Things have slowed down a great deal in Montenegro since the global financial slowdown began. There has been a severe reduction in the number of buyers in the market, and the country's economy is shrinking. But it "couldn't have come at a better time" according to Montenegro architect Robin Gellately Smith of Kotor based Total Group.
Robin explained How Montenegro's slow planning approvals process, which was a source of developer's anger a few months ago is now viewed by many as their saviour because:
"Most [developers] would have found themselves in a bit of bother if everything had gone ahead as planned. They would be in financial difficulty with a built, or partly built, project and no buyers. 'Off plans' with some of the units pre-sold would come to a stop as contracts to complete on already sold units could not be finished. As it is most of our clients are merely in a land bank holding situation and can wait for better times."