Millions are locked in the gray area of the Montenegrin real estate market.

For years, millions of euros have been disappearing from circulation in the Montenegrin real estate market, and a significant part of buying and renting transactions have been taking place in the gray market network. The law regulating this area is only now to be submitted to the Parliament session. The biggest role in the gray area is played by real estate advertising on the Internet, which is completely uncontrolled, allowing anyone to advertise themselves as a real estate agent without a license, a firm or any guarantee.The state has no official statistics on activity in this market. Estimates of real estate agencies indicate that at least one third of transactions are conducted on the black market.

Among foreign illegal intermediaries, the largest number are Russian citizens. Russian is the main language of communication in Internet groups where they develop their business. Russian citizens own or are co-owners of about 19 thousand properties and almost four million square meters of land in Montenegro, according to the Real Estate Office 2022.There are 266 officially registered real estate agencies in Montenegro, but the number of illegal intermediaries far exceeds that number, the Montenegrin Chamber of Commerce and Industry said. They note that some individuals place hundreds of real estate ads, but their appeals to the inspectorate for stricter control of such advertising have no effect.According to the Central Bank of Montenegro, the purchase of real estate accounts for more than 53% of p