Luštica Bay: over €600 million in investments and the launch of a golf course in 2029
Luštica Bay is the largest and most ambitious investment project on Montenegro’s coast. According to the developer, more than 600 million euros have already been invested in construction, while only 25% of the total planned development has been completed so far. The full scope and...
Luštica Bay is the largest and most ambitious investment project on Montenegro’s coast. According to the developer, more than 600 million euros has already been invested in construction, while only 25% of the total planned development has been completed so far. The total investment volume may reach 1.6 billion euros, making Luštica Bay the country’s largest greenfield project.
A new city by the sea
The Luštica Bay project is being developed on an area of 7 million square meters in a picturesque bay on the Luštica Peninsula. It is the first fully planned city in Montenegro, being built from scratch. The developer is Luštica Development, a joint venture between the Government of Montenegro and the international group Orascom Development Holding (Switzerland and Egypt).
The following is planned to be built:
more than 3,000 residential units: apartments, residences, luxury villas;
8 hotels, including the already operating The Chedi Luštica Bay (opened in 2018);
marinas with 220 berths;
Montenegro’s first golf course with 18 holes;
public and medical infrastructure facilities, educational institutions, retail and sports areas.
To date, the following have been built: the first marina, five equipped beaches, the main road junctions, and more than 1,000 sold real estate units.
A world-class golf resort: The Peaks
One of the key new additions will be Montenegro’s first golf course, located in the The Peaks area — an exclusive residential zone with panoramic villas and apartments.
The course was designed by the legendary South African golfer Gary Player. It will consist of 18 holes with sea views, and the course itself is among the 10% most exclusive golf locations in the world.
The first phase of the course is already complete, with full completion expected by the end of 2028, and the opening planned for the 2029 season.
The golf resort will also include a five-star golf hotel, focused on MICE tourism (conferences and events), the wellness segment, and premium leisure.
Strong demand for real estate: sales even before construction is completed
According to Luštica Development, most new properties are sold at the design stage. The average price varies depending on the type of housing, size, and location — from several hundred thousand to several million euros.
Investors and buyers come from more than 50 countries, making the project globally in demand. Demand has remained consistently high for several years now.
The marina, beaches, and lifestyle
Today, Luštica Bay has a marina with 115 berths (up to 45 m in length), and new areas are also being developed with:
5 beaches — Chedi, Almara, Pecka, Marina, Azzure;
restaurants, shops, and cultural spaces;
convenient internal transport, including water taxi to the beaches.
Luštica Bay is already actively hosting cultural and music events — one of the latest was a concert by Vasil Hadžimanov, held outdoors in the new residential area.
Sustainable development and environmental responsibility
Luštica Bay is being built in line with ESG principles, sustainability, and environmental integration:
only 10% of the territory is being developed, while the rest remains natural;
local stone and materials are used , including hand processing;
The Chedi hotel is in the process of obtaining Zero Waste certification, with the goal of achieving carbon neutrality by 2030.
In addition, the project actively supports local communities, investing in education, sports, and culture. The total amount invested in social responsibility projects has already reached 2.78 million euros.
Economic impact: jobs and local benefits
At present, Luštica Bay provides 636 permanent jobs, of which more than 400 are residents of Boka and Tivat. During the summer season, up to 300 temporary employees are additionally hired.
The project has a positive impact on the development of tourism, the local economy, and Montenegro’s positioning as a sustainable and premium destination for living and investment.
