Real estate prices are falling, Ukrainians are leaving, and the market is reacting.

Recently there has been a decrease in apartment rental prices, especially on the coast of Montenegro. This is due to the departure of Ukrainians who took refuge in Montenegro at the beginning of the war in their country, and many of them in Budva. Compared to last year, their number is down by about 30% as they return to their home country or leave for other European countries.Ukrainian Olga Tokareva has been living in Budva for ten years and fell in love with Montenegro at first sight. However, about a year and a half ago, Ukrainians arrived in Budva looking for an escape after Russian aggression in their country. Now they are slowly packing their suitcases. The Budva Tourist Office reports that since November 2023, the number of Ukrainians in the city has decreased by 30%.

The financial benefits of their arrival were obvious, but it was predictable that they would leave sooner or later due to lack of job opportunities. Most Ukrainians found themselves unemployed, but Olga says their main desire was to return home. In addition, accommodation was prohibitively expensive for them.Realtor companies confirm that apartment rental prices have fallen sharply as demand has dropped. Restaurateurs do not feel the departure of Ukrainians, because Budva continues to attract many tourists and becomes an ideal place to stay all year round. However, the Tourist Organization fears that the departure of Russians and Ukrainians will significantly affect the number of arrivals. Instead, they hope to attract tourists from Western Europe, especially from Turkey.