Condotels to replace luxury hotels - Two more companies to start construction in Budva

Although the Budva municipality has offered the most favorable terms, cutting utility costs by as much as 70 percent and announcing that all those building high-category hotels will be freed from such costs, investors now, almost as a rule, choose not to invest their capital in the hotel business. Instead of a hotel destination, Budva will most likely become known as a condotel destination. Basically, condotels are privately-owned suites that are put up for sale by investors and later rented out by owners during the season, with the help of investors.

The popularity of condotels is also confirmed by the announcement from Rafailovici, where the Ministry of Sustainable Development and Tourism already issued a building permit for two condotels with maximum 12 floors to companies Nivel invest and Luzitanos invest.