1 m² on the Montenegrin coast up to €4.000
Real estate market in Montenegro has revived. Latest preliminary data published by Statistical Office of Montenegro (MONSTAT) shows that the apartment price has increased by 11,6%. Some real estate agencies believe that NATO membership had an impact on real estate growth. However, they conclude that most of foreigners usually decide to buy an apartment in Montenegro. One square meter is most expensive at the coast – up to €4000. In the Capital the lowest price per square meter is €1.000.
The representatives of “INekretnine” explain that high apartment prices are due to NATO membership while the representatives of real estate agency “Bar nekretnine” said that they don’t know why apartment prices are so high.
“I really don’t know the answer. I think prices should actually be much lower, since new residential buildings are everywhere around. Demand is huge. People from the northern part of the country usually buy an apartment in the center of Bar”, said the owner of “Bar nekretnine”.
The representatives from INekretnine explain that people are more interested in the new construction, while the representative of Real Estate agency from Bar say that demand in apartments in new and old construction is equal.
Both companies agree that buyers are usually foreigners or people from Diaspora.
The local people usually buy real estate in central region and the foreigners on the cost.
The representatives from those agencies point out that the most interest is in Podgorica for City Quarter, across Moraca and Stari Aerodrom, and on the coast for the Kotor bay, which is mostly sought by foreign buyers, mostly Europeans.
“Apartment prices in Podgorica range from €1.000 to €1.600 per square meter and on coast from €1.200 to €4.000. In Kolašin the prices go from 800 to €1.200, in Žabljak from €1.000 to €1.500 and in Nikšić it ranges from €600 to €1.100”, said the representatives of INekretnine.
Average real estate prices in Bar range from €1.300 to €1.500, depending on the location.
Economic analysis and professor in the Faculty of Management in Herceg Novi, Mr Vasilije Kostić said recently that number of residential units in Montenegro exceeded the need for them. Therefore, real estate becomes some sort of investment that has advantage over other investment possibilities.
“The rise in the price of the square was influenced, among other things, by the fact that Montenegro is more than an attractive tourist destination” said Kostic.
Source: CDM
