Prices for apartments in Montenegro have stopped rising, but a price drop is not expected.
The average price per square meter of an apartment in a new building in Montenegro in the third quarter of last year was 20 percent higher than in the same period in 2021.
Reasons for the price increase:
- a big jump in prices for building materials in the entire European market,
- increase in demand from many buyers from Russia and Ukraine,
- as well as increased interest from domestic buyers due to wage increases and approved home loans.
During the period from January to October 2022, foreign citizens and companies invested 369 million euros in the purchase of real estate in Montenegro, which is twice as much compared to the pre-crisis 2019, when they invested 178 million euros in Montenegrin real estate.
According to Monstat, prices for apartments in new buildings also rose in the north of the country, thanks to new projects in Kolasin and Zabljak, where foreigners are also the dominant buyers.