Why does the city of Bar in Montenegro attract foreign real estate buyers?

Emerald Residence residential complex

In the southern part of Montenegro there is an outstanding residential complex called Emerald Residence, which attracts the interest of both local citizens and foreign investors. More than 80% of its apartments have already found their owners outside the country. We had a conversation with Alexey Bartuli, one of the founders of the construction company Avista Realty Group, to discuss the current trends in the Montenegrin real estate market and the peculiarities of this project, which focuses on foreign clients.

Attractiveness of the city of Bara

Alexey emphasized the importance of the city of Bara as the main destination for Russian-speaking migrants:“The bar has become a key immigration destination for Russians and other Russian speakers in Montenegro”. He also explained why this relatively small city has proven so appealing to developers.“There's a good reason for that: the Bar is a full-fledged urban center, not a small fishing village where popular resort hotels are now being built”. People have lived here for centuries, and perhaps my ancestors enjoyed the place too.

Climate conditions

In addition, Alexey paid attention to the unique climatic features of the region. Bar is different from most other coastal places in Montenegro, as it is the sunniest corner of the entire Mediterranean. Even if it rains in the summer, it does not create discomfort, as local winds easily carry clouds to other areas. Thus, the sun always shines in the heart of Bara, and the light breeze from the mountains fills the air with freshness, which is difficult to achieve, for example, in the picturesque bay of Boca Kotor.

Historical heritage

It is also worth noting the rich historical heritage of the city. For many years, Bar was a favorite resort where people from all over the former Yugoslavia gathered with their families in summer. This makes it a relevant place for family vacations even today. While other Montenegrin resorts are often the center of youthful fun and noisy restaurants, Bar is quiet and accessible, making it an excellent choice for couples and those looking for quiet and comfort.

Availability of real estate

Real estate in this area stands out for its affordability. The prices are very reasonable and the selection is varied, including many different types of properties. The local markets and stores showcase a wide range of goods, making Bar especially attractive to foreign buyers who are already purchasing property here.

Year-round appeal

Finally, Alexey emphasized that life in Bar does not stop even in the winter months, unlike many other resort towns in Montenegro, where seasonal fluctuations significantly affect life activities. That is why Bar remains an attractive place to live and relax throughout the year, which strengthens its position in the real estate market.

Real estate in Bar

Real estate in Bar is characterized by the fact that its cost is lower than in other cities on the coast. This question about the dynamics of the real estate market is becoming increasingly important, especially in light of changes in prices and quality of offers. The pace of development of this sector in Bar can be characterized as moderate - it shows neither excessive activity nor recessions.

Even during the strict quarantine measures caused by the COVID-19 pandemic in 2020, construction projects continued to be carried out, indicating the resilience of the local market. At the same time, it is worth noting that Bar does not have a problem with an excessive amount of construction in progress, as it is observed in cities such as Budva and Tivat, where there is an oversaturation of supply.

Population size

The population of Bar itself and its surroundings continues to grow, and according to data from 2020, it exceeded 40 thousand people. If we take into account the foreigners who have chosen this region as their new home, we can speak of a much larger number.

• Among the permanent residents there are quite a few Russian-speaking people from Russia, Ukraine and Belarus.
• It is noteworthy that they do not use special residence permit programs, but simply use tourist visas.
• Foreigners periodically travel to neighboring countries - it has become a common practice known as “visa-ran”.

Housing prices

Housing prices in Bar remain affordable, set at around 1,500 euros per square meter, which makes this city more attractive compared to other coastal settlements.

Identifying the target audience

In the light of recent trends, we define our target audience as foreign citizens. Our team responsible for the development of the Emerald Residence residential complex believes that the traditional view of housing based on the notion of “home is my fortress” is outdated. In today's realities, people are looking for a closer interaction with both nature and each other.

Our concept

To support this trend, we are pushing the boundaries of living space by integrating the concept of “living in harmony with nature right in the center of the city”. Dream that your residential complex will include manicured green lawns and fruit trees. Harmony with nature certainly contributes to a better understanding of oneself and connecting with others.

Quality of life is directly related toenvironmental friendlinessand propertiesfinishing materialsand we've taken that into account by offeringoptimal layoutsand high quality materials to realize your perfect home.

Partner selection

As a potential client, you may be wondering who exactly will be our partners in the design and construction of the Emerald Residence complex. What criteria underlie the selection of such partners? We are guided by the universal principle: “the best attracts the best”.

Cooperation with contractors

That is why we have chosen only the most reputable contractors in Montenegro to realize our project. Cooperation with leading companies in the construction industry allowed us to create a real island of comfort and tranquility in close proximity to the hustle and bustle of the city.

Our work involves14 contractorsEach of them is an expert in their specialized field. For example, Lange Bauba Technik, based in Podgorica, is the second largest company in Montenegro for the construction of the highway from Serbia to Bar. They are engaged in key concrete works and act as the main contractor for our project.

Our style

As for our unique style as a real estatedeveloper in Montenegro, we aim at adapting internationally known trends in the field ofenvironmentally friendly and affordable housingtaking into account the peculiarities of the urban environment. We are pioneers of innovative solutions, introducing concepts that were not previously available in Montenegro.

Using such a progressive approach to create a residential complex has proven to be very successful:

• five months before the completion of the first phase of construction, we have already sold more than 80% of our apartments;
• Most of our customers are members of the Yugoslav diaspora living in Switzerland, Luxembourg, Germany, USA and Sweden;
• also among our clients are Russian-speaking citizens of Israel and Germany.

We continue to actively develop the project, striving to make it as attractive as possible for both investors and residents who wish to enjoy a quality life in harmony with the surrounding world.

Conclusion

At the end of our discussion about the peculiarities of the real estate market in Montenegro and the uniqueness of Emerald Residence, I would like to emphasize how important it is to understand that the development of this segment depends on cultural, economic and social factors.

The city of Bar, with its wonderful climate and budget offers, is really becoming a magnet for foreign buyers, and this is not by chance. According to Alexey Bartuli, co-owner of Avista Realty Group, the success of the Emerald Residence project is based not only on its favorable location, but also on a deep understanding of the needs of both locals and emigrants.

Market potential

Industry trends show that pricing is a living, dynamic process. With rising inflation and increasing construction costs, there is a steady rise in prices per square meter.

I don't think such changes should be frightening, as they are also accompanied by:

• Improving the quality of proposals
• Global market improvement

The interest of foreign buyers, especially from Russian-speaking countries, indicates a high confidence in Montenegro as a place to live and invest.

Quality of life

After all, living in a place as unusual and inspiring as Bar is an opportunity not only to enjoy the Mediterranean climate and nature, but also to be part of the local culture. Therefore, when exploring offers such as Emerald Residence, it is important to remember:

• It's not just an investment in a home, it's an investment in a quality life.
• The complex symbolizes a harmonious combination of modernity and tradition.

I am convinced that given the current trends, market and cultural preferences, we can expect Bar to become an increasingly popular destination for foreign investors and new residents. And I hope that projects like Emerald Residence will continue to develop, bringing new opportunities for living and vacationing under the bright Montenegrin sun.