The peninsula Lustica on the entrance to bay of Boka Kotorska without the water and sewerage infrastructure, with a bad electrical system, weak connection with the rest of the Municipality, especially with Herceg Novi, for decades was out of the interest of the constructors and tourists.
That was probably contributed the fact that this part of Boka Kotorska was of a military and geo strategic interest. After it lost that significance, Lustica has become the most attractive zone for the construction of houses for rest, but also for the construction of tourist contents.
Among the most famous owners of the new complexes on Lustica is by all means the Moscow Mayor Jurij Luskov, who this summer bought, the first of four thousand, and then another three thousand m2. Recently he was mentioned because of the 3m stone wall which he has surrounded his property, and which is not signed in the urban plan. On Lustica there is another big “Russian lodgment” Velji Kam. Above the plantation Dobrec, KMG corp. from Herceg Novi, they have the Swedish capital funds, registered in the October of previous year as an association for traffic of real estates, construction and services, is the owner of 108.000 m2, and they are interested for the purchase of the surrounding land of about 30.000 m2. In that part of Boka they are planning the construction of the tourist complex, with a golf terrain, as well as in the hinterland of Herceg Novi, in the village Trebesin, where the Swedish company owns 80.000 m2 of land. In Herceg Novi Old town they have bought two old objects which they intend to rebuild and renew. In February KMG CORP has bought 107, 9 thousands of m2 and an old Austrian fortress on the hill Vrmac, which belonged to Kotor’s “Jugooceanija” for 2, 35 millions of euros. German company ADAC bought from the army on Lustica a tunnel for submarines – Potkop and some other facilities.
Russian – Montenegrin – Serbian consortium VEK (ZA0) – Commercial Bank and ZAO trust KOKSOKHIMMONTAZ from Moscow, Tradeunique Budva and RGC Invest Herceg Novi is the owner of more than 10 hundred thousand m2 of land on Arza. They intend to buy more land on which they intend to build tourist capacities. American businessman from these areas Branko Tupanjac is also interested for Lustica, and he is not giving up on the idea to buy 1 million of m2 of land. Recently a part of the shore near Miriste on Lustica and in Zabrdje was sold. The prices in the meantime are rashly rising. The local people say that m2 of the land is now being sold up to 300 €.