Experts explained why the cost of Montenegrin real estate continues to rise: the high demand from foreigners is to blame.
Despite the fact that in The Eurozone is expecting a chaotic drop in real estate prices, and building materials in Montenegro have fallen in price, there is no drop in prices in this country. Why? It’s about rich immigrants.
Officially, more than 80 thousand foreigners have arrived in the country, most of them Russians, Ukrainians and Turks, whose average earnings are much higher than those of the locals. For immigrants, who make up 15% of the population, the cost of housing in Montenegro is quite low, so they invest more and more money, provoking the rise of the entire market.
In Podgorica, a “square” will cost at least 1,700 euros, although only in June, according to a report by the statistical office of Montenegro Monstat, the price of a square meter in new buildings was 1,580 euros.
Experts in the construction sector say that some foreigners purchase apartments for € 2,800 / sq. m. m at the foundation stage. For this reason, a decline in real estate prices in Montenegro is not expected.
“Several thousand wealthy foreigners can significantly increase prices in the long term, because we can bring no more than 3-4 thousand apartments to the market per year, and the interest of foreigners is now higher than this,” the expert explained to Mina.
The rise in real estate prices in Montenegro is not a reason to postpone the purchase. On the contrary, it is a great investment!
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