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A New Trend: Tourism in the Balkans

Europe is a well-known tourist destination, but it still has hidden gems that many tourists are not yet familiar with. While many famous cities and resorts across Europe post modest results in 2019, the Balkans have experienced a surge in popularity. Indeed, this region has much to offer, from amazing coastal areas to beautiful mountains and UNESCO World Heritage Sites.

Montenegro has been one of the best performing tourist destinations in the region. Hotels in Podgorica and Budva hotels greet an increasing number of guests these days. The countrywide increase in the number of tourists is 50%. Montenegro has become a particularly popular choice in China – it is the main source market for the Balkan country with a tremendous 150% growth.

Naturally, such a surge in popularity makes the Balkans an interesting market for investors. While tourists are enchanted by the dramatic landscapes of this country, businesses like the local economic system and low corporate taxes. Slowly, tourism turns into one of the major contributors to the GDP of Montenegro. Currently, the share of tourism is 20%, and it is expected to grow to 30% by 2028. Foreign investments created as many as 96,000 new jobs in the Western Balkans in 2018. Most of these jobs are in the services industry (hotels, restaurants, etc.). Hoteliers mention that foreign businesses must have a responsible approach, so the hotels they open are beneficial for both owners and local communities.

The Aman Sveti Stefan hotel near Budva is one of the most iconic resorts in Montenegro. Built in the 50s of the previous century, this hotel greeted such stars as Marilyn Monroe and Sophie Loren, and tennis star Novak Djokovic hosted his wedding there in 2014. The luxurious hotel was open after a thorough refurbishment ten years ago, marking the revival of the luxury tourism to Montenegro. Soon the country will get another 5-star resort – the Dormitur Hotel in Zabljak with 70 exclusive rooms, two swimming pools, two restaurants, a club for children, and a spa.

As Montenegro attracts many luxury travelers, the country launched super projects like Porto Montenegro. This is a 450 million euro project that includes a marina for yachts and superyachts with 850 berths, luxury villas, a five-star hotel, a museum, shopping centers, and a helipad. The major idea is focusing on quality over quantity, and this may be the right choice for sustainability and development of tourism for a small country like Montenegro.

03.11.2019

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