Real estate prices in Podgorica have increased several times over the past year, with quarterly rises being particularly noticeable, according to real estate agent Haris Osmanagić. He does not expect a drop in prices this year, but rather hopes for stabilization, pointing out that the average price per square meter is now close to €2,000, compared to €1,200 just three years ago.
Over the past three years, Podgorica has experienced a steady increase in property prices. Numerous factors contribute to this trend, with the most significant being the persistent demand, Osmanagić explains.
“We’ve seen that in the last quarter, prices have reached their peak. According to Monstat, the average price per square meter in Podgorica is €1,850, but from what I observe in the field, it’s closer to €2,000. Just three years ago, it was €1,200, so we’ve reached the highest point in real estate prices in the capital,” Osmanagić says.
Podgorica has attracted not only people from other parts of Montenegro but also a large number of foreigners, which has further strengthened the real estate market.
“Currently, there’s construction in every neighborhood in Podgorica. Every area is in demand, and mostly, people are looking for new buildings. However, the most sought-after locations are City Quarter, around the Atlas building, as well as the Old Airport and Zabjelo,” the agent notes.
Osmanagić explains that market logic is clear: when prices rise, they rarely fall back to previous levels.
“In my opinion, prices won’t decrease. On the other hand, I don’t think there’s much room for further increases, and I hope they will stabilize at this level. I also think people are slowly adjusting to the prices in Podgorica,” he adds.
Many buyers, he says, are looking for a secure investment in real estate, while others are interested in long-term income through rentals. Young married couples, sailors, and the diaspora are the most active buyers, often using money earned abroad to invest in properties in Podgorica.
Both Podgorica and Montenegro urgently need a tenant registry and financial support for the real estate market.
“We must create a social and political environment to regulate the real estate market, so that tenants are legally contracted. This would be a good starting point,” says Nemanja Baošić from the Tenants’ Movement.
In the third quarter of 2024, the average price of a residential square meter in new buildings in Podgorica was €1,824, marking a 65.8% increase compared to the same period just five years ago, according to comparative data from Monstat, analyzed by the portal Investitor.me.
