In 2022, from January to October, foreign citizens and foreign companies purchased real estate in Montenegro worth 370 million euros, significantly more than a year earlier, according to Central Bank data.
Data on real estate sales for November and December last year will be available in March, but according to expectations, turnover in those months could amount to around 60–70 million euros, so the total value of real estate sold to foreigners could reach 430–440 million euros, writesVijesti.
In total, during 2021, foreigners spent 278 million euros on buying real estate in Montenegro, 116 million in 2020, 178 million in 2019, and 182 million in 2018. Over the past five years, foreigners have bought Montenegrin real estate worth 1.2 billion euros.
The growth in real estate sales to foreigners last year was most influenced by the implementation of theeconomic citizenship program, through which, by purchasing real estate — apartments in tourist centers in the south for 450,000 euros and in the north and in underdeveloped municipalities for 250,000 euros — people obtained the right tocitizenship.
The publication пишет that another reason is that during periods of inflation, as was the case last year, many people decide to buy real estate as one of the safer ways to ensure that their money does not lose value.
Montenegro was attractive to foreigners as a developing country with strong tourism potential and because of the large number of exclusive tourist-residential projects such asPorto Montenegro,Portonovi,Luštica Bay, because they expect prices for this property not to fall, i.e. they can only rise as these projects develop.
According to the Monstat Statistical Office, the total value of real estate turnover in 2021 amounted to 400 million euros, and according to CBCG, foreigners bought real estate worth 278 million euros, which is 69 percent of the total turnover. This relationship exists because foreigners mostly buy luxury apartments and villas that cost as much as ten ordinary apartments.