Compared to 2024, real estate prices in 2025 increased by around 20 percent, but this growth was significantly slower from quarter to quarter, said Stefan Mišković, president of the Association of Real Estate Agencies, while appearing on Boje jutra on TV Vijesti.
According to him, although Montenegro's membership in the EU is increasingly perceived as certain, its impact on real estate prices is not dominant.
"Prices depend on a large number of factors – supply and demand, credit policy, fiscal measures, construction costs. EU entry itself is not a decisive factor, as is often presented in public. In the first three years after joining the EU, Croatia even recorded a decline in real estate prices. Only later did strong growth follow. In many countries, the biggest jump occurs during the accession period, while entry itself brings market stabilization. In some EU countries today, you have lower prices per square meter than in Montenegro. Bulgaria and Romania are a good example – in Bansko, which is a tourist center, the price per square meter is slightly above 1.000 euros. Bulgaria's entry into the EU itself did not lead to an explosion in prices."
He also points out that it is a misconception that foreigners dominantly set prices throughout the country.
"On the coast there is a higher share of foreign buyers, but in Podgorica and in the north prices primarily depend on domestic demand. Only in certain microzones do foreign buyers have a decisive influence," Mišković pointed out.
According to Monstat data, the average price per square meter in Podgorica in the third quarter of 2025 was around 2.300 euros, but Mišković emphasizes that market reality often deviates from statistics.
"In new construction today, it is almost impossible to find a square meter for less than 2.300 euros. The real market price is around 2.500 euros, while in luxury neighborhoods and buildings it goes up to 4.000 euros per square meter."
Apartments in old buildings follow new buildings, but with a correction for investments.
"The cost of a complete renovation today is around 500 euros per square meter. That's why the average price of old buildings is around 2.000 euros, depending on the location."
On the coast, prices are largely on par with Podgorica or even surpass it.
"In Budva, it is difficult to find a square meter for under 3.000 euros. In Bar, it is under 2.500, while in Tivat and Kotor, especially in the first lines by the sea, prices reach 5.000 euros per square meter," says Mišković, adding that Ulcinj is still the most affordable, with prices around 2.000 euros.
However, interest from foreign investors is declining slightly, which has not yet been reflected in prices.
"Much will depend on government policy, tax measures and laws on foreigners. Investors are monitoring the stability of regulations very closely."
In Nikšić, where a square meter costs around 1.400 euros, while in newer buildings it goes up to 1.800–1.900 euros.
According to Mišković, Kolašin has experienced a strong investment cycle thanks to the highway and the economic citizenship program.
"After the program was abolished, demand decreased significantly. Prices stabilized at around 2.000 euros per square meter."
When asked whether there is room for prices to fall, Mišković answers cautiously.
"We do not expect a significant drop in prices. We have reached the peak of growth, but in the coming period we can only expect a slight increase, which will follow inflation and construction costs."
When it comes to domestic customers, he points out that purchases are still possible, but with restrictions.
"With an average salary just above 1.000 euros, buying an apartment is realistic mainly for households with two average salaries and with credit arrangements."
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