The Montenegrin government has issued a construction permit for the luxurious tourist complex “Smokva Bay” to the Russian companies V.A.S.Invest and Boticceli land development. This luxury complex near Razevica will have 4 and 5-star components. The two companies are preparing ground for the construction, which should be finished within 12 months including the infrastructure and roads for the complex. The Russians plan to build what they see as the most luxurious complex in this part of Adriatic Sea. The project’s value is estimated at €200m and will offer 3 luxury hotels with 1,300 beds in a building offering a total of 120,000 sqm. They plan to start construction of the hotel in 2019. The investors bought the 13 ha plot in Smokvica ten years ago, paying €20m for it, of which the municipality of Budva received €13m.
