At RE:D 2026, every panel circled the same risk: airport capacity. Real estate is derived demand, and demand can't derive from people who can't land.
Now the government is awarding a 30-year concession for Tivat and Podgorica airports to Korea's Incheon consortium. State assets in the procedure: €264.4M. Projected effects to the State: at least €1 billion over the term. Parliament still has to ratify. Watch that, not the announcement.
Tivat runs 58 direct routes this summer through a terminal built for far less. Incheon isn't buying buildings; it's buying the bottleneck.
To be clear about the limits: the concession fixes terminals, not the Tivat to Budva summer crawl, not night flights. Those stay on the government's desk.
What I'd watch: the ratification vote, then the first published expansion timeline.