In the previous year, foreigners bought real estate in Montenegro worth around EUR 410 million. Experts estimate that their interest can have a positive effect on the Montenegrin economy, but it would be good if they were investors from the West.
During 2022, foreigners were much more interested in buying real estate in Montenegro than in previous years. Data from the Central Bank, for 11 months last year, show that foreign citizens bought real estate worth 410 million. Former dean and professor at the Faculty of Economics, Nikola Milović, told TVCG that the great interest of foreigners in owning real estate can have a positive effect on the Montenegrin economy.
– Those positive effects are related to the construction sector and to the start of some new businesses – says Milović.
Although the effects are multiple, Milović notes that so much interest of foreigners in real estate in our country can have negative sides. He points out that Montenegro does not have many things well organized within the country, and that we must take into account which parts of the world foreigners come to and invest in. For the Montenegrin market, Milović notes, it is important that the rules are the same for everyone, but as he says, it would be better if foreigners came to us from the West and not the East of the country.
– Such investors are those investors who are desirable for Montenegro and such investments are the ones we need, and as such they create a higher standard of living for the citizen of Croatia and then the citizen of Montenegro believes in an economically strengthened Montenegro and in this sense gives a positive impulse for all what is related to the economic system – points out Milović.
Through an apartment and investment in real estate, the easiest way for foreigners to achieve economic citizenship. That project expired on December 31 last year, and the Government will soon prepare, as announced, new solutions aligned with the European agenda. Criticism often came from Brussels due to economic citizenship.
The Central Bank of Montenegro does not have data on the number of properties owned by non-residents, nor their total value.