Serbia and Montenegro has always been considered the most friendly towards Russia countries. However, poorly designed legislation and the absence of clear rules in the property market in Montenegro have long prevented Russian investors to fully reveal itself for the potential of this sunny country. Portal ee24.com decided to meet with Montenegrin realtors and find out whether it is time for Russian investors to move to the Balkan coast of the Adriatic Sea.
The first thing we hear from our sources: "Remember, friends, Montenegro is a heterogeneous country." It is divided into several regions which differ from each other - some more than others. For example, there is an area on the coast, inhabited mainly by Muslims. Tellingly, the property prices there are the lowest. For example, an apartment of 30 m2 can be purchased for €25,000 - €30,000. However, investors and tourists from Christian countries prefer not to go there.
There is an important fact about Montenegro, which all need to be aware of: it is not hot country, it's very hot, especially in the summer. This should take into account when thinking to choose the location of the house in relation to the sea. Even the path length of 300 meters can be an insurmountable obstacle, especially in the middle of the day, when the temperature rose past 35-40 degrees. You should be ready to buy a car with air conditioning, or choose a house as close to the front line. According to information provided on the site ee24.com, studio apartment of 30 m2, 100 meters from the sea can be purchased for €60,000.
In addition, it is not necessary to buy an apartment on the first floor, as they may be altered under house storage facilities. An interesting feature that may surprise is the stairs, which is outside the apartment building. It looks like a very peculiar architectural method, but from the point of view of convenience it's a perfect solution.
Sighing, our interviewees recall how a few years ago chaos reigned on the real estate market in Montenegro. The legislation was poorly designed. Gaps and omissions in the laws have used by dishonest realtors for their own selfish purposes. Corruption flourished. Now everything is not so. In recent years the government, recognized the importance of tourism and housing as the main items of income, has done a lot to address the real estate market in Montenegro.
One of the most important innovation was the need to conclude all transactions in the presence of a notary. In particular, the contract of sale can now be made only by a notary, who seriously interested in the transaction without problems. The purchase procedure is simple and transparent. All of the properties registered by the state, and all documents available in the public domain.
Also investors have the opportunity to obtain a residence permit in Montenegro. To do this, you must either register and establish a company in this country, or apply for employment or for seasonal work. Investors prefer the first option, especially that registration of the company in Montenegro is quite easy. You need to pay only €300 for state registration service and hire an accountant at the minimum allowable wage in Montenegro (about €160). Businessmen especially love to purchase houses and villas near the sea. Mansion of 1000 m2 will cost about €2 million.
On closer examination, Montenegro is a country where the sun shines all year round with warm water and sandy beach, and the government makes sure that the rights of investors, tourists and free settlers are fully complied with. What else you need to have peace of mind to buy a house here and live in joy and comfort.
Text: Ivan Ulitin, ee24.com