Buyer's comparison · Bay of Kotor, Montenegro
Porto Montenegro vs Luštica Bay
Same bay, two completely different lives. One is a working superyacht town you never have to drive out of. The other is a 690-hectare green resort with its own golf course. Here is how to pick.
By Ana Pajkovic, real estate advisor for Montenegro · updated July 2026
The short answer
If you own a boat or want a city by the sea, Porto Montenegro. If you want space, golf and green, Luštica Bay.
Porto Montenegro is built and busy. You step out of the lobby into restaurants, shops and a 512-berth marina, five minutes from Tivat airport. Luštica Bay is the opposite kind of place: 690 hectares on the Luštica peninsula, only about a tenth of it ever built, wrapped around an 18-hole Gary Player golf course, with beaches a shuttle ride down from the hillside.
The entry prices are closer than most buyers expect. A Vero studio in Porto Montenegro starts near €412,000; a Centrale studio in Luštica Bay starts near €333,000. So the real question is not the money. It is the life you want to buy.
Buy Porto Montenegro if
Marina · walkable · proven
- You own or charter a yacht, or want a superyacht berth on your doorstep
- You want everything, dining, shops, school, gym, a short flat walk away
- You want a built, liquid location with a long resale track record
- You want to be five minutes from the airport and in the middle of things
Buy Luštica Bay if
Space · golf · green
- You want room to breathe, greenery, and a masterplanned community
- You play golf, or you want a trophy villa on the course (The Peaks)
- You are buying for family life year-round (Centrale) or the best views (Horizon)
- You are happy to take a golf cart or shuttle to the beach from the hillside
The two side by side
| Porto Montenegro | Luštica Bay | |
|---|---|---|
| What it is | A built, working marina town on the Tivat waterfront | A 690-hectare master-planned resort, roughly 10% built |
| Developer | Adriatic Marinas (Investment Corporation of Dubai) | Orascom Development / Luštica Development (~€1.5B) |
| Setting | Dense, walkable, central Tivat, 5 min to the airport | Spread-out hillside and coast, 15 min to the airport |
| Marina | 512 berths, TYHA Platinum, superyachts to 250 m | Marina Village, ~115 berths, Chedi hotel, 5 beach clubs |
| Golf | None | 18-hole Gary Player Signature course (The Peaks) |
| New-build entry | From €412,000 (Vero studio) | From €333,000 (Centrale studio) |
| Price per m² | ~€8,000 to €14,000 | Resort average ~€6,700+, hillside €10,000+ |
| New-build projects | Vero (155 homes), Versa (47), Boka Place (SIRO, ready) | Centrale, Heights, Horizon, The Peaks (Botanika) |
| Handover | Vero & Versa Q4 2028; Boka Place move-in ready | Centrale from 2026; Heights 2028; Horizon 2029; The Peaks 2026-2029 |
| Payment | 5 milestones, 10% on handover | Centrale 15/85 interest-free; The Peaks 20/80; Horizon post-delivery terms |
| Living rhythm | Year-round urban marina life, dining and retail on the doorstep | Year-round in Centrale; resort-calm and green elsewhere |
| Best for | Yacht owners, city-by-the-sea buyers, rental in a proven spot | Families, view buyers, golfers, trophy-villa buyers |
Prices and availability from developer stock lists, mid-2026. Both are off-plan except Boka Place. Unit prices move, so treat these as entry points and ask me for the live list before you decide.
Location and getting around
Porto Montenegro sits in the town of Tivat, on the UNESCO-listed Bay of Kotor, about five minutes from Tivat airport and a ten-minute walk from the old town. It is compact and flat. You can live there without a car and most owners do, at least in season.
Luštica Bay is out on the Luštica peninsula, about fifteen minutes from the airport and twenty from Kotor. It is big and it climbs. The town centre, Centrale, sits between the Marina Village down at the water and the golf neighbourhoods up the hill. From the upper neighbourhoods, Heights and The Peaks, you take a shuttle or a golf cart down to the beaches. That is the trade for the views and the quiet.
The marina question
This is the cleanest way to tell them apart. Porto Montenegro is, first and last, a superyacht marina: 512 berths, TYHA Platinum-rated, built to take boats up to 250 metres, with a yacht club, 170-plus shops and restaurants, the Regent hotel and the SIRO wellness hotel at Boka Place around it. If a berth is the point of the purchase, this is the address.
Luštica Bay has a marina too, at Marina Village, around 115 berths beside the Chedi hotel and five beach clubs, but it is one part of a much bigger resort rather than the whole idea. You buy Luštica Bay for the land, the golf and the community, not for the berth.
What you can buy, and for how much
In Porto Montenegro the new-build today is three projects. Vero is the larger one, 155 homes with a retail and dining village and a podium pool, from €412,000, handover Q4 2028. Versa is its boutique sister, 47 homes, rooftop pool and gym, from €441,000, same Q4 2028 handover. Boka Place is the branded, move-in-ready option, managed by Kerzner with the SIRO wellness hotel, with a couple of units left from around €999,000.
Luštica Bay is a whole menu because it is a whole town. Centrale is the year-round town centre and the lowest entry into the resort, studios from €333,000. Heights is the accessible golf-view apartments, from €390,000. Horizon is the hillside apartments with a private Clubhouse and buyer-friendly post-delivery payment terms, from around €695,500. And The Peaks is the golf neighbourhood proper, the Botanika villas, townhouses and apartments on the Gary Player course, from €859,000 for a two-bed apartment up to roughly €4.2M for a four-bed villa.
Tax and buying, the same for both
Both sit in Montenegro, so the buying rules are identical. Annual property tax runs 0.35% to 0.6%. Buying new-build direct from the developer, there is no transfer tax; on resale it is 3% to 6%. Capital gains and net rental income are each taxed at a flat 15%. Montenegro is an EU candidate, with accession talked about for 2028 to 2030, and national prices grew around 20% in 2025. I sell new-build, but resale is what sets the floor under both of these, so I always look at both before quoting you a number.
My honest take
What I actually tell buyers
Luštica Bay is the most civilised wide-open place in Montenegro. Within it, I match the neighbourhood to the buyer: Centrale for families, you are buying an outdoor childhood, courts and greenery and a school; Horizon for the best views and everyday beauty; Heights a notch below Horizon but still lovely and the cheaper way into the golf side; The Peaks for the golf and the high-end villa. The detail people miss: there is a 24/7 medical centre on site, with a hospital and school being built. If you are retiring somewhere far from a hospital, that matters. The catch is honest too, from Heights and The Peaks you are taking a cart or a bus down to the sea.
Porto Montenegro is the opposite bet. It is denser and it costs more per square metre. What you are paying for is a finished, proven, liquid location and the marina, not potential. If the berth or the walk-everywhere town life is the reason you are buying, it is worth it. If it is not, your money buys more life at Luštica Bay.
See the actual homes
Every project below is one I represent directly. Open the page for prices, floor plans and current availability.
Questions buyers ask me
Not sure which fits you?
Tell me how you would actually use it, boat, family, golf, rental, and your budget, and I will tell you which one to buy and which unit, with the live price list. I represent both, so I have no reason to push you one way.
Ask AnaAna Pajkovic is an authorised sales partner for both Porto Montenegro (Vero, Versa, Boka Place) and Luštica Bay (Centrale, Heights, Horizon, The Peaks). Prices, availability and handover dates are from developer stock lists as of mid-2026 and change; confirm the current figures before deciding.