Live Montenegro real estate market: foreigners determine prices and demand, so may continue for another 2 years

Real estate prices in Montenegro have been a feature of the market for a long time, and with the arrival of a large number of Russian and Ukrainian citizens after the start of the conflict, the cost of renting or buying an apartment has increased significantly. What the situation is now and what will happen next is difficult to predict, as the market is influenced by many factors.

08/18/2023 09:57 pm Comments 0

Real estate prices in Montenegro continue to rise. This was stated by Iasmin Yusuf Licina, executive director of a local real estateagency, in an interview for the Dan newspaper. He notes that the current situation on the real estate market, in terms of interest, demand and sales, is very active and unchanged recently, and judging by the experience and work of our agents, we believe that this situation will not change in the near future," said Licina. He says that currently buyers are most interested in real estate in Podgorica, Tivat, Budva and Bar.

- "When it comes to the capital, the most interest is in the part of the city around the Big Fashion shopping center (Siti, Master, Central neighborhoods), the proximity to the Atlas Capital Center shopping center, through Moraca, and recently interest has increased dramatically in the Old Airport and Zabielo neighborhoods," says Lichina.

As for possible price reductions or so-called market cooling, our interlocutor notes that the answer to this question depends on many factors.

Real estate prices in Montenegro.

As for the demand for properties in old and new buildings, he says demand is still high, although prices for old buildings range from 1,300 to 1,600 euros per square meter, while prices for new buildings range from 1,700 to 2,500 euros, depending on location. These prices are based on Podgorica because that is where we mainly operate. Rental prices for one-bedroom apartments in Podgorica vary, depending on location and equipment, from 350 to 600 euros, while prices for two-bedroom apartments range from 500 to 1,200 euros, and in 80% of cases the tenants are foreigners with high prices," said Licina.

As for the regions, Licina says that it should be noted that also the northern region in some cities, such as Kolasin and Zabljak, has experienced an increase in real estate prices.

(Source: Dan)

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