The residential real estate market in Montenegro in 2024 showed a significant increase in prices for both apartments and houses. The average cost of housing in new buildings increased by 20%, reaching EUR 1,844 per square meter.
Regional differences in prices:
Podgorica: In the capital, the average housing price increased by 11.5% to 1,763 euros per square meter in the second quarter of 2024.
Coastal areas: In the coastal region, prices for apartments and houses increased by almost 30% over the year to 2,028 euros per square meter.
Central region: In the central region, the average price of housing increased by 34.5% compared to the previous year and amounted to 960 euros per square meter in the second quarter of 2024.
Northern region: In the north of the country, the average cost of new housing rose by 7.1% to €1,306 per square meter.
Price growth factors:
Demand from foreign investors: Montenegro continues to attract foreign buyers due to its loyal tax policy and prospects of joining the European Union.
Limited supply: In popular tourist regions such as Budva, Tivat and Bar, there is a shortage of luxury housing, which contributes to the growth of prices.
Economic reforms: Montenegro’s accession to international organizations and expected accession to the European Union make the region more stable for long-term investment.
Forecast for 2025:
Experts predict continued growth in real estate prices in Montenegro in 2025, especially in areas with developed tourist infrastructure. Demand for luxury properties in coastal areas is expected to remain high, leading to further price increases.
Buyers are advised not to postpone their decision to purchase real estate, given the current market trends.
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