Budva is a town on the Budva Riviera in Montenegro which is a popular tourist resort in the summer months. Although it contains a number of abandoned properties, it has been undergoing a rapid redevelopment since independence in 2008 and is now the town with the most millionaires per capita in Europe, even more than Monaco.
Locally, Budva is referred to as the Montenegrin Kuwait, because of its number of millionaires compared to its small population. Following a real estate boom in 2000s, many native families sold their properties in and around Budva to foreign buyers, mostly Russians, Austrians and Italians. Once barren and undeveloped fields of steep hillsides are being sold for hundreds euros per square meter. This resulted in a once poor fisherman’s village to become a town with the most millionaires per capita in Europe, about 500 for the population of around 22,000 in whole municipality. Many of the newly rich re-invested their money in real-estate, buying flats in central Podgorica and Belgrade, which further raised the prices of living space in Podgorica.
The following pictures are of an abandoned mansion on the seafront in Budva taken in April. Our research sadly failed to turn up any information about the property or how it ended up in it’s derelict state however this is the history of the city from Visit-Montenegro.com –
Budva – and ancient town, next to the very coast, hides a rich historical past. The distant past reaches back to the V century B.C. According to the numerous legends Budva was firstly the Illyrian town. Its first inhabitants were the King of the historically well-known Thebe – Kadmo and the Queen Harmonia.
Already in the II century B.C. Budva falls under the Romans. On its territory at that time the trading was very developed. The citizens were engaged in raising grapes and olives. After the fall of the Roman Empire, in Budva began the period of Byzantium reign. The struggle of people from Budva against Byzantium began in 535 year. The fall of the Byzantium reign happened after the arrival of the Nemanjic dynasty on the territory of the former Montenegrin coast (1184. – 1186.).
Still, the greatest bloom Budva experienced in the Middle century during the period of life of Serbian emperor Dusan. At that time Budva got its statute, in which the new conditions of life in the Middle century are described.
Under the reign of the Venetian Republic, Budva falls in 1442. Beside the oppression by the Venetians, the troubles of citizens of Budva came also from the Turks, who often invade Budva and surrounding places and they as well fight with the Venetians. Budva is bearing the brunt between the two belligerent sides, all the time until the beginning of the XVIII century.
In 1807. Budva is taken over by the French, and in 1813. it falls under the Austro – Hungarian reign, which governs Budva for the next one hundred years. Ravaged and impoverished Budva, under the reign of the Austro – Hungary awaits the I World War, that is, the year 1914. The liberation from the Austro – Hungarian monarchy came in 1918.
Still, that was just a pause until the II World War, because already in 1941 Budva and its surrounding were again occupied, this time by Italy. The liberation from the Nazi reign Budva awaited on the 22nd of November 1944.
Location: Budva, Montenegro