Banking Business or Urban Chaos?
Did you know that Prva Banka, known for holding onto prime parcels in Budva for years, has finally sold one? Yes, you read that right! A 2,680 square meter plot, located right next to the new Budva bypass and the mega shopping center Mega Mall, was sold for a staggering €2.1 million.
Who’s the new owner?
The buyer is Euro Truck Montenegro, a company linked to businessman Aco Đukanović. This firm, registered for trading parts and equipment for motor vehicles, took out a multi-million euro loan from Prva Banka, which registered a mortgage on the land as collateral for the €2.1 million loan with a 10-year repayment term.
Why does this matter?
The land is in the Boljači Do neighborhood, on the right side of the Adriatic highway, about a kilometer from the coast and two kilometers from Budva’s old town. The location is extremely attractive, with the possibility of connecting to all city infrastructure. Although the plot is not urbanized, the municipality of Budva is currently preparing planning documentation, meaning serious construction is on the horizon.
Banking maneuver or strategic investment?
Prva Banka has been trying for years to sell about ten attractive parcels in the Budva municipality, but without success. This sale is part of a broader trend where the bank transfers properties linked to well-known businessmen, including a complex in Miločer Park, sold four years ago to the Podgorica company Easy Drive, also connected to Aco Mijajlović, former co-owner of the construction company Bemax.
What does this mean for Budva?
The construction of a new shopping mall and luxury residential area in Budva’s hinterland indicates that this part of Montenegro is rapidly urbanizing and commercializing. Is this an opportunity for development or the start of urban chaos? With multi-million euro loans and mortgages attached to these properties, it’s clear this is serious business with high stakes.
Conclusion
Prva Banka has finally managed to sell one of its most attractive parcels, but the question remains – who will profit in the end? Are the citizens of Budva ready for this kind of development, or will they face the consequences of over-urbanization?
If you have thoughts on this, or maybe a good joke about banks and real estate, feel free to drop it in the comments. Let the conversation roll!
