Montenegro's real estate market is booming due to strong demand
November 08, 2023
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Recovering domestic and foreign demand, improving construction activity, and a robust economy are the main triggers.
What has happened? According to the figures from the Statistical Office of Montenegro (Monstat), during the year to Q2 2023, the nationwide average price of new residential dwellings rose by 9.09% to €1,500 per square meter (sq. m).
Inflation. However, when adjusted for inflation, new home prices were actually up just 1.5% year over year. The wide gap between nominal and real indicators is due to rising inflation, which increased to a record 17.5% in November 2022. Inflation fell to 7.9% in September 2023, but remains far above the average rate of 1.5% over the past 11 years.
Demand. Demand continues to recover, especially from foreign home buyers. According to the Central Bank of Montenegro, in the first eight months of 2023, foreign direct investment in real estate have increased by 5.41% to €296.81 million compared to the same period last year.
Construction activity. Residential construction activity is rising. According to the Statistical Office of Montenegro, in 2022 the total number of dwelling permits has increased by 232.2% compared to the same period last year to 2,156 units, while the floor area of permits increased by 240.4% compared to last year to 136,558 sq.m. Then, in the first half of 2023, the number and total floor area of dwelling permits has increased further by another 33.5% and 39.5% year-over-year, respectively.
Prospects. Montenegro's housing market is expected to continue to grow in the medium term, supported by its recovering tourism and continued economic growth.
The overall economy continues to strengthen, albeit at a slower pace. The International Monetary Fund (IMF) expects Montenegro's economic growth to slow to 4.5% this year, slightly different from the World Bank's forecast of 4.8% growth but less than 6.1% growth in 2022. The European Commission's forecast is that the country's real GDP growth will be 3% this year and 2.9% in 2024.
House prices in coastal cities:
In Budva Riviera, residential properties are sold for €1,700 to €3,500 per sq. m for flats, €3,500 to €6,000 per sq. m for luxury apartments, and €3,000 to €10,000 per sq. m. for houses, cottages, and villas.
In Bar Riviera, prices range from €1,400 to €3,000 per sq. m for flats and luxury apartments and €1,200 to €3,500 per sq. m for houses, cottages, and villas.
In Bay of Kotor, prices range from €2,000 to €3,500 per sq. m for flats, €3,500 to €8,000 per sq. m for luxury apartments, and €2,500 to €3,000 per sq. m for houses and cottages, and €4,000 to €7,000 per sq. m for villas.
Demand for Montenegro’s coastal properties is gradually rising again. During 2022, tourist arrivals in the country rose strongly by 30.7% year-on-year to 2,183,975 visitors, following a huge 276.3% growth in 2021.
Despite the recent surge, it remains below the record-high 2.65 million arrivals registered in 2019.
Tourism continues to recover this year. In August 2023, arrivals in Montenegro rose by 6.3% y-o-y to 240,754 visitors, following a whopping 37.8% increase in the previous month. Foreign visitors, who accounted for about 92% of total visits, were dominated by those coming from Serbia (19.6%), followed by Bosnia and Herzegovina (7.2%) and France (6.1%).
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