Purchasing luxury apartments in Montenegro, Serbia, and Bosnia and Herzegovina: monthly rent and at the price of the average annual salary.

Recently, renting luxury housing in Montenegro, Serbia, and Bosnia and Herzegovina costs several thousand euros per month, which is unaffordable for many citizens. The highest prices are observed in tourist areas and attractive locations. In Montenegro, the most expensive apartments are on the coast, where rental prices in Budva can reach5,000 eurosper month. In the central part of the country and in Podgorica, it will be necessary to allocate up to for high-end apartments.2,500 euros...while in the north, prices rarely exceed...1,000 euros.

According to data provided to the news agency "Vesti" by real estate agencies, a significant portion of rented apartments are taken by foreign citizens, such as Turks, Germans, French, and Azerbaijanis, as well as diplomats. Representatives of this sector note that the number of Russians and Ukrainians, who dominated the real estate market over the past three years, has significantly decreased. Prices on real estateagency websites are at their highest in Budva, where the rent for three-bedroom luxury apartments in the city center or in the "Dukley" residential complex ranges from2,500to5,000 euros.

Similar apartments can also be found for1,500 euros...but only in less attractive areas or in old buildings. Two-bedroom apartments start at1.500to3,000 eurosper month. The most affordable options are one-bedroom apartments, which cost at least1,000 eurosin the thicket near1,300, with an upper limit of about2,000 eurosSome of them are located in the neighboring area of Bečići, and beyond1,000 eurosIt can also be found in Rafailovici.

According to the Statistics Department, the average salary in April was828 eurosIn Podgorica, the most sought-after areas remain the City and Master quarters, Central Point, as well as the surroundings of "Capital Plaza." According to experts from the real estateagency "Taluma," luxury one-bedroom apartments have an area of up to50 square metersand they cost from550to650 eurosper month. Two-bedroom apartments are valued within800-1,000 euros.

Apartments with furniture are most often rented, while unfurnished ones are mainly taken for commercial purposes. It is worth noting that rental prices have decreased in the last few months.100-200 eurosApartments that just a few months ago could be rented for700-750 eurosnow they are standing600-650 eurosAlthough property owners continue to insist on renting two-bedroom apartments at the previously stated prices, in reality, the final amount often reaches800-850 euros.

According to specialists, apartments in the areas of Maslina, Zlatica, and Zagorich are the least in demand. Agents from "Centar" say that luxury apartments are most often rented out fully furnished, although there are cases where apartments are rented without furniture at the request of foreign embassies, which often require the rental of unfurnished apartments.

In addition, there is demand for housing in the part of the city across the Morača River, in the Gorica C area, in the "Green level" and "Bemax" buildings in the Tološki Forest, "Normal" near the Temple, "Vezir" by the Morača River, and "Zetagradnje" near the city stadium. One-bedroom apartments start at500to800 euros...while the rent for two- and three-room apartments varies from...800to2,000 eurosThe area of one-bedroom apartments ranges from45to60 square meters...while apartments with multiple rooms have an area starting from...65to130 square meters.

At the same time, the local population often cannot afford such high rents. The main tenants remain the diplomatic missions of foreign states, which are considered the most desirable tenants because they pay rent and bills on time and lease for the duration of their employees' mandates, usually from three to four years. Landlords also include international organizations with offices in Podgorica.

According to data from the agency "Square," it is actually high-quality furnished luxury apartments that are most often rented out, with areas ranging from50to150 square metersAccording to experts, for the best one-bedroom option in Podgorica, you will need to allocate at least700 euroswhile two-room apartments start from1,000to1.500...and three-room apartments can reach...2,000 euros.

The agencies that "Vesti" checked do not have many offers for luxury real estate in the north of the country, but in Kolašin, the prices for a one-bedroom apartment in the center amounted to650 eurosAmong the listings in 2023, a one-bedroom apartment was recorded at a price of1,000 euros.

Recently, Serbian news reported that one of the penthouses in340 square metersIn the Belgrade Waterfront area, it is available for rent for...9,000 eurosper month. This unrenovated property with a magnificent view of the Sava attracts a lot of attention, as do several other luxurious apartments. One of these properties has an area of220 square meterswas submitted for6,300 euros...while a smaller apartment in the same area was rented for...5,000 euros.

However, these are just isolated cases, as most luxury apartments are rented out in the price range of1.500to3,500 eurosper month. The most common locations are new residential complexes in New Belgrade, Vračar, and the Old Town, as well as, of course, Sava Waterfront with its dominant view - Belgrade Waterfront. These luxury apartments are typically new constructions in the heart of the city, in well-regarded neighborhoods.

They are usually located on the upper floors with a beautiful view, and interestingly, they are available both furnished and unfurnished. However, the furniture must be luxurious. One of the most important aspects of renting is ensuring a parking space. Similar preferences are often noted among buyers of luxury real estate as well.

Real estate expert Katya Lazarevich explains that the situation with buyers of luxury properties has changed in recent years. "People who want to buy elite housing are willing to invest significant funds, but they want to receive quality that is worth it, not a scam. Such buyers are not willing to pay a high price for a property with poor layout. They are quite demanding and push their conditions," she notes.

The criteria for evaluating apartments are quite diverse, but the most important factor remains the presence of impeccable documentation for the property. If, for any reason, the registration of the apartment seems questionable, then purchasing it is out of the question. Additionally, buyers want to know who the residents of the building are. "They don't want neighbors from the world of show business," comments Lazarevich, adding that part of Belgrade on the Water may attract celebrities, but another category of buyers avoids such buildings.

It is also important what the view from the windows is like: buyers want to see either picturesque landscapes or views of similar luxury buildings. For an apartment to be considered elite, its area must be at least150-200 square metersand mainly be located on the upper floors. Prices range from4,500to9,000-10,000 eurosper square meter. "Such housing should include at least three rooms and two bathrooms. The ceiling height is undoubtedly important, as well as a multi-layered floor, adequate ventilation in the kitchen and bathroom.

Expensive apartments should also provide quality thermal and waterproofing, and increasingly good sound insulation as well. The elevator should be large and quiet. New buyers of such properties study other buildings by the developer before making a purchase to ensure their quality. They check the condition of older buildings and inquire about the quality of construction.

"A parking space must definitely come with the apartment, and sometimes buyers pay attention to the width of the space, as they have large vehicles. I've seen buyers measuring and checking if their cars will fit in the garage," our interlocutor notes.

Lazarevich notes that people usually buy ready-made apartments, but when it comes to Belgrade Waterfront, seekers prefer homes closer to the Sava River with a view of the river. In this case, they are willing to pay for properties that are still under construction. Ultimately, she emphasizes that the buyers of such apartments and houses are most often businessmen and young professionals in the field of information technology.

When making a purchase, they conduct transactions through a bank account rather than through credit. In the case of foreign buyers, both our clients and foreigners, the money is transferred to a bank account in Serbia, and then the payment is made. They pay all taxes just like Serbian citizens, but they do not have the right to a VAT refund.

According to the Republican Geodetic Administration, in the last quarter of 2023, the most expensive square meter was recorded in Belgrade on Water — on average4,430 eurosper square meter, and the maximum cost during this period was8.735 eurosThe New Dorćol area cost on average4,308 eurosfor a square, and Lux 51 in New Belgrade -3.155 eurosAmong the most expensive locations in Serbia is Victoria Gardens in Čukarica, with an average price.2.708 eurosfor a square, Zemun Vista with2.555 eurosand at the Voždovac gate in Voždovac with a price of around2,470 eurosfor a square.

In recent years, there has been a sharp increase in real estate prices in Bosnia and Herzegovina, and the price per square meter of apartments has also affected the amount spent on rent. The rise in rental prices has been recorded in various cities, especially in tourist centers. According to real estate agents, on average, summer prices have increased compared to the previous two years by100 KM (50 euros)that corresponds to a height of10-20 percentHowever, as Adin Yasher, a certified real estate agent, says, this increase is not as noticeable when compared to the selling prices of apartments, where the price per square meter has risen by40 percentThe cost of a square meter currently ranges from3,000to10,000 KM).

“This price increase, which has become evident in the real estate market, especially for apartments, is not comparable to the rise in rental prices. I would even say that property owners often misunderstand, believing that the increase in property sale prices should lead to a rise in rental rates. There has been a slight increase in rental prices, particularly for one-bedroom apartments near tram stops, which are in high demand. But overall, looking at the market as a whole, there have not been significant changes compared to previous years. I can say that the changes are very minimal, for some a blessing, for others a curse,” summarizes Yasher, adding that if the rent was500, then it currently amounts to600 KMWhile prices for luxury and large apartments have decreased. "Prices for luxury apartments rented by foreigners have indeed fallen, as demand for them has decreased," he notes.

According to Numbea, the largest global database on the cost of living, an average of623.81 KMper month, while similar housing on the outskirts of the city costs on average454.55 KMSimilar observations are also confirmed by Yasher, who explains that the rental price of an apartment is determined by several factors. "What is the apartment like, what is its finish, proximity to public transport, and availability of parking. When it comes to one-bedroom apartments, their prices have not noticeably increased. In other words, to rent a one-bedroom apartment, one should allocate about500 KMCertainly, there are more expensive options, but as I mentioned, it all depends on certain factors. A two-room apartment on Dobryna costs about400-500 KMIn Grbavica, the rent varies from500to700 KMAnd in the center of700to1,000 KMOf course, it all depends on the availability of parking. In Ilidža, the rent is about500 KMHowever, if we compare the conditions of recent years with the current ones, we can confidently say that rental prices have significantly increased in areas located outside the city center, such as Dobrine and Alipashino Field.

"As you have heard, all of this varies, and there is another aspect to consider when renting. For example, it's important to look at new buildings and the availability of parking, so renting a two-bedroom apartment can cost..."600,700and800 KM“In locations like Stup and Dobrinja. These places are the most in demand,” reflects Yasher. In Mostar, prices are slightly lower: the rent for a one-bedroom apartment in the center averages450 KM...while those who live outside the center pay about...300 KM.

The rent for a one-bedroom apartment in Banja Luka is approximately the same as in Sarajevo – around500 KMand outside the center, it starts with400 KMThe situation with houses is somewhat different. Renting a floor of a house will cost from400to800 KM...while the full housing costs start from...1,000to1.500...and villas with a pool can cost up to...5,000 KMAccording to real estate agents, it is quite interesting that many owners have opted out of long-term rentals and are now renting their apartments on a daily basis. Prices typically range from40to50 KMper day. Of course, luxury apartments cost more. So, for150 KMIt is possible to rent an apartment with a jacuzzi. The price for houses is different. The average rental price for an apartment exceeds...100 KMin a day, but it can also reach more1,000 KMper day, depending on the availability of the pool.