When making a decision to buy property abroad, tourists are guided by the desire to improve their social status and the social status of their loved ones, and other more or less subjective factors. Why it is profitable to buy property in Montenegro?
Montenegro as an option is attractive for several reasons (of varying degrees of urgency):
- Extremely successful combination of a unique location and the current pricing policy, which guarantees the reliability of investments.
- The law of Montenegro is extremely attentive to the rights to private property, especially in real estate.
- The primary development market has intensified after relatively recent signing and approval of the general plan. It is true that this factor has a downside, but the quality level of the new buildings is less important for Montenegro.
- The natural beauty of the region is the main argument for buying property in Montenegro. The whole country is a nature reserve, so the cleanliness of the air and water, the ecological situation (and also we should not dismiss the tolerance and friendliness to foreigners typical of the native inhabitants of the country – compare, for example, the situation on the southern coast of France or Spain …).
The small size of the country and the rare temperate climate attract both tourists and potential residents.
How the real estate is sold
Over the past few years, the sale of real estate in Montenegro has undergone positive changes. The sale-purchase system has become simpler and more transparent; the number of illegal transactions and fraud attempts has decreased.
The European model, in which transactions are made absolutely lawfully, contributed not only to the influx of buyers but also to the establishment of more adequate prices formed according to the classical market model, without the influence of “wild” capitalism.
In addition to the private sector, the sale of commercial real estate is very popular in Montenegro.
After the crisis of 2008-2010, the demand for small guesthouses and “family-type” villas is growing with each season.
Despite simplified schemes and loyal legislation, all real estate transactions in Montenegro, whether it is a sale, purchase or exchange, are recommended to be carried out through real estate agencies.
You can use the services of an experienced estate agent so that the sale of real estate in Montenegro is not delayed or complicated. You can buy inexpensive property, remote from the sea.
As in any country, in Montenegro, there are some subtleties and obscure issues, the independent overcoming of which may take much more time and money than the standard 2-3 months and 3-4% of the transaction amount.
Buying an average residential building in any region of Montenegro is a profitable investment in the future.
Where and how to buy property in the best possible way?
A well-founded desire to buy the reasonably-priced coveted “real estate by the seashore” is next in the list after choosing the location and the approximate number of square meters in Montenegro.
The following points affect the price per square meter and the final value of the property in Montenegro:
- Approximate distance to the beach (the distance up to half a kilometer is most preferable).
- The proximity of the airports. The closer the airport, the higher the price of the item as potentially suitable for commercial use.
- The availability of a terrace or balcony in the house/apartment.
- The availability of the sea view.
It should be borne in mind that, owing to the ubiquitous mountainous terrain of the country, sea views can become more spectacular farther from the coast. That is, from a distance of 300 meters to the beach, it will be much easier than from three kilometers, one and a half of which is in height.
- The current state of the property (date and quality of the latest repair).
- Type of interior decoration, the quality of its performance and the availability of equipment that increases the comfort of accommodation (special attention is paid to air conditioning).
- Availability of infrastructure elements within walking distance (shops, bars, restaurants, fitness and spa centers, local markets, etc.).
In Montenegro, you can buy property at a low price under the following conditions:
- it requires investment in repairs,
- it is located in a disadvantageous place for tourist business, and
- the sellers are in a time of trouble, and the buyer somehow becomes aware of this.
However, the concept of cheapness is very relative to European citizens in relation to various countries.
Tourists often wonder how to rent a villa in Montenegro by the seashore since it will be cheaper than renting a hotel room.
Going on vacation to Montenegro, visit the monastery of Ostrog, the details of which can be found here.
How to buy property on the coast?
The condition for the location of a house or apartment by the seashore, which is definite for many buyers, has become customary to Montenegrin estate agents, and such options are offered to Europeans for consideration first. There are several reasons for this:
- First, after the abolition of the law banning the sale of land with a building documented on it to individuals in 2009, the Montenegrin real estate market has become much more attractive for people who want to buy accommodation “for life” not for sale or subsequent lease, etc. The recent tourists, who are in love with this country, tend to regard the sea coast as an ideal place to live.
- Secondly, it is in the seaside zone that the population density and, therefore, that of the building are much higher in comparison with the mountainous areas, which means that bypassing the issues of life and infrastructure, it will be much easier to find the best purchase option in terms of area and cost.
How much is real estate?
It is not easy to talk about average housing prices in this country, since a huge number of factors influence the cost, even whether the house is in the “resident” zone, and whether it is a separate building, or was attached to a multi-unit building, etc. Therefore, it is almost impossible to derive a pattern of pricing in Montenegro, since each building is unique, especially on the secondary real estate market. However, it is quite realistic to buy real estate in Montenegro.
The main thing the buyer will need is to determine the region of the desired residence, proximity to the sea or lake, and the type of building (separate mansion, apartment, part of the townhouse, etc.), and report these data to the real estate agency. Further, prices will be unpredictable.
What do I need to buy property in Montenegro?
Great news: when buying a property, neither the citizenship of the country nor a visa will be needed (at least, for EU residents).
Montenegrin legislation that has changed in recent years now allows citizens of other countries to buy and sell real estate with minimum restrictions. This applies to both commercial and residential real estate.
Individuals can buy any real estate and land plots if their area does not exceed 5,000 sq.m.
If the area of your selected plot is above fifty hundred square meters, you will have to arrange a purchase in the name of a legal entity registered in Montenegro.
Montenegro is known for its sandy beaches. The best beaches of Montenegro have a blue UNESCO flag.
During the rest, you can go sightseeing in Montenegro, the prices of which can be found here.
To learn how to rent a house in Montenegro by the sea, take a look here: http://adriaticsea.blog/locate/estate/snyat-dom.html. What is needed for this?
Finally, please bear in mind an important pitfall that an inexperienced buyer can stumble upon.
Legalization of transactions, legal and tax transparency, documentation for construction, etc. have become commonplace in Montenegro only in the last few years. Prior to this, construction and transactions were illegal, in general, and for many buildings the owners do not have permits and documents, making impossible the adequate transfer of ownership.
Therefore, in order to avoid subsequent litigation, proceedings, loss of money and other unpleasant issues, use the services of real estate agencies when buying a Montenegrin real estate. Fortunately, the supply of this type of service is now somewhat ahead of demand.