The rise in real estate prices in Montenegro: Fewer Russians and Ukrainians are buying apartments, while more Turks, Germans, and Poles are.

Real estate prices in Montenegro are rising, while the number of buyers from Russia and Ukraine is decreasing, and there are more and more buyers from Turkey, Germany, France, and Poland.

According to the latest data from Monstat, in September of last year, the average price per square meter of new construction in Montenegro was 1,647 euros, which is 300 euros more than at the beginning of 2023.

There is a great danger that we will soon become strangers in our own country, because due to the geopolitical situation and inflation, prices are rising, and our people cannot afford to buyreal estate. This is mainly being done by foreigners. In addition to those we know, such as Russians, Turks, and Ukrainians, there are more and more Germans, French, and Poles, says journalist Nemanja Pavicevic from the RTCG portal, which focuses on the real estate market.

He believes that there is no hope for a drop in prices. How things will be in the future is unknown, but for now, inflation will continue, at least that's what I think, and the economic patterns are such that prices will rise, - says Pavichevich. He believes that the government should have thought about its citizens and organized this area differently.

So, if we already have a flood of foreigners, and if prices are rising, not everyone can afford to pay a 3 percent transaction tax on the contract value. Perhaps they should have set it at 50, 80, or 100 percent to somehow protect our people, believes Pavicevic. He fears that this step cannot be implemented with the return, and that we are already too late. It seems to me that Montenegro is disappearing in the face of a large capital influx, emphasizes Pavicevic.

The executive director of the real estate agency, Dragana Kovacevic-Nikcevic, says that the average price per square meter of an apartment in Podgorica is 1800 euros.

According to Monstat data, in 2023, there were 365,139 apartments for a population of 632,083. This is about 50,000 more apartments than in the last census in 2011 (316,083). At that time, there were also about seven thousand fewer residents, and the average price per square meter of an apartment was 1,307 euros.

She explains that in the last three to four months, the number of clients from Russia and Ukraine has decreased, while citizens of Turkey are contacting her more frequently, mainly due to the rental of apartments and commercial spaces. She also does not foresee a drop or rise in prices. We believe that after the New Year, apartment prices will stabilize because there was a significant price jump last year, and they are already quite high, says Kovacevic-Nikcevic.

As for the monthly rental prices for apartments, they have almost doubled. The cost of studio apartments ranges from 200 to 400 euros, one-bedroom apartments from 400 to 700 euros, and two-bedroom apartments from 600 to 1000 euros per month. The cheapest apartment in our agency costs 200 euros; it is a semi-basement studio, while the most expensive luxury apartments start at 1000 euros and above, says the director of one of the agencies.