Sale of luxury real estate through auction in Montenegro

Three years ago, all interested buyers of luxury real estate in Montenegro gained a loyal and globally recognized partner who "guides" them through the entire process, from searching to purchasing the desired property.

Sotheby's Realty Montenegro, with its main office in Porto Montenegro and a significant number of transactions, has set new standards in the real estate market and offerings in Montenegro.

The news is that for the first time in the real estate market in Montenegro, there is an opportunity to buy and sell properties at the famous Sotheby's auction!

“In addition to a wide and carefully curated selection of luxury real estate, this year we are offering our clients the opportunity to buy or sell properties at auction. We can provide such a refined option because Sotheby's has acquired the largest and most prestigious auction house in the luxury real estate sector - Concierge Auctions House. The excellent business of this auction house is confirmed by the fact that their market share in the auction sale of luxury real estate was up to 90%! By acquiring Concierge Auctions House, which now operates under the brand Sotheby's Concierge Auctions, we also gained access to their significant database of highly valuable properties and potential buyers of such properties. We are proud to be the first to introduce this innovation to the Montenegrin real estate market and offer our clients the option of auctioning their properties,” says Niko Lakovich, director of Montenegro Sotheby's Realty.

From now on, real estate, just like art, can be purchased at an auction.

Lakovic adds that practice has shown that auction sales of real estate are only possible when it comes to high-end luxury properties, explaining that on average, the price of real estate sold at auction cannot be lower than 2.5 million euros. Explaining the entire process, Lakovic states that when they determine that a certain property is suitable for auction sale, the assessment and inspection are carried out by authorized appraisers from the UK, who also conduct the auction for a global audience. The auction itself takes place online, and practice has shown that the success rate of selling luxury real estate in this way is almost 100%. Considering that Sotheby's is a prestigious global brand with an exciting offering and client base, Lakovic believes that in the near future we will see the first successful auction sale of luxury real estate in Montenegro.

“We informed our database of exclusive property owners in Montenegro about a new sales model, and I am confident that it is only a matter of time before we select one of the luxury properties for auction, thus writing a new chapter in the real estate market in Montenegro,” says Lakovich. “The auction sale of luxury real estate has already proven successful worldwide.

Lakovic says that interest in luxury real estate in Montenegro is not decreasing; on the contrary, it is expected to grow. "Montenegro is recognized as the pearl of the Adriatic Sea and is therefore increasingly interesting and popular among those looking to find their second or even third home right here - in a country with a wonderful climate, clean air, access to the sea, good ski resorts, and all the factors that create the conditions for a high quality of life."

In response to a question about rising prices, Lakovich explains that the increase in real estate prices has been intensified by inflationary risks and has led to a higher demand for property purchases. "Prices for luxury real estate in Montenegro, despite the increase, are still lower than in many European countries. The strong interest from the international client sector in investing in Montenegro clearly indicates that a continuation of the price growth trend is expected, and investing in luxury real estate in our country is considered an excellent financial move, whether it involves renting out or subsequently reselling the acquired property."

“I am confident that the luxury real estate market in Montenegro is just beginning its golden era, and we will feel its benefits at the national level. In this regard, I am pleased that we can now sell luxury real estate from Montenegro on a global scale through auctions that attract clients with very high purchasing power,” concludes Lakovich.