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Monday, April 22, 2024
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Montenegro’s real estate sector anticipates upward trend in property values with strong pre-completion sales

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Construction companies in Montenegro are optimistic about the property market, expecting real estate prices to rise this year. According to statements from major construction firms, a significant portion of apartments in residential and commercial buildings are typically sold before the completion of construction projects, indicating confidence in future market trends. Investors anticipate that the demand for real estate will be influenced by factors such as housing loan conditions and interest rates.

Blagota Radović, the owner of Zetagradnja, mentioned that approximately 60 to 70% of apartments in their projects are sold before the construction is finished. The company is currently engaged in building apartments in Podgorica and is preparing for construction projects on the coast. Bemaks reported ongoing work on a residential and commercial project in Podgorica (370 apartments) and similar developments in Budva (500 apartments). They disclosed that 55% of residential and commercial units in Podgorica and 2% in Budva have been sold before project completion.

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Likewise, Čelebić stated that the majority of their apartments are sold before construction completion, with 30% of apartments in their ongoing Podgorica projects already sold. They are actively working on the Verde Village development in Podgorica, featuring 630 apartments, two squares with residential buildings and underground garages, two public parking lots, 77 villas, and various pedestrian pathways.

Zetagradnja is selling apartments in Podgorica with prices ranging from EUR 1,700 to EUR 2,400 per square meter. Radović noted a slight decrease in interest in real estate in the first two and a half months of the year but expects the situation to depend on economic conditions in Europe and Montenegro.

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Bemaks offers apartments in Podgorica ranging from EUR 1,800 to EUR 3,000 per square meter and EUR 8,000 in Budva. They believe that current market conditions are similar to those in the previous period, and any increase in prices will be accompanied by unchanged demand.

Čelebić provides apartments in Podgorica for EUR 1,800 to EUR 2,200 per square meter, and prices in Čanj range from EUR 3,630 to EUR 5,000. They anticipate stable demand, with pricing influenced by factors such as supply and demand, material costs, and labor expenses.

The companies are closely monitoring interest rates, with Zetagradnja collaborating with all banks in Montenegro that provide financing for apartment buyers. Although interest rates have slightly increased recently, they are not considered excessively high.

The construction companies anticipate potential price increases for apartments but note that the market situation will depend on economic factors and the availability of housing loans. They express confidence in the stability of the real estate market and the continued demand for their projects.

It is noteworthy that these construction companies play a vital role in significant projects contributing to the development of the real estate sector in Montenegro. The Verde Village and Amma Resort developments align with the country’s broader goals for urban development and attracting investments.

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