The real estate market in Montenegro has been very dynamic for a long time. Last year was no exception. They worked and built from south to north, without exception. New squares and residential complexes have sprung up and are springing up all over the country, numerous investments and projects have been announced.
What marked the year behind us was certainly the jump in prices when it comes to this market. Rising inflation spilled over to the real estate sector, and price increases that began during the coronavirus pandemic continued. Monstat data for the third quarter of last year show that the market price of an apartment in a new building in the third quarter was EUR 1,446 and is 20.2% higher than in the same period in 2021, when it was EUR 1,203. The data also show that the square meters are the most expensive in Podgorica, so the price was EUR 1,469, which is 24.2% more than in the third quarter of last year, when a square meter cost EUR 1,182.
These are official statistics, and the situation on the ground shows that the prices per square meter of apartments in Montenegro range from EUR 1,600 in a new building in Podgorica to EUR 8,000 in the Ski Center in Bjelasica. When it comes to the coast, in Budva, for example, the average price per square meter of an apartment is 2,100 EUR, but it can go up to 7,000 EUR. The same situation is in Boka.
Last year there was a significant disruption when it comes to renting out apartments, and the war in Ukraine and the arrival of a significant number of foreigners, especially Russians and Ukrainians, led to a double increase in rental prices. This is especially pronounced on the coast and in Podgorica, so studio apartments in the capital are rented for 350 EUR, while one-bedroom apartments go for up to 900 EUR. Similar prices are in Budva, but also in other coastal cities.
However, despite these prices, there seems to be no crisis for investors in the real estate sector. The demand is still far greater than the supply, everything that is built is sold, and in the most attractive locations, sales occur even before the completion of construction works. The increased interest of foreigners certainly contributed to this, and the data that the inflow of foreign direct investments exceeded one billion by the end of November last year also supports this. Of that, EUR 410.37 million was invested in real estate, which is 67% more than last year. In this segment, investors from Germany once again led the way, investing EUR 66.3 million in real estate. Russians bought real estate in Montenegro with a value of EUR 55.16 million, while Serbia is in third place with an investment of EUR 47.36 million.
The segment of the market that we must mention, which has been intensively developing for 15 years, is luxurious real estate. The complexes being developed in Boka – Porto Montenegro, Luštica Bay and Portonovi have a significant influence on the growth of this market, so more than 2 billion EUR have been invested in projects on the coast alone. The economic citizenship program “revived” the north of the country, so the construction of a large number of condo hotels began in Kolašin. This has also attracted other investors, so numerous residential and business buildings are being built, as well as numerous tourist settlements with facilities for renting out and selling units.
What is a new trend in Montenegro, and in the entire region, is the increasingly intensive construction of resorts. Experts from the real estate sector believe that the construction of classic buildings is becoming a thing of the past, while the construction of settlements with numerous additional facilities is becoming a trend that investors themselves will have to follow.
That this is indeed the case is also shown by our list of investments, where the readers paid the most attention to the construction of such objects.
Zaha Place
The company MNE Property Invest in the Ilino settlement in Bar plans to build a Zaha Place residential and commercial building, which will have a basement, ground floor and 10 floors. The total number of apartments is 154, and their structure varies from studio apartments, one-room and multi-room units, to luxury apartments on the top floor. All apartments have terraces with fixed planters and natural greenery.
The project includes green roofs with swimming pools and furniture. As one of the more important conditions defined by the project
Acton residential and business complex in Podgorica
The Acton company is planning the construction of a residential and commercial complex in Podgorica, in the scope of DUP Radoje Dakić, alterations and additions, near the City quarter.
As can be seen in the conceptual solution, the construction of a complex of multi-family housing with activities is planned, which will have a ground floor, a basement and five floors. The gross construction area of the planned buildings is 30,608 m2. The construction of the complex is planned in six phases, and the construction of five buildings is planned, while the last phase includes the arrangement of the ground floor. The project foresees that there will be 300 apartments within the complex, namely 200 one-room, 80 two-room and 20 three-room apartments. 64 business spaces were also planned within the complex. The task was that most of the apartments have a direct view of the sea, which was fulfilled in this project. The ground floor is intended for business premises of different typologies and surfaces.
Stellar Homes
We come to the next project that has attracted a lot of attention from our readers. It is about the Stellar Homes complex that the company Sambic is developing on the site of the former factory of Radoje Dakić in Podgorica. The residential and business complex occupies two plots with a total area of nearly 25,000 m2. The conceptual solution for which the company received the approval of the chief state architect includes only one plot of land with an area of 14,000 m2, and the total area of the buildings that will be built on it is 28,641.26 m2.
A block was formed on the plot, which consists of six lamellas – lamellas A, B, C, D, E and F. The number of floors of the buildings will be the ground floor plus five floors. 24,305 m2 is intended for housing, while 4,805 square meters is intended for business. The total number of apartments will be 413, of which 185 are studios, 175 are one-room, 50 are two-room, and three are three-room apartments. The project also planned a total of 32 workplaces
Residential and commercial building in Nova Varoš
The company Sigillum & IB is planning the construction of a residential and commercial building in Nova Varoš in Podgorica. The total gross construction area of the building will be 3,760,02 m2, and it will have business premises, business apartments and two underground garages.
As can be seen in the conceptual solution for which the Golden Project studio was in charge, a residential and commercial building consisting of two underground garages, a ground floor, four floors and a mansard was designed. Business premises are planned on the ground and first floor of the building. A total of 29 business apartments are planned on the second, third, fourth floor and attic. Two more luxurious business apartments are planned on the mansard floor, while smaller apartments are planned on the other floors. Each floor will have nine business apartments – three two-room and six one-room apartments.
Residential and commercial building in the scope of DUP Naselje 1. Maj Podgorica
A residential and commercial building will also be built within the DUP Naselje 1. Maj in Podgorica, and the Admiral Holding company is behind this investment. Two buildings with a total gross construction area of over 10,000 m2 will be built. Both buildings will have a basement, a ground floor and five upper floors.
The ground floor Is intended for business premises of different typologies and surfaces. A total of 18 business spaces are planned, 12 in building A and six in building B. Studio, one-room, two-room and three-room apartments are planned on all other floors. Building A has a total of 57, and building B has a total of 18 apartments.
Residential construction in Zabjelo, Podgorica
We are still in Podgorica, where, as we can see, the largest number of investments has been announced. It is about two projects in the Zabjelo settlement.
The first project is implemented by the company Nivel, which plans to build a residential and business complex, within which the buildings will have a ground floor and five floors. As explained in the project, the ground floor has mixed use, so apartments and business premises are planned for it. Above-ground floors are intended exclusively for housing.
The planned buildings will be built in two phases, and the complete building consists of three slats of different dimensions and shapes. Within the first phase, a total of 145 apartments are planned to be built, namely 13 studios, 104 one-room, 22 two-room and 6 three-room apartments. The second phase envisages the construction of 106 apartments. The project envisages that there will be 16 studios, 60 one-room, 17 two-room and 13 three-room apartments.
The second project Is being developed by the company Investments and Construction. This investor in Zabjelo plans to build a residential and commercial building with two slats.
The floor plan of lamella A is Basement, ground floor and five floors, while lamella B has a ground floor and six floors. The complex will have a total of 108 apartments, of which 12 are studios, 71 are one-room, 20 are two-room, and 5 are three-room apartments.
Emerald Residence Bar
We are returning to the coast, and again to Bar, where the Avista Realty Group company is planning the construction of a residential and commercial building in the Bjeliši settlement. The Emerald Residence complex will cover about 20,000 m2 and will consist of four buildings with 320 apartments.
Facilities with an outdoor swimming pool are also planned within the complex.
Pine Village Budva
Next in line is the Pine Village project, which is being developed in Budva by CMM Investment Consulting Group. It is planned to invest EUR 4 million in this complex, while the sales value of the investment is at least EUR 7 million.
Located in the Podostrog settlement above Budva, the Pine Village complex will spread over 3,000 m2 of land, with a panoramic view of the entire city and the sea on the one hand, and the surrounding mountains on the other. It will have five villas with an area of 250 to 350 m2, then a private fitness and SPA center, outdoor pools, a sauna with direct access to a heated indoor pool, which on the private territory turns into an outdoor one. Also, the settlement will have its own reception and security that works non-stop, its own parking lot, an open-air cinema and a barbecue area.
Complex with 27 villas in Ulcinj
In the Liman settlement in Ulcinj, the company CMD from Bar plans to build a complex of villas and a restaurant-observatory. The complex will consist of 27 villas, and the total gross area of all buildings is 19,271.50 m2.
All villas have basement, ground floor and first floor, or two basement levels, ground floor and first floor. The construction of villas is planned on several urban plots. Also, there are plans for a lookout restaurant with a swimming pool.
Complex near Arsenal Tivat
Another project is being developed on the coast, more precisely in Tivat, where the company Sotko Montenegro is planning to build a residential and commercial building within the Arsenal area. The building will have two underground floors, a ground floor and five floors.
Business and retail spaces are designed on the ground floor, while apartment units, from one-bedroom to five-bedroom, are located on the upper floors. The total number of accommodation units is 49, of which 26 are one-room, 20 two-room, two three-room, and one five-room apartments.
The last two floors are withdrawn in relation to the basic façade planes, and are enriched horizontally with sumptuous roof gardens, swimming pools and terraces.
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