This is a beautiful urbanized land consisting of two katastar parcels of 559m2 and the other one of 985m2, which in total they make 1,544m2. But not all is urbanised. Its 1,368.29m2 area is urbanised where you can built a building of 750m2, the rest of m2 has to be green area.
This building of 750m2 can have 8 apartments in it and its footprint on the ground can be 350m2. So the base of the building can not be more than that. Future building can have ground floor + two more levels. Also you can have underground garages in the basement which do not count into the possible m2 of 750m2, which is great as building will need parking for its 8 apartments.
Instead of one, you can also built three smaller buildings but that do not cross the possible building area of 750m2.
The size of the apartments can vary, so the first floor can have a two big apartments where the rest of them can be smaller, all depending on the project.
This land is a great investment as the price of the land is very good. So if you build 750m2 and deduct the space for hallways and walls of 20%, you get the net area of 600m2. If you sell this for price of 2,500 euro per m2 which is very reasonable, you can make 1,500,000 euros.
Clean profit calculation is:
131,250 euro ( These are govermentnt taxes which are 175 euro per m2, from the total of 750m2)
360,000 euro ( is the cost of building which is usually 500 euro per m2 in Montenegro)
300,000 euro ( Cost of the plot)
9,000 euro ( 3% Real Estate Transfer Tax of price of the plot that needs to be payed to the Government)
1,000 euro ( Notary and Certified Translator fees for the buying contract)
= 698,750 euro ( this is how much money approximately you can make if you buy this land, probably in 2 years as you will sell most of the apartments before you even start building)
Electricity and water is very close to the property. As the property is 1.5m up from the street level, most of the apartments will have a beautiful sea view and you can build garages straight from street level as the plot is higher than the street.
The property is 1,5km far from Tivat and 1km far from Porto Montenegro Marina. Walking distance is 10 – 15 minutes. The shops and restaurants are 5 minutes distance away from the property.
The access is right from the road.
Lot area: 1,544m2
Urbanised Plot: 1,368.29m2
Possible building area: 750m2
Possible Building Level: Ground Floor + 2 Levels
Future Building Footprint: 350m2
Security System: No
Outdoor Pool: YES, IT CAN BE BUILT BUT POOL DOES COUNT INTO TOTAL BUILDING AREA.