A British couple has spent 12 years transforming the ruins of a stone house in Montenegro into their dream home, an extensive project that began in 2006 and was completed in 2025. Charlotte and Luke Graham, originally from Kent, were drawn to Montenegro by its natural beauty, affordable property prices, and the potential they saw in the country’s developing real estate market.
Charlotte Graham, who sold a stake in her photo production company two decades ago, wanted to invest in property with an interior design focus. The couple initially considered Croatia but shifted their attention to Montenegro due to its use of the euro and lower prices. They were attracted by the prospects of Porto Montenegro, a marina under construction at the time, which was expected to become a luxury destination in eastern Europe.
During a brief visit in 2006, the Grahams explored the Bay of Kotor region. Despite facing competition from international buyers, they settled on a plot near the village of Prcanj, on a hill overlooking the bay with views of the sea and mountains. For €120,000, they purchased a property that consisted only of foundations and remnants of a Venetian-style stone house. The transaction was reportedly straightforward due to Montenegro’s clear land registries.
The couple engaged architect Snezana Jackson, a UK-based Serbian, who designed a modern three-bedroom villa, each with a balcony facing the sea. After obtaining a building permit in 2012 and starting construction in 2013, the project faced rising costs and required the termination of the initial building contract. Subsequent hires included local builders introduced through a Montenegrin project administrator, and cabinetry and joinery were provided by Lighthouse Solutions, a yacht outfitting company.
Project management was primarily remote, coordinated via Skype, with the Grahams visiting two to three times annually. They encountered bureaucratic hurdles including prolonged waits in municipal offices for necessary permits and approvals, a situation Charlotte described as reminiscent of outdated systems reliant on paper documentation.
By 2019, the house was habitable, featuring running water, a septic system, and a backup water tank. Landscaping, managed by Katarina Krasan of Projektor Architects, included a swimming pool finished in silvery-grey tiles, chosen to avoid conventional bright colors. The total investment reached an estimated €1.5 million (£1.3 million).
Since completing the renovation, the Grahams have been renting the property via Airbnb and are considering selling it later this year. Charlotte believes the property could fetch around £1.8 million, potentially returning a 20% profit. She remains optimistic about Montenegro’s real estate prospects, citing the country’s ongoing efforts to join the European Union within two years and the introduction of a visa program for property buyers investing over €150,000, which offers a renewable 12-month residency permit and the possibility of permanent residency after five years.
Charlotte advises prospective buyers to engage reputable estate agents, such as Savills, Sotheby’s, or NTRealty, to ensure legal compliance and clear titles. Though proud of their renovated home, the couple expressed a desire to move on, noting that the project often felt like a second job alongside their regular careers. Nonetheless, they cherish Montenegro’s natural attractions, including the Adriatic coast, national parks, UNESCO sites, and nearby Skadar Lake, calling the area a “special part of the world” that has left a lasting impression.