U11-003. Top first line plot with ruin in Risan, Boka Bay
This property offers a remarkable investment opportunity, especially given its prime location by the Risan Bay and its development potential. Below is a breakdown of the details and development possibilities based on the provided information:
Key Property Details
Land Area: 2,500 m²
Existing Palace Area: 2,000 m² (historic value may need to be considered)
Maximum Built-up Index: 0.3 while the maximum occupation index is 0.9
Current Building Footprint: 358 m²
Permitted Construction: Ground floor + 3 floors
Total height: Up to 4 stories.
Investment Potential
Location Advantage:
Situated in the first row to the sea, providing unobstructed views of Risan Bay.
Risan Bay is an up-and-coming area with increasing popularity among investors.
Development Possibilities:
Residential Complex: With the built-up index, you can develop up to 750 m² of total floor area across four levels, suitable for luxury apartments or villas.
Commercial/Hotel Development: The proximity to the sea makes this property ideal for a boutique hotel, combining the historic palace with modern amenities.
Mixed-Use Project: Combine residential, commercial, and recreational spaces to maximize usability and profitability.
Preservation and Renovation:
The old palace can be restored and integrated into the development, potentially increasing its market appeal, especially for high-end projects.
Market Context:
Risan Bay is becoming a hotspot for tourism and real estate investment due to its coastal charm and strategic location in Montenegro.
Development Constraints
Preservation Regulations:
If the old palace is listed as a cultural heritage site, construction and renovation might require approvals from local heritage authorities.
Index Restrictions:
The built-up and occupation indexes limit the overall floor area and footprint, so efficient architectural planning is crucial.
Engage architects and urban planners to design a concept maximizing the allowable construction area while preserving the old palace.
Investigate the historical value of the existing structure, as restoring it could add significant value.
Explore partnerships with local developers or tourism operators to develop a high-end project.
This property has strong potential for high returns, particularly in Montenegro's growing coastal real estate market.
