Real Estate for Sale in Boka Kotorska: Apartments, Villas and Waterfront Properties in Montenegro
Discover apartments, villas, penthouses and waterfront homes for sale across Boka Kotorska — Montenegro's UNESCO-protected bay, prized for its limited supply, strong rental yields and year-round Adriatic lifestyle.
Boka Kotorska — the Bay of Kotor — is the single most photographed stretch of coastline in Montenegro, and increasingly one of the most contested in real estate terms. A fjord-like bay ringed by limestone mountains, UNESCO-protected old towns and a handful of villages that have barely changed in two centuries, it offers something the rest of the Adriatic ran out of years ago: waterfront land that hasn't yet been built out.
International buyers come here for very different reasons. Some want a sea-view apartment in Dobrota they can rent out every summer. Others are looking for a stone house in Perast to restore slowly, or a modern villa above Prčanj with a pool and an uninterrupted view of the water. What they have in common is a sense that Boka Kotorska is still, relatively speaking, an entry point — not a finished market.
This guide walks through what's currently available across the bay: apartments, luxury residences and penthouses, houses, villas, waterfront property, land, and investment opportunities — along with where to buy, what things cost, and what foreign buyers need to know before signing anything.
Table of Content
- Why Buy Property in Boka Kotorska?
- Types of Real Estate for Sale in Boka Kotorska
- Apartments for Sale in Boka Kotorska
- Luxury Residences and Penthouses in Dobrota
- Penthouses for Sale in Kotor Bay
- Houses for Sale in Boka Kotorska
- Villas for Sale in Kotor Bay
- Waterfront Property in Boka Kotorska
- Investment Property in Kotor Bay
- Land for Sale in Boka Kotorska
- Best Places to Buy Real Estate in Boka Kotorska
- Property Prices in Boka Kotorska
- Can Foreigners Buy Property in Montenegro?
- Why Work With Lighthouse Property?
Why Buy Property in Boka Kotorska?
UNESCO-Protected Surroundings
The inner bay — from Kotor's old town to Perast and the islands of Our Lady of the Rocks and St. George — sits within a UNESCO World Heritage Site. That status protects the skyline and the shoreline from the kind of dense, anonymous development that has reshaped parts of Budva and the wider Montenegrin coast. For buyers, it means the view you're paying for today is largely the view you'll still have in ten years.
Strong Demand from International Buyers
Buyers from the UK, Germany, Scandinavia, the Gulf and increasingly North America have been pushing demand across the bay corridor — Kotor, Tivat and the villages in between — well beyond what local supply was built to absorb. Montenegro's continuing progress toward EU membership is part of the draw: buyers who move early are positioning ahead of a convergence in pricing that tends to follow EU accession in other Balkan and Adriatic markets.
Excellent Rental Potential
Boka Kotorska draws visitors for ten to eleven months of the year rather than the strict June-to-September window seen further south on the coast. Sailing season, the cruise-ship calendar in Kotor, and a growing population of remote workers and long-stay visitors all support occupancy outside peak summer, which is reflected in gross rental yields in the region of 4–6% for well-positioned apartments.
Limited Waterfront Development
Topography does the gatekeeping here. The mountains drop almost straight into the sea along much of the bay, so there is a hard physical limit on how much new waterfront stock can ever be built — unlike open coastal strips where development can simply keep extending along the beach.
Year-Round Lifestyle
Beyond the investment case, Boka Kotorska is simply a place people choose to live. Mild winters, a calm pace outside the summer months, good road and ferry connections around the bay, and Tivat's international airport just twenty minutes from Kotor make it realistic as a full-time base rather than only a summer house.
Types of Real Estate for Sale in Boka Kotorska
The bay's inventory spans the full range of the market — from compact resale apartments in established buildings to architect-built villas with private pools and historic stone houses inside the old towns. Apartments and new residential complexes dominate the entry and mid-market; villas, penthouses and waterfront houses sit at the top; and land remains the scarcest category of all. The sections below cover each in turn.
Apartments for Sale in Boka Kotorska
Apartments are the most liquid and most rented category of property around the bay, and the area where most new construction is currently concentrated. New-build complexes are underway or recently completed in Dobrota, Orahovac, Muo and Radanovići, with smaller-scale development further north in Risan.
Dobrota remains the centre of gravity for new apartments — its waterfront promenade and proximity to Kotor's old town make it the default choice for buyers who want a sea-view residence within walking distance of restaurants and the marina. Palace Bay is the flagship development here, and we cover it in more depth in the dedicated section below.
Orahovac and Muo, just south and north of Kotor respectively, offer newer residential complexes at a meaningfully lower entry price than Dobrota while still delivering open bay views — these are increasingly popular with buyers who want the lifestyle without paying the premium attached to Dobrota's address. Radanovići, set back slightly from the water, suits buyers prioritising space and value over a direct sea frontage. Risan, at the northern end of the bay, is the most affordable corner of Boka Kotorska and is starting to attract buyers priced out of the southern shore.
Smaller resale apartments — including options as close as 50 metres from the water in Dobrota — round out the market for buyers who want an established building rather than a new development, often with the trade-off of older finishes in exchange for a more central position.
Luxury Residences and Penthouses in Dobrota
Dobrota deserves its own section because it is, quite simply, where most of the bay's premium inventory sits. The stretch between Kotor's old town and Muo is lined with residences built specifically for buyers who want bay views, contemporary finishes and walking access to the water — not the historic charm of the old town, but a more polished, lock-up-and-leave version of the same lifestyle.
Palace Bay Residences
Palace Bay is the best-known premium address in Dobrota: a residential complex positioned directly on the bay, designed around sea-facing terraces and communal access to the waterfront. It functions as the benchmark against which other Dobrota developments are usually measured, both for finish quality and for resale liquidity.
Luxurious Residential Complex Palace Bay in Dobrota
Kotor, Montenegro
- Beds:1
- Baths:1
- Total area:42m²
Apartment 48 m² in the Palace Bay complex in Dobrota
Kotor, Montenegro
- Beds:1
- Baths:1
- Total area:48m²
Palace Bay Penthouse: Luxurious Duplex with a Green Terrace in the Heart of Dobrota
Kotor, Montenegro
- Beds:3
- Baths:3
- Total area:120m²
Аpartment 75 m² in the Palace Bay residential complex, Dobrota
Kotor, Montenegro
- Beds:2
- Baths:2
- Total area:75m²
Premium Apartments with Bay Views
Beyond Palace Bay, a number of smaller residences along the same stretch offer two- and three-bedroom layouts with uninterrupted water views, typically finished to a higher specification than older buildings in the area and aimed at buyers who plan to use the property part-time and rent it out the rest of the year.
Duplex Apartments
Duplex layouts — split-level units with a private terrace and, in some cases, a small private pool or plunge pool — are increasingly common in Dobrota's newer buildings, giving buyers villa-style outdoor space without the maintenance burden of a standalone house.
Properties Walking Distance to the Waterfront
Not every premium unit sits directly on the water. A number of well-finished apartments a short walk back from the promenade offer the same Dobrota lifestyle and bay glimpses at a noticeably lower price point than true beachfront positions.
Penthouses for Sale in Kotor Bay
Penthouses are a small but distinct category within the bay's luxury market — the buyer profile here is different from a standard apartment purchase. These are usually full-floor or top-floor units bought either as a primary luxury residence or as a trophy asset with strong resale appeal, rather than a straightforward rental investment.
Duplex Penthouse in Dobrota
The standout example currently available is a duplex penthouse in Dobrota: a split-level layout with a large private terrace looking directly over the bay, sized and finished for buyers who want the top of the local market. Terraces of this scale are rare in Boka Kotorska's built-up stretches, which is precisely what supports both the asking price and the long-term investment case — there is simply very little comparable stock to compete against on resale.
Houses for Sale in Boka Kotorska
For buyers drawn to authenticity over new construction, the bay's historic housing stock is one of its most distinctive assets — stone buildings that predate the apartment boom by centuries, set within villages that have changed remarkably little.
Historic Stone House in Perast
Perast is the bay's best-preserved baroque village, a single row of stone houses and churches strung along the water opposite the islands of Our Lady of the Rocks and St. George. A historic stone house here is as much a heritage purchase as a real estate one — most renovation work has to respect the original façade and structure, and buyers are effectively custodians of a protected streetscape rather than free to redevelop at will.
Sea View Townhouse in Bigova
Bigova, on the southern, more open-water side of the bay's approach, offers a different character — a working fishing village rather than a museum piece, with sea-view townhouses that combine traditional stone construction with a more relaxed, less touristic setting than Kotor or Perast.
Sea View Townhouse in Luštica Bay
Above the fairways with wide views that sweep across the Adriatic, the townhouses offer a rare sense of space and quiet. Arranged over two floors, the day flows through open living spaces defined by a double-height ceiling and family fireplace, while private rooms nestle calmly above. Outside, landscaped terraces reach into the wild, and private pools, gardens and al fresco dining spaces beckon life into the fresh sea air.
Historic Stone House with Magnificent View in Perast
Kotor, Montenegro
- Beds:4
- Baths:3
- Total area:135m²
Elegant 185.5 m² Townhouse at the Golf Summit
Luštica Peninsula, Montenegro
- Beds:3
- Baths:4
- Total area:186m²
Elegance and Privacy in Montenegro’s Premier Golf Community
Luštica Peninsula, Montenegro
- Beds:3
- Baths:4
- Total area:185m²
Sea View Townhouse in Bigova — Just 300 Meters from the Coast
Kotor, Montenegro
- Beds:3
- Baths:2
- Total area:191m²
Villas for Sale in Kotor Bay
Villas represent the top of the bay's real estate market and the segment with the widest spread — from modest single-family homes with sea glimpses to architect-designed waterfront properties with private moorings. This is also the category where Boka Kotorska's geography works hardest in the buyer's favour: a villa with direct water access here is genuinely rare, in a way that a villa with a pool simply isn't.
Waterfront Villa in the Bay of Kotor
A true waterfront villa — one with direct, step-off-the-terrace access to the sea — is the single most sought-after asset type in the entire bay. Supply is fixed by the coastline itself; very few new waterfront plots will ever come to market, which keeps this category insulated from the broader apartment-led construction boom elsewhere in the bay.
Modern Villa in Prčanj
Prčanj, on the southern shore opposite Dobrota, has become the address of choice for contemporary villa construction — newer builds set into the hillside, designed to maximise the panoramic view back across the bay toward Kotor and Dobrota rather than competing for direct beachfront. The trade-off for buyers is space, privacy and elevation in exchange for a short drive rather than a walk to the water.
Mediterranean Villas with Pools
The broader villa market across the bay leans heavily on the classic Mediterranean formula: stone or rendered construction, terracotta or stone-tiled terraces, mature olive and citrus planting, and a private pool positioned to frame the bay view. These properties suit buyers who want genuine privacy and outdoor living space — a garden, a pool, room for guests — rather than the more compact, lock-up-and-leave lifestyle of an apartment. Pricing varies enormously within this category depending on plot size, elevation and proximity to the water, but it remains the segment with the most room to negotiate, since villas typically spend longer on the market than well-located apartments.
Exclusive Waterfront Villa in the Bay of Kotor
Kotor, Montenegro
- Beds:5
- Baths:5
- Total area:450m²
Spacious Villa With Panoramic Sea And Mountain Views, Prcanj
Kotor, Montenegro
- Beds:4
- Baths:4
- Total area:349m²
Mediterranean Villa With Panoramic Sea And Mountain Views In Boka Bay
Kotor, Montenegro
- Beds:5
- Baths:5
- Total area:373m²
Waterfront Duplex Villa Apartment with Private Pool Access in Kotor Bay
Kotor, Montenegro
- Beds:1
- Baths:2
- Total area:108m²
Waterfront Property in Boka Kotorska
"Waterfront" cuts across every property type in this guide — apartments, villas and even the rare house with a private jetty — and it's worth treating as its own category because the dynamics that govern it are different from the rest of the market.
Waterfront Villas and Apartments
Whether it's a villa with private water access or a ground-floor apartment opening directly onto the promenade, genuine waterfront positions trade at a significant premium over otherwise comparable properties set back from the shore — sea-view premiums of 30% to as much as 100% over inland equivalents are typical along this stretch of coast, and the premium is steepest for direct, unobstructed frontage rather than an elevated view.
Properties Near the Sea
For buyers priced out of true waterfront, "near the sea" — typically a few minutes' walk to the promenade — is the next best thing, and the category where most of the bay's apartment transactions actually happen. It captures much of the lifestyle benefit of waterfront ownership at a meaningfully lower entry cost.
Why Waterfront Inventory Is Limited
The bay's mountains leave very little flat, buildable land directly on the water, and what remains is further constrained by UNESCO protections around Kotor and Perast. New waterfront supply isn't simply slow to arrive in Boka Kotorska — in most stretches of the bay, it has effectively stopped. That scarcity is the central argument for buying waterfront property here rather than treating it as a generic coastal investment.
Investment Property in Kotor Bay
Boka Kotorska is bought as often for yield and capital growth as for personal use, and the investment case rests on a few specific, measurable factors rather than general optimism about the coast.
Holiday Rentals
Short-term rental demand is anchored by sailing tourism, cruise-ship arrivals into Kotor, and a long summer season that increasingly stretches into shoulder months. Well-located apartments in Dobrota and central Kotor are currently achieving gross rental yields in the region of 4–6% annually, which is solid for a tourism-driven market, even if it falls short of the 5%+ yields available in some less land-constrained European coastal markets.
Long-Term Rental Market
Alongside holiday lets, a growing population of remote workers and long-stay residents is supporting year-round rental demand — a meaningful shift from a market that, a decade ago, was almost entirely seasonal.
Capital Appreciation
Montenegro's coastal property prices rose by roughly 12–20% over the past year, driven by constrained supply and EU-accession-linked demand. Boka Kotorska, as the most supply-constrained part of that coastline, has tracked at or above the national average — though buyers should note that some analysts flag prime coastal pricing as stretched relative to local incomes, which argues for buying well-located, easily resold stock rather than chasing the highest asking price on the market.
New-Build Investment Opportunities
For buyers specifically targeting yield, the new residential complexes in Orahovac, Muo and Risan typically offer a lower entry price per square metre than established Dobrota addresses such as Palace Bay, with the trade-off of a less central position. These newer developments suit investors prioritising rental yield and ease of management over the prestige of a Dobrota postcode.
New Residential Complex under Construction in Muo, Kotor
Kotor, Montenegro
- Beds:1-2
- Baths:1-2
- Total area:55-72m²
New Resedential Complex with Swimming Pool in Risan
Kotor, Montenegro
- Beds:1
- Baths:1
- Total area:49-59m²
Exclusive Residential Complex in Orahovac, Bay of Kotor
Kotor, Montenegro
- Beds:0-2
- Baths:1
- Total area:33m²
Land for Sale in Boka Kotorska
and is the scarcest and most specialised category in this market, and the one where legal due diligence matters most. Most of the bay's flat or gently sloping terrain has already been built on; what remains is concentrated in a handful of pockets.
Urbanized Land in Čavori
Čavori, set back from the immediate waterfront, offers urbanized — meaning construction-zoned — plots that allow direct ownership and building permits for foreign buyers, in contrast to agricultural or forest-classified land elsewhere in the bay, which carries ownership restrictions for non-Montenegrin individuals.
Development Plot in the Bay of Kotor
Larger development plots within the wider bay corridor suit buyers and small developers looking to build rather than buy finished stock — typically at a lower total cost than acquiring an equivalent finished villa, but with construction timelines, permitting and contractor management to manage in their place.
Who These Opportunities Suit
Land in Boka Kotorska is best suited to buyers with the time and local support to manage a build, or to investors specifically seeking exposure to construction-stage upside rather than a finished, rentable asset from day one. Confirming the zoning classification of any plot before signing — urban/construction land versus agricultural or forest land — is the single most important piece of due diligence in this category.
Best Places to Buy Real Estate in Boka Kotorska
Dobrota
Dobrota is the bay's premium residential address: a long waterfront promenade lined with new and recent apartment buildings, walking distance to Kotor's old town, and currently commanding the highest apartment prices in the bay outside the old town walls itself. It suits buyers who want a polished, contemporary lifestyle with strong rental appeal.
Spacious Duplex Apartment with Sea View and Garage — Dobrota, Kotor
Kotor, Montenegro
- Beds:4
- Baths:2
- Total area:140m²
Premium Two-Bedroom Apartment Just 50m from the Sea — Dobrota, Kotor
Kotor, Montenegro
- Beds:2
- Baths:1
- Total area:72m²
Bright Designer 3-Bedroom Apartment in a Serene Location — Dobrota, Kotor
Kotor, Montenegro
- Beds:3
- Baths:2
- Total area:75m²
Kotor
Kotor's old town — the UNESCO-protected core — offers historic stone apartments and houses within the fortress walls, at a premium driven by fixed, conservation-protected supply. Just outside the walls, the wider town offers a broader and more affordable mix of apartments and houses.
Muo
A small village immediately north of Kotor, Muo combines newer residential development with an established, quieter character than Dobrota, at a comparatively gentler price point for buyers wanting bay views without the highest-tier price tag.
Orahovac
South of Kotor, Orahovac has become a focal point for new apartment construction, offering open bay views and modern finishes at prices below Dobrota — a strong fit for both end-users and rental investors.
Perast
Perast is the bay's heritage showpiece: a single baroque streetscape facing the two islands, almost entirely free of new construction, and the natural choice for buyers seeking a historic stone house over a modern apartment.
Prčanj
On the southern shore opposite Dobrota, Prčanj is where the bay's contemporary villa construction is concentrated — hillside plots, panoramic views back across the water, and more space and privacy than the denser apartment stretches.
Spacious Villa With Panoramic Sea And Mountain Views, Prcanj
Kotor, Montenegro
- Beds:4
- Baths:4
- Total area:349m²
New Apartments Under Construction In Prcanj, Kotor
Kotor, Montenegro
- Beds:1
- Baths:1
- Total area:50-55m²
Mediterranean Villa With Panoramic Sea And Mountain Views In Boka Bay
Kotor, Montenegro
- Beds:5
- Baths:5
- Total area:373m²
Risan
At the bay's northern end, Risan is its most affordable corner — both for apartments and for land — and is gradually attracting buyers looking for value as prices climb further south.
Bigova
Sitting toward the bay's outer approach, Bigova retains the feel of a working fishing village, offering sea-view stone townhouses at a more relaxed price point and pace than the Kotor–Dobrota core.
Property Prices in Boka Kotorska
Pricing across Boka Kotorska varies sharply by location, proximity to the water and whether a property is new-build or resale — so the figures below are general market ranges rather than fixed quotes, and should be checked against current listings for any specific property.
Apartment Prices
Apartments in the wider bay, outside Kotor's old town, broadly range from around €1,800 per square metre for well-located resale units up to €3,500 per square metre or more for premium new-build positions. Inside the old town itself, prices typically sit between €2,500 and €5,000+ per square metre, reflecting the fixed, conservation-protected supply.
House Prices
Stone houses in villages such as Perast and Bigova are priced individually depending on condition, size and how much renovation work is required — heritage properties needing significant restoration can offer better value than their finished equivalents, at the cost of a longer and more involved renovation process.
Villa Prices
Standard upscale villas around the bay typically fall in the €2,000–€4,000 per square metre range, with architect-built or particularly large waterfront properties commanding significantly more — well into the high six and seven figures for total price, depending on plot size, water access and finish quality.
Waterfront Property Prices
Direct waterfront positions — whether apartments or villas — generally carry a 30% to 100% premium over comparable properties set back from the shore. The premium is highest for unobstructed, ground-level water access and lowest for elevated properties with a partial or distant sea view.
Land Prices
Urbanized, construction-zoned land carries a significant premium over agricultural or forest-classified plots, both because of what it permits you to build and because of the legal certainty involved — foreign buyers should always confirm a plot's official land-use classification before pricing it against finished property.
Can Foreigners Buy Property in Montenegro?
Yes. Foreign nationals — regardless of country of citizenship — can buy apartments, houses, villas and most urban land in Montenegro with the same ownership rights as Montenegrin citizens, and there is no requirement for reciprocity agreements or government pre-approval.
Ownership Rights
Buyers receive full freehold title, registered in their own name at the local cadastre, with the right to sell, rent, mortgage, renovate, inherit or gift the property freely. The main exception is land classified as agricultural or forest, along with property near national borders, on certain islands, or designated as a protected cultural monument — these categories carry restrictions for direct individual ownership by foreigners, though they can typically still be acquired through a Montenegrin-registered company.
Purchase Process
A typical purchase involves a notarised sale contract, payment (commonly by bank transfer), and registration of the new owner at Montenegro's Real Estate Administration, a process that usually takes a few weeks to a few months from signing to registered title. Buyers who cannot travel for signing can grant a notarised power of attorney to their lawyer, allowing the entire transaction to be completed remotely.
Taxes
Resale purchases are subject to a progressive property transfer tax, generally in the range of 3–6% depending on price, while new-build purchases are typically subject to VAT instead of transfer tax. Annual property tax is set by each municipality, usually somewhere between 0.25% and 1% of assessed value per year. Property ownership above a set value can also support an application for renewable temporary residence — the qualifying threshold has been adjusted in recent years, so it's worth confirming the current figure with a local lawyer rather than relying on older sources.
Due Diligence
Montenegro's older housing stock includes a meaningful share of buildings constructed without full permits, and title records occasionally carry historical irregularities. A local, independent lawyer — separate from the selling agent — should verify land classification, registered ownership, encumbrances and permit status before any deposit is paid.
Why Work With Lighthouse Property?
Buying in Boka Kotorska rewards local knowledge — of which buildings have the cleanest paperwork, which plots are genuinely buildable, and which listings are priced to sell versus priced to test the market. Lighthouse Property works exclusively across the bay, which means direct, ongoing relationships with developers in Dobrota, Orahovac and Muo, and access to opportunities that don't always reach the open market.
Every property we present is reviewed for legal status before it's shown to a buyer, and we work alongside independent local lawyers throughout the transaction — from offer through to registered title — so international buyers have full support whether they're viewing in person or completing a purchase remotely.
Explore Real Estate for Sale in Boka Kotorska
Browse our selection of apartments, penthouses, houses, villas, waterfront properties and investment opportunities throughout Kotor Bay, and let our local team help you find the right property — and the right structure — for your move into Montenegro.
FAQ
Frequently asked questions
Yes, for buyers focused on the medium to long term. The bay's geography puts a hard limit on new waterfront and old-town supply, which has supported steady price growth and resilient demand even as the broader Montenegrin market has expanded elsewhere. Rental yields are solid rather than spectacular — typically 4–6% gross — so the strongest case is capital appreciation in a supply-constrained market, alongside genuine lifestyle use.
Yes. Foreigners can buy apartments, houses, villas and urban land with the same rights as Montenegrin citizens, with restrictions applying mainly to agricultural and forest land, border zones and protected cultural monuments.
It depends on the goal. Dobrota suits buyers wanting a polished, contemporary lifestyle and strong rental demand; Kotor's old town suits those wanting heritage character and the highest long-term scarcity value; Orahovac and Muo offer a similar lifestyle at a lower price point; and Prčanj is the choice for buyers prioritising villa-style space and privacy.
Generally yes, because the supply is essentially fixed. Waterfront apartments and villas carry a significant price premium over set-back equivalents, but that scarcity is also what protects their long-term value and resale liquidity.
The market spans new-build and resale apartments, luxury residences and penthouses (concentrated in Dobrota), historic stone houses, contemporary and traditional villas, waterfront property across all categories, and a limited supply of construction-zoned land.
Apartments outside the old town generally range from around €1,800 to €3,500+ per square metre; old-town apartments run €2,500–€5,000+ per square metre; villas typically fall between €2,000 and €4,000 per square metre, with waterfront and architect-built properties priced well above that range.
No. Property ownership and residency are separate matters — foreigners can buy without holding any residence status. Ownership above a certain value can, separately, support an application for renewable temporary residence.
From signing a notarised contract to being registered as owner at the cadastre, the process typically takes a few weeks to a few months, depending on how quickly documentation and payment are completed.
Some Montenegrin banks lend to non-residents, but terms are generally less favourable than in Western Europe — lower loan-to-value ratios and more extensive documentation. Most foreign buyers in Boka Kotorska purchase with cash or financing arranged in their home country.
It can be, but it requires careful due diligence. A meaningful share of older buildings on the coast were constructed without full permits or formal registration; an independent local lawyer should confirm permit and title status before any deposit is paid.
Yes, subject to registering as a short-term rental provider with the local tourism authority and meeting basic fire-safety and habitability standards. Rental income is subject to Montenegrin tax, typically filed through a local tax representative for non-resident owners.
Prices across the bay have risen meaningfully over the past year, and some analysts consider parts of the prime coastal market fully priced relative to local incomes. That argues against overpaying for "tourist fantasy" listings, but the bay's structural supply constraints mean well-located, fairly priced property — bought with proper legal diligence — remains a sound medium-to-long-term position.