Brief History of Sveti Stefan

This property sits above the historic Sveti Stefan Island, the capital city for the Paštrovići tribe for over 500 years.  In the 1930s, Queen Marija Karađođević of Yugoslavia purchased land on the neighboring beach and constructed Villa Miločer for her summer residence.

After World War II, Sveti Stefan was turned into a stunning luxury hotel and casino and quickly became a celebrity enclave.

In 2007, Aman Resorts was awarded a thirty-year lease and took over operations of both Sveti Stefan and Miločer.  It became their fourth most profitable resort.

Visit Aman Sveti Stefan’s Website

Property Overview

In the 2000s, the property was incorporated from over 40 separate parcels into four large parcels (1606, 1607, 1608, 1609) which comprise 229,977 total square meters (56.8 acres).  Each of the fifty-six owners are given a fractional interest in all four parcels depending upon how many square meters they own.  Please see the drone videos below.

© Meghan Lamb

Panoramic Frontal

© Meghan Lamb

Parcel 1606

© Meghan Lamb

Parcel 1609

© Meghan Lamb

Southern View

© Meghan Lamb

Topography

Luštica Bay
Luštica Bay

A chic commercial and residential development about 50 minutes from the property.  It will include Chedi and Ritz-Carlton resorts in addition to a Gary Player 18-hole championship golf course.

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Bordering Parcels

There is road access to parcels 1606, 1607, and 1608 (red arrow). This road stretches from the main coastal highway through a neighboring village to St. Sava church. According to local authorities, they are building a new road that will be able to access parcel 1609 from the south (purple arrow). This route, when completed, will be closer to the coastal highway.

To gain immediate access to the coastal highway, though, the purchaser would need to acquire additional square meters. There is a natural inlet that can be used as a point of entry up the right side of the parcel (white arrow). Access to the main road can also be achieved by purchasing parcels just south (blue arrows).

There are numerous small parcels below the property that could provide additional space for a promenade of cafés, bars, and restaurants that will all have an unobstructed view of the island (green arrows).

There is currently one establishment on the main road above Sveti Stefan where one can relax and take in the view (yellow arrow).

© Meghan Lamb

Bordering Parcels Video

Local Developments

The Montenegrin government energetically promoted international investment and created a thriving, upmarket tourist industry.  With a population of just 700,000 people, there are now a remarkable 22 five-star properties that are active or under construction.

Notable properties:

Porto Montenegro
Porto Montenegro

“Porto Montenegro is becoming the ultimate superyacht sanctuary along the Adriatic coast” (Forbes).  Just 45 minutes from the property, it includes a Regent hotel, multiple residential developments and exclusive dining and retail.

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Porto Montenegro

Luštica Bay
Luštica Bay

A chic commercial and residential development about 50 minutes from the property anchored by a Chedi resort.

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Luštica Bay

Portonovi
Portonovi

A One&Only resort and marina with an elite retail and residential development near the Medieval city of Herceg Novi.  About 45 minutes away.

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Portonovi

Hotel Maestral Pržno

Located just two minutes away in the intimate fishing village of Pržno, the resort sits on a small, cozy beach and is an excellent location to dine and relax.

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Hotel Maestral Pržno

Mark Mitrovich

+1.617.899.2337
markmitro@gmail.com

Mark is an attorney and former college lecturer who has been engaged in all aspects of Sveti Stefan real estate since 1991.