Montenegro real estate market went up by 10–15%

Sept. 23, 2011

Montenegro real estate market went up by 10–15%

The situation in the Mediterranean Montenegro real estate market stabilized. Prior to the peak rates recorded in the pre-crisis period, far away. Prices fall for real estate objects stopped, and began steady rise. In fact, this year is the last chance for buyers to purchase housing at a comparatively low price, because in near future, analysts expect prices risy by 10–15%.

The greatest demand from foreign customers is on real estate objects located in Gertsegnovskaya, Budva and Ultsinskaya. As Montenegro is famous for its destructive nature, union of mountain heights and bays, it is visited annually by 7 600 000 tourists. Some of tourists start looking closely to the local real estate objects located within resort areas.

Director of Real Estate Montenegro company Micheaux Orlandich said that according to the first half of 2011 representatives of 59 countries purchased Montenegrin property.

Experts insist that 2011 is the year of active real estate market in Montenegro. During past seven months the cost of housing increased by 10-15%. Experts predict stable prices growth as there is limited number of existing constructions.

Monstat Montenegro Report in the second quarter confirmed the rise of residential real estate market prices. The average cost of apartments in new houses was 1 260 euros per "square". Compared with the previous quarter, prices rose by 4,6%. The most expensive objects sold in the Bar, where square meter costs 1 600 euro. Prices for Budva property – 1 574 euro / sq. m., Kotor – 1 508 euro / sq. m and Ulcinj – 1 508 euro / sq. m.