valnet, this is the first time I've spotted the New and Emerging Property Markets section, otherwise I would have responded sooner. I like Montenegro, but am unlikely to invest unless mortgages (with decent interest rates) become more readily available over there or I can find a fund (closed ended) that focusses in that area. If you have news on those fronts I'd be interested to hear about it.

Do you have any dealings with neighbouring countries (I'm thinking Serbia and Albania) or are your interests solely in Montenegro? (I feel the markets are considerably less mature in these locations.)