The average price per square meter of new apartments in Montenegro in the fourth quarter of 2024 was 1,936 EUR, marking an increase of 4.42% compared to the third quarter, according to data from the Statistical Office of Montenegro (Monstat). Compared to the same quarter in 2023, the price per square meter of new apartments rose by about 8.16%, and compared to 2022, there was a significant increase of 38%.
In Podgorica, the price per square meter of a new apartment was 1,938 EUR, which is 6.25% higher than in the third quarter. When compared to the fourth quarter of 2023, prices rose by 4%, and compared to 2022, the price of a new apartment in Podgorica is 31% higher.
The price per square meter of new apartments is still the highest on the coast, averaging 2,076 EUR. This is a 4% increase compared to the third quarter. Compared to the same period last year, the price increased by 17.22%, and compared to 2022, the price jumped by 50%.
The average price per square meter in the central region was 935 EUR, which is 2.6% lower than in the third quarter, but about 2.2% higher than the same quarter last year.
In the northern region, no sales of new apartments were recorded in the last quarter of 2024.
Monstat explains that the average price per square meter of new apartments is significantly influenced by the proportion of apartments that belong to the category of social housing construction.
If the proportion of these apartments is higher, the average price of new apartments will be significantly lower. On the other hand, if the proportion is lower, the average price will be higher – they clarified.
The average market price (in the category of business entities) per square meter of a new apartment in Montenegro in the fourth quarter of 2024 was 1,943 EUR. In the social housing category, the price per square meter was 589 EUR.
According to the methodology used in the research on the prices of new apartments, only apartments that have been sold for the first time are considered in the calculation of the average price per square meter, i.e., those for which a sales contract was concluded for the first time.
The study does not include apartments from the existing housing stock, nor other types of real estate: commercial properties, land, etc. The research does not reflect the supply and demand of new apartments on the market, but rather the prices calculated based on concluded sales contracts – Monstat concludes.
