Falling property prices in Montenegro: the cost per square meter on the coast and in Podgorica.

The prices for square meters of newly built apartments in Montenegro continue to fall and reached an average value of 1,389 euros in the first quarter of this year, according to data from the Montenegrin Statistics Office Monstat. The price per square meter in commercial sales reached a record high of €1,446 in the third quarter of last year, before falling to €1,409 in the fourth quarter and now to €1,389. In 2020, during the pandemic, prices for square meters of apartments according to Monstat fell to an average of about 1,100 euros and then rose to about 1,200 euros in 2021. In the last quarter of 2021, the average price per square meter in new buildings and commercial sales amounted to 1,209 euros, after which it started to rise, reports the Srna.

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At the beginning of last year, the average price per square meter of an apartment rose to 1,346 euros, then reached 1,425 euros in the second quarter. The reasons for this increase were higher prices for construction materials caused by market disruptions due to the conflict in Ukraine, supply disruptions and higher energy prices, as reported by construction companies. Prices for construction materials started to decline at the end of last year, but apartment prices did not fully correspond to this decline due to the growing interest of buyers, primarily Ukrainians, Russians and Turks. In Podgorica, the average price per square meter in new buildings and commercial sales was 1,409 euros in the first quarter of this year.

This is the lowest price in the last four quarters.

The average price per square meter on the coast now stands at €1,392 and is slightly higher than at the end of last year, when it was €1,387. Much higher apartment prices in the six seaside municipalities were in the first half of 2022, at €1,445 and €1,473. In the northern region, the average price per square meter in the first quarter of this year was €1,201, the third consecutive quarter with their fall. In the northern region, apartment prices at the end of 2021 were higher than in the second half of last year and now.

The survey also covers the prices of square meters of apartments in so-called "solidarity housing", which includes the sale of apartments from housing cooperatives. In the first quarter of this year, prices for apartments from solidarity construction were 600 euros per square meter. On the coast and in the northern region there was no sale of these apartments, while in the central region they were priced at 589 euros per square meter.