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Wednesday, April 24, 2024
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Lower prices for apartments on the coast?

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Property prices on the Montenegrin coast have reached their peak. However, signs of changes in real estate prices are becoming more frequent with announcements of apartment sales on sale. In these announcements, the square meter prices are around 1,600 EUR, which is lower by several hundred euros compared to the end of last year.

The sale of apartments on sale logically suggests a decrease in interest in buying apartments or that the supply of properties on the market has already exceeded demand.

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Statements from real estate agents are contradictory. Some state that prices are not falling, while others mention that Russians are massively moving to Serbia because they have better living conditions. Ukrainians are returning to their homeland, resulting in fewer buyers from those markets. Most often, buyers are Montenegrin citizens investing money in real estate.

According to data from the Statistical Office Monstat, the price of an apartment in new construction in the coastal region was 1,584 euros in the third quarter of last year.

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However, in advertisements and agency announcements, this figure is significantly higher.

Real estate agents with years of experience operating in the municipality of Bar, confirm that studios are being sold for 70,000 EUR, even 80,000 EUR, and two-bedroom apartments for over 200,000 EUR.

  • Prices began to rise sharply with the outbreak of the Russo-Ukrainian war. Although, in my impression, a large number of Ukrainians have left Bar and Montenegro, prices, at least in this municipality, will not fall, especially when it comes to new construction – says one of the agents from Bar with extensive experience.

On the other hand, her colleague, a Russian citizen, states that there is a certain decline in property prices on the coast.

According to her, in suburban settlements of Bar, which are about three kilometers away from the center, there are apartments offered by her compatriots for around 1,300 EUR per square meter.

Potential buyers are most interested in one-bedroom apartments in the city center. Budgets that are most commonly mentioned are from 80,000 euros to 100,000 EUR.

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