In Podgorica, the demand for smaller one-bedroom and two-bedroom apartments is on the rise, but the current supply struggles to keep up. Average prices per square meter have reached around €2,000, with variations based on location and property condition. Economic analyst Mirza Mulešković recommends waiting for a more favorable market climate and a decrease in EURIBOR rates before making any purchases, emphasizing the need for government intervention as well.
Apartment prices in Podgorica range from €1,700 to €2,700, heavily influenced by location and the state of the property. According to the Association of Real Estate Agencies of Montenegro, the most desirable neighborhoods include Preko Morače and the broader City Quarter, where prices range from €2,200 to €2,700 per square meter.
“The average price in these areas is about €1,700 to €1,800 for apartments still under construction, while ready-to-move-in units in new developments start around €2,000 per square meter. For older buildings, factors like condition and location create a broader price spectrum, typically between €1,200 and €2,000 in the Preko Morače area,” explains Stefan Mišković from the Association of Real Estate Agencies of Montenegro.
Most buyers are young individuals who have taken out loans, as Mišković points out.
Mulešković highlights the difficulties young people face in securing housing. “For those with stable incomes who live as tenants, buying an apartment could be a worthwhile investment. However, for those who aren’t renting and lack those expenses, high-interest rates make this an unfavorable time to commit to such a purchase,” he notes.
The situation was different in the past, with many workers able to purchase apartments under favorable conditions. Engineer Radisav Pupović, who spent nearly 30 years at the “Radoje Dakić” factory, recalls this.
“We had a list within the company, managed by the union, for vulnerable workers in need of housing in Block 5 and Zabjel. They could apply through a competition and later buy the apartments. That was the policy back then, but today everything has changed. The privatization has made things much more challenging,” says Pupović.
Mulešković points to the lack of government initiatives as a significant issue, suggesting that a project like 1000+ could be beneficial. He concludes that it’s currently wise to wait for market stabilization before pursuing apartment purchases.
