Average Prices of Apartments in Montenegro Hit Records

By , 28 Aug 2019, 20:10 PM Business
Average Prices of Apartments in Montenegro Hit Records Copyrights: Zetagradnja

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28 August 2019 - Preliminary data published by the Statistical Office of Montenegro shows that the average price of an apartment in Montenegro is higher by 11,6% compared with the same period last year. Economic analyst and professor in the Faculty of Management Herceg Novi Vasilije Kostić, cites reasons why the price of real estate has gone up so drastically.

He pointed out that the number of residential units in Montenegro exceeds the need for them. Besides, real estate purchase is a form of investing that offers specific advantages in comparison to other possibilities.

"By this, I mean poorly-developed securities market," stated Kostić as Cafe del Montenegro reports.

In his opinion, an increase in the price of an apartment square meter in Montenegro is impacted by the fact that our country is a very attractive tourist destination.

"As it is becoming even more attractive, the interest in real estate in Montenegro grows simultaneously," explained Kostić.

Increase in the real estate price is followed by an increase in economic activity, i.e., economic dynamics.

According to data published by the Statistical Office of Montenegro, the average price per square meter in new construction in Podgorica was 1.204 EUR in the second quarter of 2019. At Montenegrin coast, it amounted to 1.368 EUR, in the central region 677 EUR, whereas in the northern region it was 880 EUR.

Read more news about business in Montenegro at TMN's dedicated page.

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