From the first quarter of 2019 until April this year, the average market price per square meter of newly constructed apartments in Montenegro has surged by nearly 630 EUR, as per official statistics. During the same period, the average salary has also seen an increase of 315 euros over five years.
Data from Monstat reveals that in the first quarter, the average price per square meter of a newly constructed apartment in Montenegro stood at 1,756 EUR.
This figure specifically pertains to the price per square meter in new constructions under the category of “commercial entities,” excluding those under “solidarity housing construction.”
Comparatively, in the same category, the average price per square meter of newly constructed apartments in the first quarter of 2019 was 1,129 EUR.
Salaries have seen an upward trend since 2019. In March 2019, the average net salary in Montenegro was 510 EUR, while in March of this year, it reached 825 EUR, according to Monstat.
The fourth phase of the “1000+” project, initiated at the end of 2020, offered a favorable interest rate of 2.99% for purchasing apartments.
However, the continuation of the fifth phase of the “Thousand Plus” project is now uncertain due to increasing interest rates and apartment prices, potentially necessitating higher state involvement.
Current interest rates for housing loans, as per data from the CBCG website, range from 4.7% to as high as 10%.
