagance…the wealth…
Of all the areas that claim the title of Riviera in Europe (and there are well over a dozen), I’d argue that only around four or five truly qualify.
Why is this important?
Well, because there is a new addition to the list…a brand-new Riviera that’s a “hidden” enclave of the super-wealthy.
More on that in a moment.
But first, this week in Your Overseas Dream Home, we’ve been digging into the history of Europe’s Rivieras and what it costs to own in their most prestigious towns today…starting with Italy.
The French and Italian Rivieras…a sweep of coastline that’s renowned as one of the great bastions of the rich and famous.
The Lie that Built the Italian Riviera
Deception…lies…a fabricated travel article…
That was how the Italian Riviera came to be one of Europe’s most iconic and prestigious destinations.
The Italian Riviera had long been favored by writers and poets such as Lord Byron and Percy Shelly, who visited for artistic inspiration. But it only began to attract royalty and the wealthy in the 1850s when an article appeared in a French newspaper extolling the health benefits of a small town there called Sanremo.
It was claimed the article was written by a tourist. But that wasn’t true…it was actually written by a local countess.
As well as being a playground for Europe’s elite, Sanremo also hosts the Sanremo Music Festival every year, a song contest that’s been held since 1951.
While the author’s goals of bringing Europe’s royalty to the sunny shores of northern Italy were a success, even she, a savvy businesswoman, couldn’t have predicted that this stretch of coastline would turn into a vacation haven for the mega-wealthy of the world.
The story of the Italian Riviera is a fascinating one, but as more and more of the world’s elite descend on this relatively small area, what does that mean for real estate…and indeed for the entire luxury tourism industry there?
I took a deep dive into the Italian Riviera…read all about it here.
How Tiny Monaco Went from Bankruptcy to Billions
Though it’s not part of France (and therefore it’s debatable whether it’s on the “French” Riviera), perhaps no destination is more synonymous with wealth and the stunning coastline of this region than the city-state of Monaco.
A tiny principality (it covers just 208 hectares) that has been ruled by the Grimaldi family since 1297, Monaco is the epitome of sophistication, romance, and of course, incredible luxury.
Today it’s famous for its Grand Prix (the jewel in the crown of Formula 1 racing), its ultra-rich residents (Monaco scrapped income tax way back in 1869), and of course, the royal family and their connection to Hollywood (acting star Grace Kelly became the princess of Monaco in the 1950s).
But what’s almost forgotten today is that there was a time in the not-too-distant past when Monaco was almost bankrupt…
Monaco is the second smallest country in the world (after Vatican City) and also has the world’s most expensive real estate market.
Back in the 19th century, tiny Monaco was running out of money and struggling for its very survival. That is, until a savvy princess spotted an opportunity to turn this little piece of land into one of the world’s most exclusive places to be.
Now Monaco is home to the most expensive real estate market in the world.
You’ll need deep, deep pockets to buy here…but there’s a lot to be learned from Monaco’s story (especially as I’m seeing a similar development pattern playing out in another breathtakingly beautiful location nearby).
Learn about Monaco’s rise to fame and fortune (and how much it costs to own there today) here.
Live Among the Rich and Famous on Croatia’s Dalmatian Coast
Although less well known than the French and Italian Rivieras, Croatia’s Dalmatian Coast has a legitimate claim to the Riviera title.
With tranquil villages hugging the Adriatic Sea, rugged islands, lush olive groves, and spectacular mountain vistas, this coast is undeniably alluring. And it has been attracting people for millennia, including the ancient Greeks, Romans, and Venetians.
Steeped in history and boasting stunning natural beauty, it’s no surprise Croatia’s Dalmatian Coast is seeing an increase in visitors year after year.
The Dalmatian Coast runs from the city of Zadar in northern Croatia all the way down to the Bay of Kotor in Montenegro.
I first visited the Dalmatian Coast when I was a student back in the late 1990s. Even then, I could see there was opportunity. I returned years later as a real estate investor and I found deals that if you bought back then, would have you sitting very pretty today…especially as this coastline has evolved into a bastion of luxury and high-end travel.
As we were focusing on Europe’s elite Rivieras this week, I was interested to see if there was still any good-value real estate to be found on the Dalmatian Coast. So I asked my team to dig around.
Now, let me say in advance that the real estate bargains I found here in the mid-2000s are no longer available. But there are still some interesting opportunities to explore…
Check out what my team uncovered here.
A RETA Member-Only Deal in Europe’s “Hidden Riviera”
All this talk of rivieras brings me nicely to Europe’s newest one…
I’m getting ready to unveil an incredible new deal in Europe’s “Hidden Riviera” for members of Real Estate Trend Alert group.
This Riviera is just south of Croatia, in the tiny country of Montenegro…
Montenegro boasts one of the most dramatic coastlines in Europe.
Historic towns, lively beach resorts, secluded coves and white-stone fishing villages, punctuated by strips of fine sand and pebbled beaches, run along this 183-mile stretch of coast.
Like the French, Italian, and Dalmatian rivieras, this coastline has caught the attention of the world’s ultra-rich. It’s already being called the “new Monaco.” And yet it’s still flying under the radar to a certain degree…
That’s a huge opportunity.
Kotor old town…the most popular destination in Montenegro and site of our upcoming RETA members only deal.
With this upcoming RETA deal in Montenegro, the real estate is best-in-class…the location is exceptional…the amenities are incredible…
Best of all, we’re getting in first…and at a truly unbelievable, off-market prices.
In fact, within 10 weeks of our RETA launch the developer’s planning a 15% increase on the RETA-only pricing. Within a year of our RETA launch it’s a 30% increase on the RETA prices. All told over the build period, the developer plans a 70% increase on the RETA pricing.
With this deal, I expect gains of €201,643 five years after delivery on our RETA-only pricing. (That’s $215,587.) And that’s being very conservative when you consider the developer’s pricing plans…
RETA members have already gotten my special report on Montenegro and details of the deal itself will be coming soon in my full Deal Briefing. Stay tuned…this is going to be something special. (This is a RETA-only deal, so if you’re not yet a member, you still have time to join and get in on this incredible deal. All the details are here.)
Ronan McMahon, Founder, Overseas Dream Home & Real Estate Trend Alert
P.S. Have a question or comment about this upcoming RETA members only deal…life in Montenegro…or any aspect of buying or owning overseas? Share it here. All questions and comments are welcome.
