Property Prices in Montenegro: How Much do Houses, Flats and Plots of Land Cost on Average

Montenegro's real estate market is attracting significant attention, particularly from those looking to relocate, as purchasing any property in the country grants the right to residency. This comprehensive overview examines Montenegro house prices across various popular locations, including Podgorica, Nikšić, Pljevlja, Budva, Tivat, and Kotor.

The article promises to cover a range of property types, from new builds to resale properties, luxury apartment complexes, villas, and modest houses. It also touches on an interesting local phenomenon: the purchase of "ruins" (locally known as "ruševine"). These are old buildings protected by law as architectural monuments, which cannot be demolished but must be restored.

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Property Prices in Montenegro: How Much do Houses, Flats and Plots of Land Cost on Average

Montenegro House Prices in Different Regions

1. Budva

2. Bar

3. Podgorica

5. Niksic

6. Pljevlja

7. Kotor

8. Sveti Stefan

9. Petrovac

10. Sutomore

11. Bigovo

Pricing Factors of Real Estate in Montenegro

Choosing Preferred Property for Sale in Montenegro

Predictions of Property Market Development in Montenegro

Additional Factors to Consider When Buying Property in Montenegro

Predictions of Property Market Development in Montenegro

Center, North, or Sea? Where to Buy

The article concludes with expert forecasts on market trends and offers advice for potential investors. This guidance is tailored both for those seeking profitable investments and for individuals primarily interested in obtaining residency through property ownership.

The real estate market is characterized by significant regional Montenegro house price variations, with coastal and tourist areas commanding substantially higher prices than the capital and inland regions. Key price trends across Montenegro:

1. Premium Prices – The Budva Riviera and the Bay of Kotor (including Budva, Kotor, and Tivat) boast the highest property prices in Montenegro.
2. Mid-Range Market – The capital, Podgorica, offers more affordable options, attracting middle-income buyers. The city features a mix of Yugoslav-era apartment blocks and modern residential complexes. Average price: €2,500 per square meter.
3. Budget-Friendly Options – Central regions offer the most economical choices. Notable examples include:
   • Nikšić – An industrial center with prices starting from €1,800 per square meter.
   • Pljevlja – A charming town of 30,000 inhabitants, known for mining and forestry, with prices around €1,700 per square meter.

Coastal towns, despite their smaller populations (Budva: 13,000; Tivat: 9,300), command higher property prices. The average house price in Montenegro in prime coastal areas is €3,300 per square meter, excluding luxury villas and apartments. Less bustling tourist spots like Bar and Sutomore average around €2,200 per square meter.

Which locations offer the best value for money? What are the potential pitfalls in different areas? How liquid is the market in various parts of the country? How much does a house cost in Montenegro? What factors drive pricing in different regions?

Montenegro House Prices in Different Regions

To help you navigate the real estate market, we've compiled a comprehensive Montenegro house price guide for houses, apartments, and land across different regions. This table reflects typical market offerings, excluding outliers such as unique properties or dilapidated buildings.

1. Budva

Budva, Montenegro's premier resort town with a population of 26,700 (as of 2023), is known for its high-end real estate market. Property prices here are far from budget-friendly, with square meter prices ranging from €2,200 to €3,000, excluding the premium segment. Despite the high costs, Budva remains one of the most liquid real estate markets in the country, attracting numerous buyers eager to own a piece of this coastal paradise. Pricing is heavily influenced by proximity to the sea, as well as the quality and amenities of residential complexes.

Apartment Prices in Budva

In well-appointed residential complexes with pools and other amenities, prices range from €2,250 to €3,000 per square meter. These prices apply to properties located at least 500 meters from the shoreline. For premium beachfront developments, prices can soar up to €12,000 per square meter.

Example: A 42 square meter apartment priced at €225,000 (€5,350 per square meter) located just 50 meters from the azure waters.

House Prices in Budva

House prices range from €2,200 to €3,500 per square meter, with prices increasing closer to the sea. Luxury villas with private marinas can command up to €10,000 per square meter.

Land Prices in Budva

Land is at a premium in Budva, particularly beachfront plots. Prices for coastal land range from €500 to €1,200 per square meter.

2. Bar

Bar, a seaside town with a population of 46,171, offers a good selection of real estate prices in Montenegro at reasonable level. The property market here is typical for popular resort locations, with beachfront properties starting from €3,000 per square meter, while luxury properties can reach up to €4,700 per square meter.

Apartment Prices in Bar

Most apartments in Bar are priced between €2,500 and €3,000 per square meter, with some options available at €2,000 per square meter. However, lower-priced properties are often older and located further from the beach. In modern residential complexes 400-500 meters from the coast, prices start from €2,500 per square meter.

House Prices in Bar

• Standard houses – €1,800-€2,200 per square meter. A 50-70 square meter house can be purchased for €100,000-€140,000.
• Townhouses – Around €2,200 per square meter (approximately €300,000 for a unit).
• Villas – Despite their high total cost, villas offer relatively good value at €2,000-€3,000 per square meter. A 200-square-meter villa costs between €400,000-€600,000, while a 300-square-meter villa ranges from €600,000-€900,000.

Land Prices in Bar

There are many land plots available, with Montenegro house prices ranging from €100 to €300 per square meter.

3. Podgorica

Despite being the capital of this resort country, Podgorica offers surprisingly affordable real estate options. The average house price in Montenegro per square meter in modern residential complexes ranges from €2,000 to €3,000, with budget options available from as low as €1,800 per square meter. The market is liquid, with Montenegro house prices rising 13.5% in 2023.

Podgorica, with a population of 180,000, appeals to middle-income buyers interested in urban infrastructure and year-round employment opportunities. The most expensive districts are Podgorica I and Podgorica II (including Preko Morače, Gorica, Block 6, and Gorica). The market offers around 1,000 apartments and studios, and 250-300 houses ranging from 50 to 250 square meters.

Apartment Prices in Podgorica

The housing stock includes both Yugoslav-era panel buildings and modern new constructions. In the budget segment, prices range from €1,800 to €2,200 per square meter.

House Prices in Podgorica

The private housing sector is clearly divided between inexpensive older homes and modern cottages of 100+ square meters. Property prices in Montenegro range from €1,600 to €2,200 per square meter.

Land Prices in Podgorica

Land prices vary widely, from €5 to €50 per square meter. Typical plot sizes range from 250 to 600 square meters.

4. Tivat

Tivat, located on the Vrmac peninsula along the Bay of Kotor, has a rich history dating back to the Venetian Republic. With a population of 16,350, it's a resort area with prices comparable to Kotor. However, Tivat offers a wider range of options, from affordable yet comfortable properties to ultra-luxury ones, making it one of the most expensive locations in Montenegro.

Apartment Prices in Tivat

• Budget segment: €2,000-€4,000 per square meter, often within 500m of the sea
• Luxury apartments: Starting from €5,000 per square meter

It's not uncommon to find a 50 sq.m one-bedroom apartment for €500,000 (€10,000 per sq.m). In some cases, property prices in Montenegro can reach up to €20,000 per square meter.

House Prices in Tivat

Houses with modest architecture are typically priced between €2,500 and €5,000 per square meter. This means a 100 sq.m house would cost between €250,000 and €500,000. At the high end, luxury villas can cost several million euros. These properties are typically priced around €5,000 per sq.m, but in some cases can reach up to €10,000 per sq.m for the most prestigious homes.

Land Prices in Tivat

Prices for residential construction land in Tivat range from €200 to €1,000 per square meter. The exact price depends on factors such as proximity to the sea and resort areas, as well as the availability of a private dock. This wide range reflects the diverse options available in Tivat's real estate market.

5. Niksic 

Nikšić, the second-largest city in Montenegro, is situated at the foot of Mount Trebjesa. With a population of 66,725, it has industrial enterprises and 25 schools. Property prices here are about 15% lower than in Podgorica.

Apartment Prices in Nikšić

• Budget segment: €1,500-€2,000 per square meter
• Modern residential complexes: €1,800-€3,000 per square meter

In newer developments:

• 50 sq.m one-bedroom apartment: €90,000-€150,000
• 100 sq.m two or three-bedroom apartment: €180,000-€300,000

House Prices in Nikšić

In residential areas, prices start from €1,750 per square meter. A small 50 sq.m house can be bought for around €90,000. If located in the city center (typical for Montenegrin towns), the price could double.

Popular house sizes range from 100-150 sq.m. There are only about ten houses larger than 200 sq.m available for sale.

Land Prices in Nikšić

Plots for private house construction, up to 700-800 sq.m, are priced from €5 to €50 per square meter.

6. Pljevlja

Pljevlja, the third-largest city in Montenegro, has a population of 24,550. The local economy is primarily driven by mining and forestry industries.

Apartment Prices in Pljevlja

It's quite possible to find properties priced at €1,500 per square meter. However, the selection is limited, with only about 150 listings available. Larger apartments with multiple bedrooms are particularly scarce, with barely more than a dozen on the market.

House Prices in Pljevlja

If you're looking for an affordable mountain home, Pljevlja might be the right place. However, be prepared to compromise on condition and accessibility. For comfortable living, expect to pay from €1,500 per square meter. A decent 100 sq.m house can be purchased for around €150,000. There are only about 20 properties available that are larger than 150 sq.m.

Land Prices in Pljevlja

Land prices range from €3 to €30 per square meter. It's possible to buy 3-4 hectares of pristine land with stunning views, suitable for residential construction.

7. Kotor

Kotor, a medieval city founded by ancient Romans, is one of Montenegro's most beautiful cities with a population of 21,900. Montenegro house prices here are only slightly lower than in Budva, but there's a wider range of budget-friendly options.

Apartment Prices in Kotor

The cost of settling in Kotor depends directly on your personal comfort requirements:

• Standard housing – €2,000-€4,000 per square meter
• Premium complexes – €3,500-€6,000 per square meter

Examples:

• Two-story 139 sq.m apartment: €500,000
• 114 sq.m apartment in a historic palazzo: starting from €500,000
• 44 sq.m apartment with bay views: €293,000 (about €6,500 per sq.m)

House Prices in Kotor

Waterfront villas with private docks are unsurprisingly expensive:

• Example: 490 sq.m villa for €2.5 million (€5,000 per sq.m)

This is slightly lower than peak prices in Budva. If sea views aren't essential, you can find options from €2,000-€2,200 per sq.m. These might include:

• Older, simpler houses of 100-400 sq.m: €230,000-€950,000
• Modern townhouse (130 sq.m): €265,000

Land Prices in Kotor

Land prices range from €100 to €1,500 per square meter. A 200 sq.m plot could cost around €300,000.

8. Sveti Stefan

The peninsula of Sveti Stefan is considered Montenegro's calling card and a symbol of luxury. Indeed, you can find properties here priced at €10,000-€15,000 per square meter, with land valued at €600-€1,000 per square meter. Surprisingly, even in this exclusive location, it's possible to find apartments at more modest real estate prices in Montenegro, starting from €2,200 per square meter. The main drawback of this area is the limited selection, as not many properties are available for sale.

Apartment Prices in Sveti Stefan

• Mid-range segment: €2,200-€4,500 per square meter
• Luxury complexes: €8,000-€15,000 per square meter

For example, a 105-square-meter apartment might sell for €1 million. However, there aren't many high-end listings available. This isn't due to a lack of luxury properties, but rather because owners are reluctant to part with their homes in this desirable location.

House Prices in Sveti Stefan

The selection is quite limited, with only about a dozen options typically available. Villas on the peninsula range from €400,000 to €3 million (€3,000-€5,000 per square meter).

Land Prices in Sveti Stefan

Given the peninsula's limited space, land is highly valued at €600-€1,000 per square meter.

9. Petrovac

Petrovac-na-Moru is a resort town known for its healing pine atmosphere, located 17 km from Budva. As a popular destination, Montenegro house prices are not particularly low. However, in the mid-range price category, you can easily find a small 30-square-meter studio for around €60,000 or a 50-square-meter one-bedroom apartment for about €75,000.

Apartment Prices in Petrovac

Prices per square meter:

• €2,000-€3,000 – Affordable housing 500-700 meters from the shore
• €3,000-€5,000 – More prestigious locations or residential complexes on the first or second line from the beach

Apartments near the promenade with an area of 100-150 square meters cost from €300,000 to €450,000.

House Prices in Petrovac

There are almost no cottages available for less than €200,000 (excluding a few houses requiring significant renovation). The price per square meter starts from €2,000. Upscale villas are valued at several million euros, with prices ranging from €3,500 to €4,000 per square meter.

Land Prices in Petrovac

Prices range from €100 to €500 per square meter, depending on the specific location.

This overview provides English-speaking readers with a clear understanding of the real estate market in Petrovac, Montenegro, including price ranges for apartments, houses, and land plots in various locations within the town.

10. Sutomore

Sutomore is a beautiful town with medieval charm, cobblestone streets, and Adriatic landscapes. Located between Bar and Petrovac, it's a place where you can find relatively inexpensive resale properties. The selection of such properties is quite wide. However, there's no luxury real estate here.

Apartment Prices in Sutomore

The price per square meter in Sutomore ranges from €2,000 to €3,000, depending on the location and comfort level. An affordable studio apartment (30 sq m) will cost around €60,000, while a one-bedroom apartment (70 sq m) is about €140,000. In newer residential complexes, a 50 sq m one-bedroom apartment will cost around €150,000, but this is generally the upper limit of sellers' expectations.

House Prices in Sutomore

What stands out is the large selection of affordable houses in decent condition. There are also spacious villas, but when calculated per square meter, the price turns out to be relatively low for the Montenegrin coast. The cost per square meter ranges from €2,000 to €3,500.

Land Prices in Sutomore

The cost of land plots ranges from €100 to €300 per square meter. There aren't many expensive plots available.

11. Bigovo

Bigovo (also known as Bigova) is a picturesque Adriatic village characterized by white walls, pink-red roofs, lush greenery, and the endless turquoise of the sea. This small, scenic settlement is located near the Bay of Kotor in the Kotor municipality, nestled in the Grbalj valley between Budva and Tivat.

Due to its small size, Montenegro house prices in Bigovo are generally lower than in Kotor or Tivat. However, the real estate market is modest, with most offerings being villas and townhouses.

Apartment Prices in Bigovo

Prices vary significantly, ranging from €2,500 to €6,000 per square meter, depending on the property type, location, and other factors. Available options range from 32 to 120 square meters, including modest one-bedroom apartments and luxurious units with terraces and sea views.

House Prices in Bigovo

The most affordable houses start at €2,500 per square meter. Beachfront villas are priced between €3,000 and €6,000 per square meter. Some high-end properties are listed for up to €1.2 million, which is relatively moderate for the Adriatic coast.

Land Prices in Bigovo

Land is not cheap in Bigovo. Prices range from €300 to €500 per square meter for standard plots, while prime locations can cost between €500 and €1,500 per square meter. A 300 square meter beachfront plot with the potential for a private pier can cost around €450,000.

Pricing Factors of Real Estate in Montenegro

The most popular segment in Montenegro's current real estate market is properties priced up to €100,000, with those in the €50,000-€70,000 range being particularly sought after. However, what this budget can buy varies significantly across the country. For instance, in the bustling parts of the Budva Riviera, €70,000 might only get you a modest studio, while in the northern part of the country, the same amount could buy a two or three-bedroom apartment or even a house.

Here are the main factors affecting property prices:

1. Location – Coastal areas, popular tourist spots, and ski resorts command the highest prices. The capital, Podgorica, is less expensive than resort areas, while small inland towns and villages offer the most affordable options.
2. Prestige of the Area – Infrastructure, popularity, and foreign interest drive prices. Budva, Tivat, and Kotor are the most expensive, while less-known places like Ulcinj offer better value. In coastal areas, proximity to the sea is crucial, with beachfront properties commanding premium prices.
3. Age of Construction – Modern developments are generally more expensive than Yugoslav-era apartment blocks. However, the influx of Russian and Ukrainian buyers seeking residency has recently increased demand for older apartments.
4. Building Condition – This is particularly relevant for private houses. There's a growing interest in older, sometimes dilapidated houses (known as "ruševine") among budget-conscious buyers seeking residency permits.
5. New Build Classification – For new constructions, pricing largely depends on whether the complex is economy, business, or premium class. Interest in economy-class properties has recently surged.
6. Interior Finish – Properties with designer renovations naturally cost more. Most new builds in Montenegro come with a basic finish, ready for occupancy.
7. Surrounding Infrastructure – Transport links and proximity to social amenities affect prices. Since 2022, there's been increased demand even for less accessible properties among foreign buyers.
8. Living Space – While important, other factors can cause Montenegro house price variations of 200-300% for properties of the same size, especially for houses.
9. Views – Properties with sea or mountain views command higher prices, sometimes 10-20% more within the same complex.
10. Investment Potential and Rental Yield – This factor is crucial for investors, with yields reaching 5-8% annually, highest in popular tourist areas along the Adriatic coast.

Choosing Preferred Property for Sale in Montenegro

When considering property investment in Montenegro, the question arises: which region offers the best value, comfort, and investment potential? The concept of the "best option" directly depends on your goals, family composition, and future plans. Some dream of the "dolce vita" on the Adriatic, others are concerned with liquidity and investment prospects, some want to find cozy budget-friendly housing in a quiet place with developed social infrastructure, while others prioritize quick and affordable residency options. Consequently, the selection criteria will differ.

Predictions of Property Market Development in Montenegro

For Montenegro, location is perhaps the primary principle in selecting real estate, determining both its cost and the buyer's lifestyle.

• For those with substantial means who want to live with a sea view, have immediate beach access, and enjoy tourist infrastructure, the markets of Budva, Tivat, and Kotor await. This includes luxury residential complexes like Porto Montenegro, Portonovi, Lustica Bay, and villas with private marinas. There's also a wide selection of business-class complexes with pools, gyms, and mini-parks.
• Planning to live near the beach but on a budget? There are several solutions. First, you can sacrifice space for location. For example, buy a studio in Budva instead of a one-bedroom apartment in Podgorica. This is a good idea, especially if you don't have a family yet. Secondly, you can look for housing in places less frequented by foreign tourists. In Ulcinj, for instance, properties are 1.5-2 times cheaper than in central Budva. There are also small, secluded coastal villages. The downside is the limited job market, so this idea is optimal for remote workers.
• There are options for both premium lifestyle enthusiasts and those ready for a more rustic experience. Ski resorts offer developed infrastructure and vibrant life, but prices are steep. Mountain villages boast beautiful nature and philosophical solitude, but you'll face challenges with work, social services, and possibly transportation.
• The capital, Podgorica, is a good option for those seeking budget-friendly housing with developed urban infrastructure. Here you'll find both modern residential complexes and affordable older buildings. Comfort largely depends on the chosen city district. The possibility of finding permanent work is a plus (whereas coastal areas are better for seasonal jobs in the tourism sector). Podgorica is worth considering for families with children. As for sea access, weekend beach trips are not a problem in compact Montenegro. However, remember that Podgorica is not a major metropolis, but more comparable to a mid-sized European city.
• Looking for inexpensive housing? Head to smaller cities like Nikšić. Prices are moderate, life is calm, and beautiful natural areas are within walking distance. The overall cost of living is advantageous, as both goods and services are cheaper than in tourist areas. This option is worth considering if you work remotely (as the job market is mediocre), prefer urban infrastructure (rather than rural), don't have high demands for modern services, and are willing to occasionally travel to resort areas for entertainment.
• Rural locations are mainly for those wishing to start a homestead, but lately also for remote workers drawn to nature. Yes, the philosophical eco-style is quite popular among people with remote occupations. If this appeals to you, Montenegro's picturesque nature coupled with affordable house prices might be just what you need. The key is to choose an area with convenient road access. The country's compact size, allowing quick access to both the capital and resorts if you have a car, makes this lifestyle quite attractive.
• If you dream of a cottage or small house but still want urban infrastructure, there's a wide selection of private housing at affordable Montenegro house prices in Podgorica, small towns in the north, and even on the outskirts of resort towns (but away from the sea). In the economy segment, areas range from 50 to 250 square meters, with prices from 30,000 to 120,000 euros.

Additional Factors to Consider When Buying Property in Montenegro

Even within the same location, properties differ in comfort, liquidity, investment attractiveness, and the investment required for setup. When comparing different regions of the country, the number of significant factors increases considerably. Additionally, the payment method, tax burden, and mortgage possibilities can be important. Since investing in real estate is a serious decision, it's worth analyzing all associated conditions and long-term consequences as thoroughly as possible.

• Property Condition and Setup – New builds often come with a turnkey finish, saving you from immediate renovation costs. Some developers even throw in furniture packages at attractive discounts. On the flip side, older properties can be hit or miss - you might find a gem with recent updates or a fixer-upper that'll eat into your budget. Houses, in particular, require a keen eye. That charming old stone cottage might look like a bargain, but factor in restoration costs before you commit. Sometimes, you're better off building from scratch.
• Space and Layout – If you're planning to put down roots, pay close attention to the number of rooms and overall square footage. The Montenegrin market primarily offers one to three-bedroom apartments. Keep in mind that locals count rooms differently - the living room (often combined with the kitchen) doesn't factor into the bedroom count.
• Ongoing Costs – Don't let the upfront Montenegro house price tag blind you to long-term expenses. That sleek apartment in a swanky complex with a pool and gym might seem like a dream come true, but maintenance fees can add up quickly. We're talking about 1-2 euros per square meter, monthly. For a 100-square-meter apartment, that's 100-200 euros each month just for upkeep. If your budget can handle it, you'll enjoy top-notch living with on-demand maintenance and cleaning services.
• Tax Implications – Property taxes in Montenegro are relatively gentle for budget-friendly homes but climb steadily as you move up the luxury ladder. Expect to pay between 0.08% and 1% of the property's cadastral value annually. Foreign buyers should note an additional 10-15% surcharge in popular tourist areas. It might not sound like much, but it adds up.
• Resale Potential – Think ahead to when you might want to sell. Coastal properties are hot commodities, with quick turnover rates. Inland or in less touristy areas, you might find yourself stuck with a hard-to-sell asset. The introduction of a progressive transaction tax (up to 6%) in 2024 has cooled the luxury market somewhat, so ultra-high-end properties might not be the safest bet for quick resale.
• Financing Options – Getting a mortgage as a foreigner in Montenegro isn't impossible, but it's no walk in the park either. Expect a mountain of paperwork and loan offers that cover at most half the property value. Interest rates hover around 7.5% - steep by some standards, especially considering it's in euros. Many buyers find developer-offered installment plans, typically spread over 6-12 months, a more accessible option.

Predictions of Property Market Development in Montenegro

The main trend of the last two years has been a sharp surge in interest for affordable housing from various Eastern European buyers, leading to a noticeable price increase in the budget segment. The market has become more active in the capital and smaller towns and villages that previously held little interest for foreigners. For instance, in the second quarter of 2023, the average house price in Montenegro (Podgorica, Nikšić) increased by 16.9%, while in the north (Pljevlja) it jumped by 39.9%! However, it's worth considering that in the future, as the political situation stabilizes in the region, interest in non-resort locations and "properties for residency" will likely subside.

The coastal zone, however, is expected to maintain its attractiveness for foreign buyers in the long term - both for those planning to settle on the Adriatic and for investors. Steady growth has been observed here for more than two decades (except during the pandemic period). 90% of transactions take place in the riviera areas. This is the most liquid part of the market.

Center, North, or Sea? Where to Buy

Modern Montenegro offers a wide range of real estate options for different purposes:

• The cheapest housing is found in the north.
• The capital, Podgorica, leads in terms of affordability and comfort balance.
• Long-term liquidity and investment attractiveness remain on the side of resort areas.
• The most valuable real estate is in the Bay of Kotor, followed by the Budva and Bar Rivieras.
• Moderate Montenegro house prices on the coast can be found in Sutomore and Bar.
• There's high demand for apartments priced around 50,000-60,000 euros and houses up to 100,000 euros.

The choice depends on personal goals, long-term plans, and financial capabilities. Regardless, Montenegro is a country that remains affordable for many international buyers. It's warm, well-equipped, compact, offers Adriatic coastline, and guarantees residency permits even to those who acquire the most inexpensive studio apartment within its territory.