Fewer than 10% of golf courses worldwide offer sea views from every hole. At Luštica Bay, Montenegro’s first and only championship course, designed by the legendary Gary Player, delivers exactly that, with fairways tracing the hillside between the Adriatic Sea and the UNESCO-protected Boka Bay. The Peaks is the residential neighborhood woven directly into this landscape: a curated collection of apartments, townhouses, and villas that represent the most elevated address already home to more than 700 families from over 50 countries.
Developed by Luštica Development Inc., a joint venture between Swiss-based Orascom Development Holding and the Government of Montenegro, Luštica Bay represents a €1.5 billion master-planned development. The destination has already attracted over €700 million in funding to date, with more than 1,000 properties sold.
Montenegro’s Premier Golf Neighborhood
The Peaks positions refined coastal architecture within a rare sporting landscape, offering residents a lifestyle defined by nature, design, and access to world-class golf infrastructure.
Living on the Fairways
The Peaks marks Montenegro’s first golf-side residential community, where homes are integrated directly into the championship course terrain. Residences capture panoramic views of the fairways, the open Adriatic, and the dramatic silhouette of Boka Bay, a UNESCO World Heritage setting that few golf developments anywhere can rival.
The 18-hole, par-72 course spans 36 hectares of dedicated golfing area, with dramatic elevation changes ranging from 130 to 310 meters above sea level. Three holes are currently open for play, with nine holes expected between autumn 2026 and May 2027, and the full 18 holes anticipated between autumn 2028 and May 2029. The ClubHouse already serves as the neighborhood’s social hub, offering a restaurant, driving range, golf academy, pro shop, and a high-tech simulator.
Architecture throughout The Peaks draws on locally sourced stone and wood, blending Montenegrin character with contemporary open-plan layouts. Light-filled interiors, generous glazing, and earthy finishes define the residential style, while select homes feature private pools, landscaped terraces, and outdoor kitchens designed for Mediterranean living.
Featured Residences at The Peaks
The Peaks offers three distinct property types, apartments, townhouses, and villas, each positioned to maximize golf course and sea views while providing a considered balance of privacy and community access.
The Peaks Apartment, Luštica Bay, Montenegro
Price: €859,000
Beds/Baths: 2 beds, 2 baths
Size: 106 sqm
This two-bedroom apartment offers 87.55 square meters of carefully composed interiors alongside an 18.13-square-meter terrace with long views over the greens and the Adriatic. An open-plan kitchen, dining, and living area connects seamlessly to the outdoors, finished with porcelain tiles in stone and terrazzo tones and a kitchen fitted with Miele appliances. Residents enjoy access to the neighborhood pool, landscaped communal areas, and convenient parking. Optional upgrades range from parquet flooring to bespoke wardrobes and premium bathroom fittings.
The Peaks Townhouse, Luštica Bay, Montenegro
Price: €2,670,000
Beds/Baths: 3 beds, 3 baths
Size: 206 sqm, 751 sqm lot
Set directly overlooking the course’s 5th hole and the UNESCO-protected Boka Bay, this townhouse occupies one of the most private positions within The Peaks, with very few neighboring homes. The design blurs the distinction between townhouse and villa, unfolding across two levels with a dramatic double-height living area anchored by a fireplace. Three en-suite bedrooms are arranged for privacy, with the master suite opening onto a 71-square-meter green roof terrace. Outside, a 30.6-square-meter private pool is paired with 75 square meters of terraces, a shaded pergola, and an optional summer kitchen upgrade. A Nolte kitchen fitted with Miele appliances, underfloor heating in all bathrooms, and wind-free air conditioning complete the specification.
The Peaks Villa, Luštica Bay, Montenegro
Price: €4,232,000
Beds/Baths: 4 beds, 5 baths
Size: 385 sqm, 1,201 sqm lot
Occupying a 1,201-square-meter hillside plot with direct views over golf holes 3 and 4, this villa represents the most expansive offering within the four-villa collection at The Peaks. Villas of this calibre are exceptionally rare on the market, and this thoughtfully designed residence occupies one of the most distinctive positions within the project, offering uninterrupted views of the Adriatic and the UNESCO-protected Boka Bay, an exceptional setting that reinforces both its exclusivity and long-term value.
The ground floor centers on open-plan living and dining spaces with a fireplace, while the upper level houses four bedrooms, each with sea or golf course outlooks. The master suite includes a walk-in wardrobe, en-suite bathroom, and private terrace. Outdoor spaces encompass a 37-square-meter private pool, 146.85 square meters of paved terraces, and an elegant stone patio with an outdoor kitchen, designed for the long, warm evenings that define the Montenegrin coast. All 4.5 bathrooms feature premium ceramics and underfloor heating, and a dedicated 30-square-meter garage provides practical convenience.
A Coastal Town With Global Ambition
The Peaks forms part of a broader destination that combines year-round community infrastructure, award-winning hospitality, and a compelling investment framework on one of the Adriatic’s most scenic peninsulas.
Luštica Bay and the Montenegrin Riviera
Luštica Bay occupies 690 hectares of the Luštica Peninsula, where the Adriatic meets the entrance to Boka Bay, a setting of exceptional natural beauty framed by mountains and clear waters. Neighbourhoods will occupy just 10% of the landscape, leaving vast areas preserved as green space with native plant life.
Three international airports serve the destination: Tivat is just 12 kilometers away, Dubrovnik in neighboring Croatia is 62 kilometers, and the capital Podgorica sits 92 kilometers inland. Direct flights connect to most major European capitals within three hours, making the location highly accessible for international buyers and visitors.
Beyond the golf course, residents of The Peaks enjoy access to the wider Luštica Bay ecosystem: five beaches, a 115-berth marina, The Chedi five-star hotel, recently awarded a Michelin Key, and its award-winning spa, multiple restaurants spanning Mediterranean and Japanese cuisine, sports courts for tennis, padel, basketball, and beach volleyball, two kids’ clubs, and the vibrant Piazza Centrale with its cafés, shops, and everyday services. The 4.9-kilometer Lungo Mare coastal path, currently 1.8 kilometers in operation, will eventually connect the entire community along the waterfront. Homeowners at The Peaks also receive special privileges across the destination, and buyers of off-plan residences enjoy a complimentary seven-day stay annually during the construction period.
Investment Landscape and Buyer Framework
Upon full completion, the €1.5 billion development, the largest greenfield investment in Montenegro and one of the largest in South-East Europe, will comprise over 3,000 apartments, more than 300 sea-view villas, seven hotels, two marinas, and an international school, supporting a projected resident population of around 6,000.
Property values at Luštica Bay have demonstrated a historical average annual appreciation of approximately 13%, with additional growth anticipated as the golf course reaches its 9-hole and 18-hole milestones. Montenegro’s favorable tax environment reinforces the investment case: properties purchased directly from the developer, including at Luštica Bay, are exempt from property transfer tax. Rental income is subject to a 15% tax applied to 30% of the revenue (an effective rate of 4.5%), corporate income tax starts from 9%, and capital gains tax is set at 15%. There is no inheritance tax on real estate for immediate family members, and Montenegro maintains double-taxation avoidance treaties with over 40 countries.
The current payment structure for The Peaks residences offers up to 12 quarterly installments during construction followed by 8 quarterly installments post-handover, all interest-free. Owners can move in or begin generating rental income immediately after handover through Luštica Bay’s professional rental service, while full ownership is granted upon final payment. Montenegro also offers foreign buyers equal property ownership rights, simplified registration, and renewable residency through property ownership, all conducted in euros, eliminating exchange-rate risk.
As an EU candidate country with anticipated accession by 2028, a NATO member since 2017, and a nation ranked 35th globally in the 2024 Global Peace Index, Montenegro presents a stable political and economic environment. Real estate prices remain competitive relative to comparable Mediterranean destinations in Portugal, Spain, and Croatia, positioning early investment in Luštica Bay as an opportunity to secure prime Adriatic real estate ahead of full market maturity.
A Rare Convergence of Golf, Sea, and Community
The Peaks at Luštica Bay offers an uncommon proposition: residences positioned along a championship golf course with Adriatic and UNESCO-protected bay views, set within a fully integrated coastal town backed by over €700 million in existing infrastructure. Whether as a private retreat, a rental investment, or a long-term relocation, the development combines Montenegro’s natural beauty with the credibility of an internationally backed masterplan at a pivotal stage of growth. For more information, contact Luštica Bay via the form below:
