Žabljak without the gloss: where the money is, and where the risk
Aman is building a €35M resort where a hotel failed to sell across 16 auctions — and new-builds already cost as much as in Budva. A no-gloss breakdown.
What the luxury brand is, and why it is a signal
On the site of the old “Durmitor” hotel, a luxury resort managed by Aman is going up: 12 villas and bungalows, about €5M already invested and roughly €35M more announced. To be honest, the project is in delivery and under review, so it is “being built”, not “operating”. But even as an intention, it is a repricing of a spot that no one took across 16 auctions in a row.
Why the mountain overtook the sea
Two seasons instead of one. The 2025 record — 150,000+ overnight stays, guests from 125 countries; seasonality is being pushed from ~2.3x down toward 1.6x. Plus the climate: the Alps are overheating. “The Balkan Alps” is the municipality’s own positioning (a forum with Tyrol; around a million overnight stays in the Zillertal).
Why now, and not in a couple of years
The wave is building: another 22,000 m² complex, public and EU money, EU accession around 2028. From practice: new-builds from €3,500/m² — Budva and Herceg Novi level, rare for the north; demand proven by price. The developer’s window is here — land and construction costs are lower, and that is where the margin is.
Where the risk is
By 2027 about 320 new units will hit the market — a risk of oversupply and a fight over timing and staff. Infrastructure is worn out and projects move slowly. The letter from Djokovic’s foundation about a kindergarten and courts is philanthropy, not a home purchase.
What this means for whoever builds here
In a single town, luxury, public and EU money, EU on the horizon and a revived ski resort have all come together — at a cost base below the coast. Such an alignment does not last long, which is why I am building now, not “once everything settles”.
Sources
- Aman / “Durmitor” — pvportal.me, 12 May 2026 (originally Pobjeda)
- Forum with Tyrol — zabljak.me, 20 May 2026
- Savin Kuk — rtnk.me, 22 Dec 2025; mondo.me, 24 Apr 2026
- UNESCO / Durmitor — tozabljak.com
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FAQ
Is Aman already operating in Žabljak?
No. The project is announced and under construction, with a review under way.
Is it true that Žabljak overtook the coast?
Yes — by the end of 2025, 150,000+ overnight stays.
How much does property cost?
New-builds from €3,500/m², Budva level; the cost base is lower — and that is where the margin is.
Is Djokovic investing in real estate?
No — it is philanthropy and a signal of trust.
