According to Monstat, the average price per square meter in new construction is €1,821. However, in the capital, apartments at this price are limited to only a few locations, mainly in development, while on the coast, prices rarely fall below €2,000. Due to high demand, the cost per square meter on the Montenegrin coast can reach an astonishing €15,000. A decline in real estate prices is not expected, as demand remains relatively strong compared to supply.
Real estate prices in Montenegro continue to show growth. In the capital, where demand is highest, apartments are available for around €1,800 per square meter, which aligns with the average new construction price reported by Monstat. These apartments can be found in areas such as Zabjelo, behind the former Titeks factory, along Vojislavljevića Street, Tuški Put, Stari Aerodrom and parts of Zagorič.
Stefan Mišković, owner of Multitask Real Estate, told Bankar that in these locations, a move-in-ready apartment in new construction or a well-maintained unit costs approximately €2,000 per square meter.
“In the north, in Kolašin, it is possible to find square meters priced around €1,800 for some ongoing projects that are not in the city center. However, Žabljak has limited residential offerings, primarily focusing on weekend homes and vacation properties,” Mišković noted.
In the south, it is challenging to find square meters in new construction at that price, except in the southernmost municipality, Ulcinj.
“In the area around the Port Milena bridge, one of the most active construction zones in Ulcinj, apartments can be found starting at €1,600 per square meter and up, depending on the quality of construction and the amenities offered,” Mišković added.
Luxury resorts: Prices reach up to €15,000 per square meter
The fact that buying an apartment on the coast has become a luxury is evident from the prices, with new construction costing over €2,100 per square meter. In popular tourist areas, this price does not secure even a property under construction. In resorts, prices are so high that they are out of reach for local residents.
“The most expensive square meters are sold in southern resorts, starting at €6,000 per square meter during the ‘presale’ phase and reaching up to €15,000 for furnished and move-in-ready apartments in the same resorts,” Mišković explained.
Northern Montenegro: Mainly houses on offer
Mišković explains that due to the diversity of Montenegro’s real estate market, there are no ideal comparative conditions for the north, where houses dominate, unlike the central region and south where residential buildings are more prevalent.
“However, if we consider apartments as the reference property, the northern municipalities, along with Nikšić and Danilovgrad, have prices around €1,000-€1,100 per square meter,” Mišković noted.
Short-term expectations indicate that a drop in real estate prices is unlikely, given the sustained demand compared to supply.
“We are noticing a slight decrease in construction, leading to a reduced supply, which keeps prices stable with a slight upward trend,” Mišković stated.
While a price drop may be expected in the medium term, it is not anticipated to be significant due to inflation and announced economic reforms that could enhance citizens’ credit capabilities, potentially boosting demand further.
