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News 25 Jun 12

Three Russians Dominate Montenegro's Coast

A group of Russian businessmen bought more than half a million sqaure meters of land on the Montenegrin coast.

Milena Milosevic
BIRN
Podgorica

Igor Peljuhno, Naum Emiljfarb and Igor Calpidin are currently the most important “players in Montenegro's real estate market,” according to the Podgorica-based newspaper Vijesti.

Over the last two years, they founded six companies and bought land in some of the best locations in this small, tourism-oriented country, including in Budva, St. Stephen, Milocer, Kotor, and in the mountain resort Kolasin.

Following the country's independence in 2006, the Montenegrin coast experienced a construction boom, which was primarily led by Russian-owned companies.

With the first signs of the financial crisis, many construction projects were stalled and several apartments remained empty or un-finished.

Pehuljno, Emiljfarb and Caplidin were among the few investors who had enough money to continue building hotels and apartments.

With 16.5 million euro, the three businessmen undertook an ambitious project, which involves the construction of apartments at Zavala hill, with views of Budva's old town.

The construction of apartments at Zavala hill began in 2007, with the investment of Russian billionaire Sergei Polonski.

When Polonski suffered a financial breakdown in 2009, the construction was stalled even though some apartments were already sold.

Construction at Zavala was fiercely criticized by the civil society. The opposition accused investors of illegal construction with help from the government and Budva's officials.

Eleven people were prosecuted for their involvement in the illegal construction at Zvala hill and received a total of 30 years in prison.

Despite the legal setbacks, the project at Zavala hill is scheduled for completion by June 1, 2013, under the name "Dokley gardens.”

 

 

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