The average price per square meter in new construction in the fourth quarter of last year was 1,790 EUR, according to preliminary data from Monstat. This is nine percent higher compared to the third quarter, and even 28% higher compared to the same period in 2022.
When observed by regions, Monstat’s data shows that apartments are still most expensive in Podgorica, where the average price per square meter in new construction was 1,862 EUR. It’s worth noting that in the third quarter, one needed to allocate 1,700 EUR per square meter in the capital, which is almost 10% more. Compared to the previous year, apartments in Podgorica have increased by 26%.
The average price per square meter in new construction on the coast was 1,771 EUR, which is 12% higher compared to the third quarter. In the north of the country, a square meter in the fourth quarter cost 1,091 EUR, marking a decrease of 15% compared to the third quarter. Prices in the central region were 915 EUR, indicating a significant increase of 38% compared to the third quarter.
According to Monstat, the average price per square meter of an apartment in new construction largely depends on the proportion of apartments belonging to the category of solidarity housing construction.
- If the share of these apartments is higher, the average price of an apartment in new construction will be significantly lower, or if the share is lower, the average price will be higher – they explained.
They also add that the displayed average prices per square meter of an apartment in new construction are categorized into economic companies (average market price) and solidarity housing construction.
Thus, the average market price per square meter in new construction was 1,795 EUR, which is 9% higher compared to the third quarter, and 27% higher compared to the fourth quarter of 2022. The price per square meter in the category of solidarity construction was 589 EUR.
Monstat explains that only apartments that are sold for the first time on the market, i.e., for which the first sales contract is concluded, are taken into account in calculating the average price per square meter of an apartment in new construction.
