Property for Sale in Montenegro

Location, climate, and economy

Montenegro is a country located in the southeast of Europe, on the Balkan Peninsula, on the Adriatic Sea. The country is a member of the United Nations, the Council of Europe, NATO, and the WTO. The climate in the northern part is temperate continental, in the Adriatic - Mediterranean.

The economy is, first of all, services and trade. The following industries are developed: ferrous metallurgy, electrical engineering, shipbuilding and ship repair, woodworking, salt mining, aluminum production, bearings, textiles, and food products. Ecologically clean lands make it possible to produce high quality natural agricultural products: crops, fruits (citrus fruits, grapes, figs, etc.), vegetables, and tobacco. Animal husbandry, the production of meat and dairy products are at the modern level.

The country has two international airports (Podgorica and Tivat), the seaport of Bar, a network of railways and roads. The construction of new highways is considered a national priority, as they are important for the even economic development and attractiveness of Montenegro as an all-season tourist destination. And there is something to see in the country: historical, cultural, architectural sights, beautiful beaches, and ski slopes.

There are three universities in the capital Podgorica, where foreign applicants also strive to enter after graduation, graduates have good chances to stay working in European companies.

Real estate market in Montenegro

Thanks to a stable currency, low property tax rates and the opportunity to obtain a residence permit when buying a property, citizenship by investment, real estate in Montenegro has long been a popular choice for many foreign buyers. According to the Central Bank of Montenegro, the inflow of foreign investment over the past decade has been stable, while on average it increases by 9-11% annually.

Construction activity continues to grow, development companies take into account the increased interest in elite objects - apartments in residential complexes, villas. Foreigners prefer to buy residential real estate in Montenegro in the heart of Montenegrin tourism - on the Adriatic coast. It should also be noted that there is the trend towards the purchase of real estate in rural areas of the northern region of the country, especially in the area of Lake Skadar. Feedback from buyers of housing in the residential complexes confirms that the facilities being built comply with building standards.

Commercial real estate by the sea is a great start for a new business. The cost of rent on the coast increased in 2022 by 2-3 times.

Estimated price of real estate in Montenegro

Experts note that real estate prices tend to increase due to the following factors:

• growing demand,
•  increase in the cost of building materials and labor
• The most expensive residential real estate in Montenegro in the capital is in the municipalities of Podgorica I and Podgorica II, which include the districts of Preko Mloache, Block 6, Gorica - 1750 euros/sq.m in new buildings, 1200 euros/sq.m in the secondary fund.

The cost of real estate in Montenegro in coastal cities is higher (per sq.m):

•  Budva - 2300-5850 euros,
•  Tivat - 1900-7000 euros,
•  Kotor - 2500-8000 euros.

Commercial premises, for example, in Budva for a cafe or retail space can be purchased from 1600 euros/sq.m. Land plot for building – from 50 EUR/sq.m.

Given the significant dynamics of price changes, it is necessary to use only information that is relevant at the time of the request.

Property types for sale

The following types are on the market:

•  residential (primary and secondary): apartments, houses, villas, etc.,
•  commercial premises (hotels, shops, warehouses, offices, etc.);
•  land plots for building.

Real estate website in Montenegro

The sale of real estate in Montenegro is regulated in detail by legislation, transactions are transparent and safe, however, in order to minimize risks when concluding transactions, it is advisable to use the information of experts and follow their recommendations.The GEOLN.COM real estate website contains a full catalogue of real estate in Montenegro.

Buying real estate in Montenegro by foreigners (nuances)

Non-residents have the same rights as citizens of the country when purchasing a property, with the exception of:

• plots of agricultural land,
• land in park areas and forests,
• border areas (less than 1 km from the border),
• islands,
• strategic land,
• cultural monuments.

Buying real estate in Montenegro is beneficial for the purpose of obtaining a permanent rental income, the possibility of living in a promising EU country with a comfortable climate.