In 2022, for the period from January to October, foreign citizens and foreign companies purchased real estate in Montenegro in the amount of 370 million euros, which is significantly more than a year earlier, according to the data of the Central Bank.
Real estate sales data for November and December of last year will be released in March, but it is expected that turnover in these months could be around 60-70 million, so the total value of real estate sold to foreigners could reach between 430 and 440 million euros, write News.
In total, in 2021, foreigners spent 278 million euros on the purchase of real estate in Montenegro, in 2020 - 116 million, in 2019 - 178 million, in 2018 - 182 million. Over the past five years, foreigners have bought Montenegrin real estate for 1,2 billion euros .
The growth in sales of real estate to foreigners last year was most affected by the sale of economic citizenship programs, where by purchasing real estate - apartments in tourist centers in the south for 450 thousand euros and in the north and in underdeveloped municipalities for 250 thousand citizenship.
The publication writes that another reason is that during a period of inflation, as was the case last year, many people decide to buy property as one of the safer ways to ensure that their money does not depreciate.
Montenegro was of interest to foreigners as a developing country with great tourism potential and due to the large number of exclusive tourist-residential projects, such as Porto montenegro, The Portons, Lustica Bay, because they expect that the prices of this property will not fall, i.e. , they can only grow as these projects develop.
According to the Monstat Statistics Office, the total value of real estate turnover in 2021 was 400 million euros, while according to the CBCG, foreigners bought property worth 278 million euros, which is 69 percent of the total turnover. This relationship is such that foreigners mainly buy luxury apartments and villas, which cost the same as ten ordinary apartments.
Part of this turnover is hidden from official statistics, because builders often contribute an apartment under construction to the authorized capital of the company, and then sell this company, as a rule, to foreigners. Thus, the buyer indirectly owns the property through this company, and the transaction is formally not a property, but a company.
Most property buyers in Montenegro are from Germany
According to CBCG, German citizens and companies from this country bought the most real estate last year for the amount of 57 million euros, followed by Russians, who invested 50 million in real estate. Here is the full list:
1. Germany - 57 million euros
2. Russia - 50 million euros
3. Serbia - 42 million euros
4. USA - 32 million euros
5. Turkey - 30 million euros
6. Ukraine - 15 million euros
7. Switzerland - 15 million euros
8. Bosnia and Herzegovina - 14 million euros
9. United Kingdom - 12 million euros
10. Austria - 8 million euros
11. UAE - 8 million euros
12. Canada - 6,7 million euros
13. France - 6:3 million euros
14. Poland - 5,3 million euros
15. Croatia - 5,2 million euros
16. Czech Republic - 5 million euros
