According to Serbian Economist, tourist arrivals to Montenegro in the first quarter of 2026 fell by nearly 4% amid a sharp drop in the number of visitors from Turkey and a continuing decline in the Russian segment, according to the statistical office Monstat.
In January–March 2026, Montenegro welcomed 169,419 tourists, who accounted for 1.079 million overnight stays across all types of accommodation. Compared to the same period last year, the number of tourists decreased by 6,400, or 3.8%, and the number of overnight stays by 41,000, or 3.7%.
The main factor behind the decline was the Turkish market. According to Vijesti, in the first quarter, Turkish citizens accounted for 60,359 overnight stays, compared to 114,477 a year earlier. Thus, the figure fell by 54,000 overnight stays, or 47%. A particularly sharp decline was recorded in private accommodations: the number of overnight stays by Turkish citizens fell from 95,043 to 44,744.
Tour operators attribute the decline to events in late October 2025, when, following an incident in Podgorica involving foreign workers from Turkey and Azerbaijan, attacks occurred on the property and businesses of Turkish citizens. Following this, the Montenegrin government temporarily introduced a visa requirement for Turkish citizens. In December 2025, the visa-free regime was restored, but in a reduced format: the length of stay without a visa was reduced from 90 to 30 days.
The Russian segment also continued to shrink. In private accommodations alone, Russian citizens recorded 317,000 overnight stays in the first quarter of 2026, compared to 370,000 a year earlier. The decline amounted to 53,000 overnight stays, or 14%. Over the past two years, Russian tourist arrivals to Montenegro have already declined significantly: in 2023, tourists from Russia accounted for approximately 3.7 million overnight stays, while in 2025, the figure was approximately 2.4 million.
Part of the decline was offset by other markets, primarily Serbia. According to Vijesti, the number of overnight stays by visitors from Serbia in the first quarter increased by nearly 50,000 compared to the same period last year. The number of overnight stays by tourists from Albania, Germany, and Bosnia and Herzegovina also increased, but this was not enough to offset the decline in Turkish and Russian tourist flows.
Serbia remains one of Montenegro’s key tourist markets. According to the National Tourism Organization of Montenegro, in 2025, Serbian citizens accounted for 18.1% of foreign tourist arrivals, ranking first among external markets. In private accommodation, the share of Serbian tourists by overnight stays in 2025 was 25.6%, which also makes Serbia one of the main sources of demand for the Montenegrin tourism sector.
Ukrainian tourists also constitute a significant group of visitors to Montenegro, particularly in private accommodations. According to Monstat data for 2025, tourists from Ukraine accounted for 4.7% of overnight stays by foreign tourists in private accommodations, compared to Turkey’s share in this segment of 4.9%.
Official monthly statistics show that in March 2026, Montenegro’s collective accommodation facilities recorded 56,306 thousand arrivals and 123,913 thousand overnight stays. Foreigners accounted for 71.9% of all overnight stays, with the majority occurring at seaside resorts—72.4%.
Among foreign tourists in March, visitors from Serbia led the way with 5,980 thousand arrivals, followed by Albania, Germany, China, Turkey, Russia, and Ukraine.
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According to Serbian Economist, the event will take place at Porto Montenegro, and city authorities are already preparing temporary traffic restrictions, changes to access procedures, and enhanced security measures.
Montenegrin President Jakov Milatović and European Council President António Costa have sent joint invitations to the leaders of EU countries and Western Balkan states. The summit is set to bring together European leaders at a time when enlargement policy is once again high on the EU’s agenda.
The summit is expected to be attended by European Union member states and six Western Balkan countries: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. These six economies are traditionally part of the EU-Western Balkans format, which is used to discuss the region’s European integration, reforms, security, infrastructure, energy, and economic convergence with the EU.
Earlier, local authorities reported the arrival of over 30 European delegations, though the final number may be higher when accounting for representatives of EU institutions, EU member states, countries in the region, and accompanying teams.
For Montenegro, hosting the summit is of particular significance. Milatović called it a historic moment, as the country is hosting such a major meeting between the European Union and the Western Balkans for the first time.
Tivat will operate under special arrangements in connection with the forum. On June 4–5, the city expects temporary traffic restrictions, heightened security measures, and changes to access in the Porto Montenegro area, where the summit will take place. Short-term road closures are possible, primarily on the route from Tivat Airport to the city center, as well as special traffic arrangements on Arsenalska and Istarska Streets.
Some parking lots will be temporarily closed, and Tivat Airport will adjust its operations to accommodate the international forum. Authorities are also considering changes to school schedules on June 4–5 and are preparing a cultural program for residents and visitors on the city waterfront on June 4.
The main political theme of the summit is the European perspective for the Western Balkans. Against the backdrop of the war in Ukraine, intensifying geopolitical competition, and the EU’s desire to accelerate expansion, the region has once again found itself in the spotlight in Brussels. Montenegro and Albania are considered the most advanced candidates for EU accession, while Serbia, Bosnia and Herzegovina, Kosovo, and North Macedonia face more complex political and institutional dynamics.
For the region’s economy, the summit is important not only as a political meeting. The focus is expected to be on infrastructure connectivity, access to European funds, energy security, a common regional market, transport corridors, and investments.
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According to Serbian Economist, Montenegro has significantly tightened payment rules for real estate transactions: deals worth more than EUR 10,000 must now be processed through the country’s banking system. The new requirements are aimed at strengthening control over the origin of funds, combating money laundering, and increasing transparency in the real estate market.
The law applies to real estate transactions worth more than EUR10,000.
The key requirement is that payment for the transaction must be made from or to a bank account opened in Montenegro. At least one of the parties to the transaction must have an account with a Montenegrin bank. This means that the buyer can transfer funds from a foreign bank directly to the seller’s account in Montenegro, provided the seller has such an account.
If payment was made before the contract was signed, the notary will have to request a bank statement confirming the transfer. A simple statement by the parties that the payment has already been made will not be sufficient. This strengthens the role of notaries and banks as participants in ensuring the integrity of the transaction.
In effect, Montenegro is closing the door on informal payments in the real estate market, which has actively attracted foreign buyers in recent years. Violations are subject to fines ranging from EUR 3,000 to EUR 20,000.
For foreign buyers, the new rules mean they must verify the banking aspects of the transaction in advance. If the seller is a resident of Montenegro and has a local bank account, the buyer will generally be able to pay for the property via a SWIFT transfer from their foreign account. However, in more complex cases—for example, if the seller is a non-resident, the transaction involves a legal entity, or the parties wish to manage payments through the buyer’s account—it may be necessary to open an account at a Montenegrin bank.
In such cases, banks may request documents regarding the source of funds: proof of income, sale of assets, investment documents, or other sources of capital. This aligns with the general logic of European financial compliance, although Montenegro is not yet an EU member.
For the Montenegrin real estate market, the effect will be twofold. On the one hand, the new rules may complicate and slow down transactions, especially for non-residents who are accustomed to more flexible payment schemes. On the other hand, increased transparency may strengthen the confidence of banks, notaries, and foreign investors in the market, particularly against the backdrop of expectations regarding Montenegro’s accession to the EU.
Montenegro remains one of the most popular real estate markets on the Adriatic for foreign buyers. Demand is driven by buyers from Europe, Turkey, Russia, Ukraine, Israel, and the Balkans.
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According to Serbian Economist, Montenegro’s President Jakov Milatović has called for a suspension of the process to transfer the airports in Podgorica and Tivat to a concession, stating that the current model could cost the state hundreds of millions of euros.
A statement from the President’s Office notes that the government is implementing the concession procedure for Aerodromi Crne Gore based on a model developed back in 2019, even though the value of the airports and passenger traffic have increased significantly since then. Milatović believes that the current process does not reflect the true value of the assets, does not protect the state’s interests, and leaves airport employees without sufficient guarantees.
The President’s Office has sent a request to Montenegro’s Ombudsman for an urgent legal and financial analysis of the concession. The statement emphasizes that this concerns strategic infrastructure, and that, according to Milatović’s assessment, the government is attempting to shift responsibility for the controversial decision onto parliament.
Montenegrin authorities had previously proposed transferring the airports in Podgorica and Tivat to a 30-year concession to the South Korean Incheon Airport Consortium. The government claims that upon the concession’s expiration, all infrastructure will remain state-owned, and the total benefits from the deal could exceed EUR 1 billion.
According to the government, the terms of the deal involve investments in the reconstruction and development of airport infrastructure, the construction of new terminals, and the modernization of existing facilities. Supporters of the concession believe that without a major foreign operator, the airports will not be able to quickly reach a new level of service and capacity.
Milatović, on the other hand, insists that the new deal must take into account the current value of the assets. According to the State Property Agency, the value of Aerodromi Crne Gore is approximately EUR264.4 million, which is nearly double the previous 2018 valuation.
The president proposes revising the terms of the deal. Among the parameters that, according to his office, should be included in a fair concession model are a minimum one-time payment of at least EUR200 million, a mandatory increase in passenger traffic of at least 7% per year, investments of at least EUR300 million, the preservation of existing employee rights, and a guarantee of no technological surplus in the first five years.
Milatović also warned that a poorly structured concession could lead to a reduction in the number of flights, higher airfare prices, and employee layoffs.
The airports in Podgorica and Tivat have different economic significance. Podgorica is the main business and administrative hub, while Tivat is critical for tourist traffic to the coast, including Budva, Kotor, Herceg Novi, and other resort areas. Therefore, the concession issue concerns not only airport management but also the entire model of tourism development, investment, and the country’s transport accessibility.
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According to Serbian Economist, the silver-striped pufferfish Lagocephalus sceleratus, known as the fugu and considered one of the most dangerous invasive species in the Mediterranean, is being spotted with increasing frequency in the waters of Montenegro, reports the Institute of Marine Biology at the University of Montenegro.
Alexander Joksimović, a scientific advisor at the Institute of Marine Biology, stated that these are no longer isolated findings. According to him, this species has been present off the coast of Montenegro for nearly ten years and has already established a stable population in the Adriatic Sea.
Recently, a pufferfish was found again off the coast of Budva: the fish got caught in a fishing net. Experts are warning fishermen and tourists that this fish is not safe to eat and that they should not attempt to clean or prepare it themselves.
The main danger is associated with tetrodotoxin—a potent neurotoxin that may be present in the organs, skin, and tissues of this fish. Studies on the species Lagocephalus sceleratus in the Adriatic confirm the presence of tetrodotoxin, and this toxin is dangerous to humans if the fish is consumed.
Experts emphasize that heat treatment does not make this fish safe. Therefore, the main practical advice for fishermen and vacationers is not to consume any fish they find, not to sell it, and to report any findings to the relevant authorities or the Institute of Marine Biology.
The spread of pufferfish in the Adriatic is linked to warming sea temperatures and changes in the Mediterranean ecosystem. The species originates from the Indo-Pacific region and is spreading into the Mediterranean as an invasive species, including via the Suez Canal. In 2025, scientists also reported finding this fish off the coast of Croatia, marking one of the northernmost confirmations of its presence in the Mediterranean.
For Montenegro, the emergence of a stable pufferfish population has not only ecological but also economic significance. The fish can harm local fisheries, get caught in nets, damage the catch, and pose additional risks to coastal tourist regions. Budva, the Bay of Kotor, Bar, and other areas where fishing and tourism are closely linked to the marine ecosystem may be particularly vulnerable.
According to Serbian Economist, Montenegro’s long-term residential rental market entered a cooling phase in 2026: following the rapid growth of previous years, oversupply began to shift the balance in favor of tenants.
Currently, studios in Montenegro are offered at an average price of 300–400 euros per month, one-bedroom apartments at 400–800 euros, two-bedroom apartments at 600–1,200 euros, and houses starting at 1,000 euros. In the premium segment, villas and luxury properties can cost from 2,000 to 10,000 euros per month and higher.
The main reasons for the market stagnation are the decrease in the number of foreign residents staying in the country long-term and the accumulated oversupply. According to a representative of a local real estate agency, property owners are increasingly finding that apartments remain vacant longer than they did a year ago, while tenants have more room to negotiate prices and terms.
The market is no longer operating according to the 2022–2024 model, when owners could quickly rent out properties amid an influx of foreigners and limited supply. Now, in a number of locations, tenants are increasingly choosing between several options, securing discounts, or demanding better terms regarding the lease, furnishings, and utility bills.
For Montenegro, this shift is significant not only for the housing sector but also for the broader demand model, which in recent years has relied heavily on the influx of foreigners, relocators, and investors. If the number of long-term tenants continues to decline, some landlords may increasingly switch to short-term rentals or adjust their price expectations downward.
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