NATO is attracting new customers to Montenegro.

The intense interest of Western European clients in real estate in Montenegro due to NATO accession, the superiority of Boka Kotorska over Budva as a tourist destination and increased foreign investment in the construction of tourist-residency complexes are the main characteristics of the real estate market on the Montenegrin coast in 2017.

Our interlocutors from real estate agencies estimated that in 2017, the real estate market is experiencing a decrease in prices, but there is an increasing interest from clients from Western Europe. "Russia's middle class, which was the most interested in buying real estate, has now shrunk considerably, but I believe that for all clients, regardless of their background, the most important factor is the currency risk they take when buying. The dollar and ruble have weakened a lot and the pound is at an undesirable level. And this is a decisive factor," says Ivan Ђurђevac, who intermediates in buying and selling real estate along the Montenegrin coast.

Irina Roskozova in her agency notes the increasing interest of clients from Western Europe in real estate in Montenegro and believes that this was influenced by the country's accession to NATO. "The main feature for us this year is the return of customers from the EU. It has to do with joining NATO. I know that many people here are not happy about it, but it is a big step for Montenegro, especially for economic development and the real estate market. For other countries, this is proof of safety," says Roskozova.

According to the latest quarterly statistics, the average price per square meter of an apartment in new buildings is 1,100 euros. The most expensive cost in Bar is €1,460, in Podgorica €1,120 and in Budva it has dropped to less than €1,000 (955). Local authorities, however, claim that this is an unrealistic price, reduced by about 300 euros, as the statistics also included the prices of apartments of the Montenegrin Solidarity Housing Fund, which are sold at well below average prices.

A penthouse in Porto Montenegro costs between a quarter of a million and 5.5 million euros.

With the growing interest of buyers from Western Europe, their preferred focus has also changed. Instead of Budva, which used to be the most desirable destination for real estate investment, Boka Kotorska now holds supremacy.

Boka Kotorska is also the location of the largest foreign investments in real estate. From Herceg Novi, where Porto Novi is being built with a marina and about 300 luxury apartments, to Lustec Bay, which in addition to hotels will include more than 1000 residential apartments and villas, as well as Porto Montenegro, whose owner, having arrived in Tivat in 2006, opened the question of major real estate investments. However, their prices are astronomical for ordinary citizens and are on average about 6500 euros per square meter, although there are more expensive options, especially when it comes to real estate on the coast.

A penthouse in Porto Montenegro costs between a quarter of a million and 5.5 million euros. For this money, the buyer gets in addition to his property in the style of Mediterranean architecture and luxury service. "Beyond the architecture, it's the lifestyle we offer that matters. Each residence in Porto Montenegro has its own reception, swimming pool, spectacular sea and mountain views, membership in the Porto Montenegro Apartment Owners Club with a concierge service that organizes their stay in Porto Montenegro as well as in Montenegro. This means that our team is available to them 24 hours, booking a variety of services, from excursions to restaurants," says Cristina Scanata from the press office.

The fact that there are always buyers for the most expensive properties is shown by the previously published fact that 260 properties have been sold in Porto Montenegro in the last ten years for a total of more than 200 million euros. Apartment buyers come from all over the world, and among the most numerous buyers are Russia, Serbia, United Kingdom, Montenegro, Italy, United Arab Emirates, Ukraine, USA and Bulgaria.