Buyer's comparison · Tivat, Montenegro
Boka Verde or Centrale at Luštica Bay: what €500,000 buys you in Tivat
Two new builds in Tivat, both under €500,000, and they sell very different things. One is a garden apartment in town. The other is a small apartment inside a resort that runs like a town. Here is how I help buyers choose.
By Ana Pajkovic, real estate advisor for Montenegro · updated 15 September 2026
The short answer
Under €500,000, Boka Verde sells you a ground-floor two-bedroom with its own garden, from €399,314. Centrale at Luštica Bay sells you a studio from €333,000 or one one-bedroom at €495,000. At Boka Verde you get more space for your money, five minutes from the airport and 600 m from City Beach. At Centrale you get resort services around you and a 15% deposit, with the rest spread interest-free over three years. Prices are from the developers' own lists: Boka Verde dated 11 August 2026, Luštica Bay dated 11 September 2026.
If you want two bedrooms and a garden, and you want to live in Tivat itself, look at Boka Verde. If you have children, want everything inside one managed resort, and a studio or one-bed is enough, look at Centrale.
The two side by side
| Boka Verde | Centrale, Luštica Bay | |
|---|---|---|
| Where | Župa, Tivat town, across from Župa Park | Town centre of Luštica Bay resort, Luštica peninsula |
| Airport | 5 min drive | 12 km, about 15 min |
| Beach | City Beach 600 m | Marina Village and beach clubs, 5 min shuttle |
| Under €500k you get | 4 one-beds, 10 two-beds, all ground floor with a garden | 3 studios, 2 larger studios, 1 one-bed |
| Price range under €500k | €275,044 to €456,305 | €333,000 to €495,000 |
| Price per m² (internal) | about €5,400 to €8,500 | about €8,300 to €11,100 |
| Two-bedroom under €500k | Yes, 10 of them, 65 to 82 m² inside | No. The only two-bed on the list is €774,500 |
| Outdoor space | Terrace plus a private garden of 5 to 48 m² | Terraces up to 11 m²; one unit has 17.9 m² exclusive-use area |
| Handover | First phase December 2027, second phase December 2028 | December 2027 or June 2028, depending on the building |
| Payment | 40% at contract, the rest in stages tied to construction | 15% at contract, 85% in 12 equal quarterly instalments, interest-free |
| Rental | Developer's letting programme with a 4.2% guaranteed minimum net yield for 3 years (conditions below) | Luštica Bay letting programme, owner keeps 70%, no guaranteed minimum |
| Developer | DPM Global, architecture by Semrén & Månsson | Luštica Development, part of Orascom Development |
Prices at both projects include VAT. Price per square metre is the price divided by internal area only, so terraces and gardens are not counted. Availability at both projects changes every week. Ask me for the current lists before you decide.
Every unit under €500,000
Boka Verde (developer price list, 11 August 2026)
| Bedrooms | Inside m² | Terrace m² | Garden m² | Price incl. VAT | Handover |
|---|---|---|---|---|---|
| 1 | 42.67 | 19 | 7 | €275,044 | Dec 2028 |
| 1 | 43.00 | 21 | 7 | €284,521 | Dec 2028 |
| 1 | 45.20 | 29 | 40 | €379,719 | Dec 2027 |
| 1 | 46.10 | 29 | 48 | €391,527 | Dec 2027 |
| 2 | 65.11 | 18 | 19.69 | €399,314 | Dec 2027 |
| 2 | 66.74 | 20 | 19.69 | €414,752 | Dec 2027 |
| 2 | 66.74 | 20 | 24.94 | €419,352 (two identical units) | Dec 2027 |
| 2 | 69.83 | 25 | 17 | €432,151 | Dec 2028 |
| 2 | 70.63 | 25 | 17 | €434,594 | Dec 2028 |
| 2 | 69.64 | 20 | 25.79 | €435,326 | Dec 2027 |
| 2 | 71.83 | 25 | 17 | €440,365 | Dec 2028 |
| 2 | 81.90 | 17.64 | 5 | €444,172 | Dec 2028 |
| 2 | 75.41 | 25 | 17 | €456,305 | Dec 2028 |
Centrale, Luštica Bay (developer availability sheet, 11 September 2026)
| Type | Inside m² | Terrace m² | Price incl. VAT | View | Handover |
|---|---|---|---|---|---|
| Studio | 33.34 | 5.81 | €333,000 | Yard | Jun 2028 |
| Studio | 32.35 | 9.50 | €356,000 | Fortress | Dec 2027 |
| Studio | 32.35 | 9.49 | €360,000 | Partial sea | Dec 2027 |
| Larger studio | 49.12 | none | €418,000 | Fortress | Dec 2027 |
| Larger studio | 49.12 | none | €428,000 | Yard | Dec 2027 |
| 1 bedroom | 59.87 | 10.83 (+17.90 exclusive use) | €495,000 | Yard | Jun 2028 |
Where you would actually live
Boka Verde is in Župa, a residential part of Tivat across from Župa Park. City Beach is 600 m away, the airport is a five-minute drive and Porto Montenegro is about six minutes by car. Knightsbridge and Arcadia international schools are a short drive. You are living in the town itself. The whole site is car-free on top, with parking underground.
Centrale sits in the middle of Luštica Bay, on the peninsula across the bay from Tivat. It is built as the resort's town centre: piazza, cafés, supermarket and co-working, with a 24/7 medical centre in the resort and a school and hospital being built. Marina Village, the Chedi hotel and the beach clubs are a five-minute shuttle ride down the hill. Tivat airport is about 15 minutes by car.
What you get for the money
At Boka Verde, €420,000 buys a 67 m² two-bedroom with a 20 m² terrace and a 25 m² garden. At Centrale, the same money buys a 49 m² studio with no terrace. Every two-bedroom at Boka Verde costs less per square metre than anything at Centrale under €500,000.
Two things close some of that gap. At Centrale you live inside the resort, with its landscaping, sports courts and town services on your doorstep. And the standard finish at Boka Verde does not include a kitchen or built-in wardrobes. Those come in the paid turn-key upgrade package, which you also need if you want the rental guarantee. Ask me for the upgrade price on the exact unit before you compare the two.
How you pay
At Boka Verde you pay 40% when you sign, then staged payments tied to construction milestones up to handover.
At Centrale you pay 15% when you sign, then 85% in 12 equal quarterly instalments with no interest. The instalments run on fixed dates, not on construction progress, and they can run past handover. Luštica Bay registers you as owner only when the last instalment is paid. Until then you live in the apartment on a contractual right of use, and you cannot resell it.
If you want to keep cash in hand for as long as possible, Centrale's plan is the easier one.
If you plan to rent it out
Boka Verde's developer offers a guaranteed minimum net yield of 4.2% for the first three years of rental operations. If the apartment earns less, the developer pays the difference. The figure is after the 30% management fee, maintenance and utilities, and before your own taxes. Two conditions apply: you buy off-plan with the turn-key upgrade package, and the programme takes new participants until 30 October 2026. Eligibility and the exact terms are confirmed per unit at reservation, so read them before you sign.
Luštica Bay runs its own letting programme across the resort. You keep 70% of the income, and there is no guaranteed minimum. Centrale works year-round, which helps studios and one-beds stay let outside summer.
I sell both projects, so take this as my view. For a buyer who wants predictable income for the first three years, the Boka Verde guarantee is the stronger offer on paper. From year four, income at both depends on occupancy and the rental market.
What I tell buyers
Boka Verde is the one I point to when someone wants to actually live in Tivat, not just own a piece of it. What is left is ground floor with gardens, and for families that garden is the best thing about it. My read on Župa, and it is a read rather than something you can look up, is that Župa becomes Tivat's next luxury address. Building permits have been issued for a five-star branded resort on the undeveloped stretch below it, towards the sea.
Centrale is the family neighbourhood of Luštica Bay, and it is what I would pick for anyone with young children who wants them outdoors. Luštica Bay is one of very few places in Montenegro that works in February. If the view is what you are buying, Centrale is the wrong part of the resort. That is Horizon, and it costs more. My Luštica Bay neighbourhood guide goes through all of them.
Questions buyers ask me
Which is cheaper, Boka Verde or Centrale at Luštica Bay?
Boka Verde, on both entry price and price per square metre. Its cheapest apartment is a one-bedroom at €275,044, and its two-bedrooms run €399,314 to €456,305. Centrale starts with a studio at €333,000, and its only apartment under €500,000 with a bedroom is a one-bed at €495,000. Figures from the developers' lists of 11 August 2026 and 11 September 2026.
Can I get a two-bedroom apartment in Tivat for under €500,000?
Yes, new-build, at Boka Verde, where ten ground-floor two-bedrooms were available from €399,314 to €456,305 on the 11 August 2026 price list. Luštica Bay had no two-bedroom under €500,000 on its 11 September 2026 sheet.
What is the cheapest way into Luštica Bay?
Centrale. On the developer's sheet of 11 September 2026, the lowest new-build price in the whole resort was a Centrale studio at €333,000, 33.34 m² inside. The next cheapest was a Marina Village studio at €435,500.
Is Boka Verde part of Porto Montenegro?
No. Boka Verde is a separate project in Župa, Tivat, about six minutes' drive from Porto Montenegro. People confuse it with Boka Place, which is inside Porto Montenegro.
Why do some websites show Boka Verde from around €200,000?
Those are old prices on apartments that have sold. Every upper-floor apartment at Boka Verde is gone. What remained on the 11 August 2026 price list was 14 ground-floor garden apartments from €275,044, plus penthouses on hold.
When will Boka Verde and Centrale be finished?
Boka Verde hands over in two phases, the first in December 2027 and the second in December 2028. The Centrale apartments under €500,000 are due in December 2027 or June 2028, depending on the building.
What are the running costs?
Boka Verde charges €3.50 per m² a month on internal area, so about €2,800 a year on a 67 m² two-bedroom. It covers upkeep of the complex, including the planted green terraces. At Centrale the service charge is €4 per m² a month.
Can a foreigner buy in Montenegro, and is there transfer tax on a new build?
Foreigners can buy apartments in Montenegro in their own name. When you buy a new build directly from the developer, you do not pay transfer tax. The buying process is the same at Boka Verde and Centrale. My buying property in Montenegro guide walks through it step by step.
Is buying off-plan in Montenegro safe?
Both of these are off-plan, so the contract matters more than the brochure. Check who holds your payments, what happens if handover is late, and when you become the registered owner. I wrote a separate guide on off-plan in Montenegro that covers what to look for.
See the actual homes
Not sure which fits you?
Send me your budget, how many bedrooms you need and whether you will rent it out. I will send you both current price lists with the two or three units I would look at first.
Message me on WhatsAppAna Pajkovic is an authorised sales partner for Boka Verde and for Luštica Bay. Prices, availability and handover dates are from the developers' lists dated 11 August 2026 (Boka Verde) and 11 September 2026 (Luštica Bay) and they change. Confirm current figures with me before deciding.