May 24, 2022
Reading Time: 3 min

Property prices in Montenegro increased by 7% in 2021

Real estate prices in the capital of Montenegro — Podgorica and resort towns increased by an average of 3‑7% in 2021. Such data are provided by the international agency Colliers. The Statistical Office of Montenegro claims that objects in new buildings in these cities have risen in price by 10‑13%.

Investors can buy a profitable property in Montenegro before the end of the year — get a profitable asset and citizenship in a European country.

Elena Ruda
Elena Ruda

Chief Development Officer in Immigrant Invest, lawyer

Citizenship of Montenegro when buying real estate

Property prices in Montenegro increased by 7% in 2021

The cost of real estate in Podgorica. The most expensive housing in the capital of Montenegro is located in the municipalities of Podgorica I and Podgorica II, which include, among others, the districts of Preko Morace, Block 6, Gorica.

In 2021, the average cost of housing there reached up to €1683 per m² in new buildings, which is almost 7% higher than in 2020. The cost of objects in the secondary market averaged €1150 per m².

Real estate in coastal cities costs an average of €1,445 per m² in the 1st quarter of 2022, according to the Statistical Office of Montenegro. In popular resorts, real estate prices are higher:

  • in Budva — €1838 per m²;

  • in Tivat — €1870 per m²;

  • in Kotor — €2025 per m².

Rental housing in Montenegro costs an average of €330 per month for a one-bedroom apartment and €690 for a three-bedroom apartment.

In Podgorica and resort towns, real estate is rented out at higher prices. The monthly payment for a three-bedroom apartment is:

  • in Podgorica — €570;

  • Kotor — €880;

  • Tivat — €1025;

  • Budva — €1370.

The demand for rental housing has grown since February 2022 — this has affected the cost of rent: representatives of real estate agencies in Montenegro say that the cost of rent on the coast has increased by 2‑3 times. The changes have not yet been reflected in the reports of consulting companies and the Statistical Office of Montenegro.

How can an investor buy property in Montenegro and obtain citizenship

Montenegro has an investment citizenship program — this means that an applicant can obtain a passport of a European country if he fulfills two investment conditions:

  1. Will make a contribution to the state fund of Montenegro in the amount of €200,000.

  2. Will buy real estate in resort complexes or hotels from the list approved by the Government of Montenegro, worth from €250,000.

Together with the investor, members of his family can submit an application: spouse or spouse, children under the age of 18 and older, if they are financially dependent on the investor.

Among the benefits that an investor with a Montenegrin passport receives are: visa-free travel to 123 countries, the opportunity to obtain an E‑2 investor visa in the United States and optimize taxation — the personal income tax rate in Montenegro is 9%.

Montenegro will continue to accept investor applications until December 31, 2022. After that, the program will be closed.

The three best properties for Montenegrin citizenship

Residential complex on the Adriatic Sea

Area — from 42 m²

Cost — from €450,000

Profitability — up to 6% per annum

Location — Budva

Investors can purchase studios and apartments with one or two bedrooms in the complex. The residential complex is equipped with spacious terraces and green areas. If desired, the investor can live in the purchased apartments without additional payments and time limits.

Completion date of the facility is the 1st quarter of 2023. When the construction is completed, the owners of the apartments will receive income from the rental of real estate — up to 6% per annum.


Residential complex in Budva on the first coastline

5-star hotel Breza

Area — from 28 m²

Cost — from €250,000

Profitability — up to 8% per annum

Location — Kolasin

The hotel is designed for lovers of holidays in the mountains: the complex is being built near the town of Kolasin — the main ski resort in Montenegro.

Kolasin is located at an altitude of 954 m above sea level. The city has 16 ski slopes with a total length of 30 km: from low slopes for beginners to freestyle slopes for experienced athletes.

Hotel Breza is located close to the ski slopes, on the banks of the Tara River. You can get to the hotel by car or public transport from the international airports of Podgorica or Tivat.

The hotel apartments are available for purchase. The design of the apartments differs depending on the room type. For example, rooms of type Modern are presented in Alpine style. The apartments offer views of the river or Mount Belasitsa.


The Breza Hotel will be equipped with relaxation areas, a swimming pool overlooking the river, a jacuzzi and a gym

4-star hotel Bjelasica

Area — from 37 m²

Cost — from €250,000

Profitability — up to 8% per annum

Location — Kolasin

168 apartments are located on four floors of the hotel complex. 27 apartments have a separate bedroom, living room and terrace. The 141 apartments are studios with a private bathroom.

Restaurants, a bar, a beauty salon, a spa complex and a pharmacy will operate on site. Vacationers will be able to swim in two pools: one is indoors for swimming in winter, the second is an outdoor summer pool. For skiers and snowboarders there are rooms for storing equipment.

Citizenship of Montenegro when buying real estate

Hotel Bjelasica is located between the slopes of the mountains, close to the ski resort with slopes for skiers and snowboarders

Immigrant Invest is the official representative of the Montenegrin citizenship program for investment. If you want to get a Montenegrin passport for moving and traveling around the Schengen area, please contact investment program experts for advice.