Property rental prices in Montenegro have increased by30-50%.

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Rental prices for real estate in Montenegro have increased by 30-50% over the past few months, with some monthly rents reaching 2000 euros. According to agency representatives, this is a result of a large influx of Ukrainians and Russians following the start of the war in Ukraine.

The owner of the real estate agency "Multitask," Stefan Mishkovich, described the current situation in the real estate market in Podgorica as chaotic. "There is a shortage of properties on the market, while the demand for them is very high, which has led to price increases that exceed the cost of living in Montenegro," says Mishkovich. He notes that compared to last year, the average increase in rent is 50-60%, and in some areas of the city, it has reached up to 100%. He explains that several factors have influenced rental prices, including the "Europe Now" program, an increase in net earnings, inflation, and a large influx of foreign citizens, mainly Russians and Ukrainians, who have come to Montenegro recently. "The war in Ukraine has been a major catalyst not just for us. The trend of rising rental prices is observed all over Europe. Millions of displaced people from Ukraine and millions of Russians who have left the country, most of whom work in the IT sector and for American companies," says Mishkovich.

He adds that in the recent period, 15,000 Russians have obtained permanent or temporary residence in Montenegro, which, according to him, best illustrates the pressure on housing demand that has significantly impacted the market.

In Podgorica, he says, studio apartments are currently rented out for 250-300 euros, one-bedroom apartments range from 300 to 700 euros, two-bedroom apartments from 450 to 1000 euros, and three-bedroom apartments from 700 to 2000 euros. He notes that there are currently very few offers of all types of real estate on the market and that it is difficult to make forecasts for the next period because no one could have anticipated the current market situation. "It will mainly depend on the number of foreigners coming to Montenegro. Podgorica today is a large construction site, and over the next three years, more than 200,000 square meters of residential and commercial space, which is currently under construction, should appear on the market. A large portion of this has already been sold, and mainly it is investment property, so demand must be exceptional for prices to remain at this level," Mishkovich believes.

Goran Popovich from the real estate agency "Dom Hom" notes that since the beginning of the war in Ukraine, there has been a sharp increase in interest in renting properties in the southern regions of Montenegro, with Ukrainians renting properties and Russians buying them. He says that rental prices on the coast have risen by 30-35% outside the tourist season, so one-bedroom apartments that used to be rented for 500 euros are now going for 700-750 euros, while the rent for one-bedroom apartments that were previously rented for 300 euros has increased to 500 euros. Two-bedroom apartments are rented starting from 800 euros and above, while luxury two-bedroom and three-bedroom apartments are rented for 2000 euros.

Important points:

• Rental prices for real estate in Montenegro have increased by 30-50% over the past few months.
• The current situation in the real estate market in Podgorica is characterized as chaotic.
• There is a shortage of properties in the real estate market, while the demand for them is very high.
• On average, rent has increased by 50-60%, and in some areas of the city, it has gone up by as much as 100%.
• The reasons for the price increase are the "Europe Now" program, an increase in net earnings, inflation, and the arrival of a large number of foreign citizens.
• There is a trend of rising rental prices in Europe as a whole.
• Millions of displaced people from Ukraine and Russians have come to Montenegro, most of whom work in the IT sector and for American companies.
• In Podgorica, studio apartments are rented for 250-300 euros, one-bedroom apartments from 300 to 700, two-bedroom apartments from 450 to 1000, and three-bedroom apartments from 700 to 2000 euros.
• There are very few listings of all types of real estate on the market.
• The prospects for the next period depend on the number of foreigners who will be coming to Montenegro.
• Rental prices on the coast have increased by 30-35% outside of the tourist season.