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Overview of the real estate market in Montenegro

Montenegro has been and remains one of the favorite holiday destinations for tourists from the countries of the former USSR. Visa-free regime, relatively low cost and duration of the flight, delicious food, similar mentality – all this provides a fairly powerful flow of tourists from Russia, Ukraine, Belarus, Kazakhstan. There are many who, having visited this country once or several times, decide to stay for temporary residence.

To date, real estate prices in Montenegro are quite comparable with prices, for example, in Ukraine and are decently lower than in large Russian cities. And this is of interest both to investors and ordinary families who are looking for their place under the warm sun or who want to have a summer house by the sea. Often, elderly people who decide to invest their accumulated savings in real estate or live on the Adriatic coast also buy an apartment in Montenegro.

The most “delicious” and desired property is, of course, a house with a garden plot. Preferably as close to the sea as possible. But, let’s compare the desired with the possible, very often the buyer opts for apartments in large or small apartment buildings.

Budget housing on the coast

We would call budget housing in Montenegro, the cost of which is below 1-1.2 thousand euros per square meter. Thus, a tiny 20-meter studio can, if you’re lucky, be found in the budget up to 20 thousand. The footage is growing – the budget is growing, consider for yourself. Of course, budget housing is budget housing because there are many hidden and obvious “not”. Not very close to the sea, not a very new house, not a very good view, not very convenient access roads, not the most prestigious resort. But it doesn’t have to be all at the same time. And, if some of these “not” are not critical for the client, then he has every chance to find the apartment of his dreams.

middle class

Most often, representatives of the middle class purchase apartments in ready-made complexes or residential buildings not far from the coast (2-3 lines). To save money, you can buy an apartment at the construction stage. It usually takes a year and a half to build a house. Houses are built of brick, very often with impressive balconies (they are also included in the total area). Sometimes these balconies can be used as an extra room.

high class

The most expensive housing, as well as land, is on the seashore. In Montenegro, you can buy both a modern villa and an old mansion surrounded by a tangerine garden. In the second case, the land is more valued, on which it will be possible to build another building.

In any case, luxury housing on the Montenegrin Adriatic is often not as high quality as Western European. With the exception of single luxury buildings, such as Dukley Gardens, Porto Montenegro.

Select region and city

Buyers from ex-USSR countries prefer to acquire real estate on the Adriatic coast. The suburb of Budva is especially popular, as is Budva itself, Tivat.

Also very attractive for “ours” are real estate objects in the Bay of Kotor, where it is incredibly beautiful, good ecology, and prices are lower than in Budva.

A cheaper option is the southern part of the coast, especially the city of Bar and its environs. Very often it is chosen by those who came to the Czech Republic not as a tourist, but for the purpose of permanent residence. It is worth remembering that the farther south (towards Albania), the more ethnic Albanians and Montenegrin Muslims live there. Many buyers are confused by differences in language and culture, and the demand for real estate is lower there.

The acquisition of real estate in the mountains is gradually becoming popular. But there are some inconveniences there: difficulties with communications and infrastructure. Gradually, these problems are being solved, and it can be expected that the demand for houses in the mountains in the north will increase.

Real estate value

It is very difficult to unambiguously answer the question of how much real estate in Montenegro costs. As we said above, it depends very much on the city and the distance to the sea. Thus, apartments in new houses of the “middle” class on the coast can be purchased for €1.2-2.5 thousand per square. And a small private house “in the Soviet style” a kilometer from the sea coast in the city of Bar can cost €40-50 thousand. There is simply no upper price limit, there are good houses for 500 thousand and 3 million euros. There are also more expensive ones.

Buy land

In different regions of the country, the cost of land varies greatly. Please note that Montenegrins sell land plots not in hundredths, but in square meters. In mountainous areas (except for the resorts of Zabljak and Kolasin), the price of land will be low, we have met offers from 1 euro per square meter. But on the very seashore, for the same meter they can ask for €1000 or more. The farther from the sea, the cheaper the land. And when the sea is no longer visible, prices drop exponentially.

Profitable real estate

The cost of such property will depend on the location. A small hotel a couple of hundred meters from the coast in Budva can be bought for €600-800 thousand. And a restaurant by the sea in Kotor will cost €200-400 thousand.