MONTENEGRO
Select a property to purchase
Negotiate the deal
Sign the preliminary
sales contract
Sign the final sales contract
Pay off your property
Hire a lawyer/soliciter
Pay the property tax.
Register transfer at the land office registry
Get the property deed
Congratulations ! Your are now a property owner
step by step
Numbers
2.8%
Economic growth
10%
Downpayment
7%
Year-on-year housing price index 2017
Montenegro’s house prices are poised to rise, amidst strong property demand and a booming tourism sector. During the year to Q2 2017, the average price of new residential dwellings in Montenegro rose by 4.95% to €1,102 per square metre (sq. m), according to the Statistical Office of Montenegro. The signs are good. Demand is robust. Residential property transactions were estimated to have increased by an average of 10% every year in the past two years, according to local real estate experts.
Foreign property demand is expected to continue rising, due to the launch of several new flights from across Europe (such as from Brussels, Milan, Barcelona, London, Oslo and Stockholm). In 2016, tourist arrivals rose by 10.2% y-o-y to 808,788 people. Then during the first three quarters of 2017, tourist arrivals surged 18% to 737,753 people from the same period last year.Montenegro property offers an excellent investment opportunity. The country has a burgeoning tourist industry, bolstered by the government’s Tourism Masterplan 2007-2020, which aims to develop high-end hotels, golf courses and other luxury facilities in order to attract affluent tourists.
Since there isn’t a lot of awareness about this country, property prices are still modest and attractive for early-mover investors. The economy is expected to expand by a healthy 3.9% this year and by another 3.3% in 2018, from an annual average growth of 2.8% in 2013 to 2016, buoyed by surging tourism and large infrastructure projects. There are no restrictions on foreigners buying property, except for land, which can only purchased by foreigners through a company. After a building is constructed, ownership can be transferred to individuals through a simple procedure. In 2015, the federal government passed a law allowing foreign homebuyers to obtain a residency permit in Montenegro upon purchase of a property.