Some investors in Montenegro have fully or partly withdrawn newly built apartments from the market after the Euro model economic programme was announced for January 2027, expecting property prices to rise. Stefan Mišković, president of the Association of Real Estate Agencies, said agents learned of the withdrawals from clients and people searching for apartments.
The pullbacks affect residential units in new developments. According to Mišković, the investors expect the planned economic reforms to bring a further increase in prices, prompting them to withhold all or part of their available apartments ahead of the programme’s scheduled start.
Mišković expects the programme’s nominal increase in minimum wages to feed into broader inflation and, in turn, higher property prices. He said higher incomes could improve borrowing capacity for many people, while a loss of money’s value over time could pose a risk to the banking sector.
Buyers who purchase a property before the programme takes effect would be “in a better position”, he said. Money set aside from salaries to buy at today’s prices would be substantially smaller relative to total income after the programme begins, according to his assessment.
The market has shown renewed momentum during 2026, with quarter-on-quarter price increases following slower growth in 2025, Mišković said. The number of transactions fell, but property prices did not turn downwards. He described price growth as particularly rapid in some periods.
Mišković also described Montenegro’s property market as recording continuous price increases from 2027. That date is later than the 2025 slowdown and the quarter-on-quarter growth he cited for 2026.
Lower construction activity in 2025 followed amendments to the Law on Legalisation that stopped the issuance of building permits for several months. Investor caution also contributed to the slowdown in building, Mišković said, as developers were unsure whether demand might come to a halt.
Momentum in European integration has encouraged public expectations of greater foreign investor interest in Montenegro’s property sector, according to Mišković. He said those expectations were increasing demand and contributing to further price growth as investors awaited the reforms planned for January 2027.
