Emerging market focus: Montenegro

How badly has the construction market been hit by the credit crunch?

Montenegro has a critical lack of investors for some of its biggest projects - a situation that can be attributed in part to the crunch, but also to the country having been traditionally low on investors' radar. Ministers hope that a boom in tourism will fuel appetite for overseas developers and investors. “We have a big number of projects,” says minister of economic development Branimir Gvozdenovic, “and when investors come, we can start working very quickly.”

What markets are set for a boom?

Hotels and leisure are the big markets here. Montenegro is one of the three fastest-growing tourist destinations in the world, and its infrastructure desperately needs to keep up.

What kind of reception can UK firms expect?

Montenegro is ready to welcome foreign expertise with open arms, as demonstrated by the international shortlist for its Velika Plaza project, which included UK, US and Italian companies alongside the winning Dutch bidder.

Credit: Nictalopen

Cetinje in Montenegro may get chilly in winter, but there's a warm welcome for foreign developers

What are the locals saying?

“We are even trying to persuade India to shoot their movies in Montenegro, to take advantage of our natural environment.”

Building's market potential rating: 6/10