August 6, 2021
Reading Time: 3 min

How much does a month’s rent for a three-bedroom apartment in Montenegro cost

Montenegro is a popular holiday destination for tourists. The country has a pleasant climate, a refreshing sea, and an average European standard of living. About 25% of the country’s GDP comes from tourism. Every year, about 2.6 million people from all over the world come to Montenegro for holidays.

Elena Ruda
Elena Ruda

Chief Development Officer in Immigrant Invest, lawyer

Montenegrin citizenship by investment: renting a three-bedroom apartment

How much does a month's rent for a three-bedroom apartment in Montenegro cost

Investors buy seaside properties to come to the country for holidays. Some investors rent out properties and earn extra income.

Property prices in Montenegro have been rising steadily in 2021, with home values in the country increasing by 28,7% in the first quarter, according to Global Property Guide, an online property portal.

Rental income from property in Montenegro varies between 4 and 6% per annum. However, the average cost of renting a three-bedroom apartment is €564 per month, according to

The cost of renting in different cities in Montenegro

The cost of renting an apartment depends on the region of the country. The country is divided into 24 regions or communities. The most popular holiday destinations in Montenegro are Budva, Herceg Novi, Kotor, Bar and Ulcinj. These are the main resorts of the country.

The cost of renting an apartment varies depending on the region of the country. The most expensive options for renting accommodation — in the north in Bijelo Polje and in the resort areas of Tivat, Kotor and Budva. The table below shows the prices of apartments in major cities in Montenegro.

Montenegrin citizenship by investment: the territorial division of Montenegro

24 regions, or communities, into which Montenegro is territorially divided

Average cost to rent a three-bedroom apartment in Montenegro



Bijelo Polje














Herceg Novi












Data source ―

Why investors buy property in Montenegro

To obtain citizenship of a European country and travel to Schengen states without a visa. Montenegro is not yet part of the European Union or the Schengen area. However, the Montenegrin passport allows you to travel without a visa in the Schengen area.

From 1 January 2021, Montenegrins will need a special permit to enter Schengen states. The ETIAS online system will start operating in the EU countries. Tourists will have to fill in an application on the system website at least 96 hours before travel.

Montenegro is the first candidate for accession to the EU in 2025. If the country joins the agreement, it will not require an entry permit.

To obtain Montenegrin citizenship, investors make a non-refundable contribution and invest money in government-approved projects. These are five-star hotels and resorts, such as the Cruiser in Budva.

For holidays and renting out properties. Montenegro is visited by around 2.6 million tourists every year. Therefore, the demand for rental properties is high. Rental yields range from 4 to 6% per annum.

In 2020, entry to the country was restricted because of the coronavirus pandemic. Montenegro was one of the first countries to open its border to tourists. Russians who had been vaccinated against the coronavirus could enter the country from March 2021. Entry is now open to all. Russians do not need a visa to visit Montenegro.

Wealthy people also prefer to have their own accommodation in Montenegro in order to come to holiday in the country. And investors who obtain Montenegrin citizenship can enter the country at any time, even during a pandemic.

To obtain an E‑2 business visa in the United States. E‑2 visas are issued to nationals of countries with which the USA has a trade and navigation treaty. Montenegro is on the list of these countries. E‑2 visa allows you to come to the USA, live, do business, and study in the country without restrictions.

An investor invests in a US business and creates new jobs to obtain an E‑2 visa. There is no minimum investment threshold. Usually, the applicant only needs to invest $200,000 and take over the management of the company.

Montenegrin citizenship by investment: Citizens can obtain an E-2 business visa and live, work and study in the USA

Spouse and children under the age of 21 can obtain E‑2 visas to the USA along with the investor

How to obtain Montenegrin citizenship by investment

To obtain Montenegrin citizenship, an investor fulfills two conditions: makes a non-refundable contribution of €100,000 to a state fund and buys a share or apartments in government-approved projects. It is allowed to sell the property after five years.

Real estate investment options

  • From €250,000 if the property is located in northern or central Montenegro, except for the capital city, Podgorica

  • From €450,000 if the property is located in Podgorica or the coastal arearn of Montenegro

The Montenegrin citizenship by investment program is for three years, 2021 being the last year. Participation in the program takes from 6 months, but there is still a possibility to apply before the end of the year.

Examples of investment properties


Share in five-star Dormitor Hotel & Villas in Zabljak. Value — from €250,000. Rental income — up to 8% per annum.

Immigrant Invest is a licensed agent of the Montenegrin citizenship program by investment. If you want to buy a property and obtain a Montenegrin passport, seek advice from experts in investment programs.