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Russian billionaires are buying up coastal Montenegro despite the ongoing global
Russian billionaires are buying up coastal Montenegro despite the ongoing global financial crisis, The New York Times reported on Sunday.

In the past few years, land on the Montenegrin coast has become a fashionable alternative to the south of France and coastal Turkey for wealthy Russians, the paper said.

According to the paper, suitcases of cash and Russian-owned yachts keep arriving in the idyllic town of Budva on the Adriatic, which has helped Montenegro earn the nickname Moscow-on-the-Sea.

One of the biggest projects by Russian investors includes investment of $310 million and plans to build a 27-floor modernist hotel, luxury seaside villas, docks for the yachts of the Russian superrich and a water park for their children, the paper said.

According to The New York Times, more than half of luxury condominiums in a new complex in Montenegro, which sell for more than $10,400 per square foot, has already been sold to executives of giant Russian companies like Gazprom, LUKoil and VTB. They paid upfront and in cash, the paper said.

"Thanks in large part to wealthy Russians, Montenegro has received more foreign investment per capita than any other country on the Continent," the paper said.


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