According to data from Monstat, the average price per square meter for new construction in Podgorica during the second quarter of 2024 was €1,760.
“This price represents the approximate minimum for purchasing an apartment in new developments (for projects currently under construction). For move-in-ready apartments, prices are almost never below €2,000 per square meter. In high-demand areas, average prices can climb to €2,500 per square meter. As for rental prices, studio apartments average around €330, one-bedroom apartments about €500, and two-bedroom apartments near €700. Depending on the quality of furnishings and location, these prices can fluctuate by approximately 10%,” stated Stefan Mišković, president of the Association of Real Estate Agencies, in an interview with CdM.
Mišković noted that the highest prices per square meter can be found in luxury buildings located below Gorica and in the city center.
“For standard quality buildings, prices around the Big Fashion Center are approximately €2,400 per square meter for those under construction, while completed apartments range from €2,600 to €2,800 per square meter. It’s important to mention that the availability of these properties is quite limited,” he added.
When asked about typical buyers, Mišković indicated that in Podgorica, the majority of purchasers are local residents, with a smaller number of foreign buyers, predominantly from Turkey and Russia.
On the coast, however, foreign buyers are more prevalent, especially from the region (Serbia and Bosnia and Herzegovina), as well as from Russia, Ukraine, and an increasing number from Western Europe, particularly Germany.
According to Monstat’s findings, the average price for new construction in the southern region in the second quarter of 2024 was around €2,100 per square meter.
“On the coast, it is rare to find apartments priced below €2,000 per square meter, with the exception of Ulcinj. Prices can soar up to €5,000 per square meter in luxury developments, not including resorts, which we consider a separate category. In resorts, prices range from €5,500 for new projects to €15,000 per square meter for unique properties with exceptional amenities,” Mišković explained.
