The Spatial Plan (PP) until 2040 introduces some new elements but largely builds on the previous plan, including the development of Velika Plaža and Buljarica, said Stefan Mišković, Chairman of the Board of the Association of Real Estate Agencies of Montenegro.
A notable aspect of the new Spatial Plan is the number of planned roads, though implementation will depend on the economy’s capacity to meet these goals. The plan emphasizes land as a limited resource in Montenegro, highlighting the importance of its future management.
The PP will impact real estate prices, both for land and properties. Land designated for development gains higher value, while areas within national parks will have strict or no construction, limiting their market potential.
Velika Plaža and Buljarica are earmarked for tourism development, including hotels and other tourism facilities. Mišković stressed that hotel investments bring long-term benefits, unlike apartment sales which provide short-term fiscal gains.
Montenegro’s EU accession is expected to increase demand for real estate, attracting foreign investors by signaling a stable investment environment. Property prices in Montenegro are currently lower than in European capitals, so EU integration would open access to a larger market of buyers.
The inclusion of the “Velje brdo” project in the PP indicates its ongoing development, though it is a large-scale initiative that requires extensive planning and substantial financing, which currently poses challenges. The project’s success depends on whether it will be state-driven, a public-private partnership, or if the state will offer incentives like waived communal fees.
Delays in the project could make maintaining the projected price of 1,200 euros per square meter difficult due to rising construction costs. Given that average prices in Podgorica are already above 2,000 euros, significant state intervention may be necessary.
Mišković also noted that unauthorized construction remains widespread in Montenegro, negatively affecting property values. With EU accession, stricter enforcement of regulations on illegal building is expected.
He emphasized that citizens will need to comply more rigorously with zoning and construction regulations, which clearly define where tourism, industry, and residential areas are permitted. These planning documents essentially determine property values, as plots with commercial potential command higher prices, while less valuable parcels are often acquired by municipalities at reasonable rates.
