More than 23,000 foreigners own real estate

Recently, there are more and more foreigners in Montenegro, and according to the data of the Administration for Cadastre and State Property, more than 23,000 of them own real estate in our country.

Namely, the data show that 23,364 foreign citizens officially own real estate in Montenegro. These are 66,840 plots and parts of plots with a total area of ​​22,905 hectares, followed by 9,593 buildings occupying an area of ​​544,859 m ² , 25,319 separate – storey parts of buildings (residential, non-residential, business and auxiliary premises) with a total area of ​​1,333,870 m ² . The largest number of real estate owners are citizens of Serbia, Russia and Bosnia and Herzegovina.

Although it is increasingly common to hear that the demand for real estate in our country has recently increased precisely because of the interest of foreigners, real estate agents say that, specifically in Podgorica, they do not mediate too much in the sale of residential and commercial buildings to foreign nationals.

– There are some, but not in a large total number, maybe only a few percent. Customers come from various parts of the world, mostly from Turkey, Russia, but also from the countries of the European Union. These are people who, since 2017, when Montenegro became a member of NATO, have recognized the country as a safe destination for investment – Stefan Mišković, a real estate agent, told Vijesti.

Mišković says that Turks are ready to pay the most for real estate in the capital, and that they are mainly interested in the area around Delta City.

– In the last year, those prices have increased by up to 20%, and if we add to that the growth in the previous year, we can safely say that prices have increased by 30-35% during the last 24 months. That part of the city they are most interested in, around Delta City, is now at an average level of EUR 1,800 per square meter – says Mipković.

According to the agency, foreigners are more interested in renting real estate. Ukrainians prefer the seaside, and Russians prefer Podgorica, and many of them are from the IT sector.

– Their budgets range up to 500 EUR for a one-room apartment, up to 800 for a two-room apartment, or from 1,000 to 1,200 EUR for a three-room apartment. This has greatly changed the situation on the market, which has led to an increase in rental prices – he adds.

The Cadastre Administration could not say the value of real estate owned by foreigners in Montenegro, because, as they state, they are not responsible for that, eKapija writes.