Montenegro housing prices fell by ten percent

In Montenegro, due to the coronavirus epidemic, sales of apartments was halved with a drop in prices of 10 percent. According to the Monstat Statistics Administration, in Q3 2020, 35 building permits were issued and 158 dwellings were planned. These are the lowest figures in the last ten years since the data on the Monstat website.

The price per square meter of an apartment in a new building, according to the concluded sales contracts in Q3 2020, amounted to 876 euros at the level of Montenegro. However, in Monstat, they say that in this period there was a significant number of apartments sold from the so-called solidarity and union programs, where the price was 492 euros per square meter, which significantly lowered the average price of apartments.

The average price from commercial contracts for the purchase of newly built apartments was 1,109 euros per square meter, while last year in the same period the average price from commercial contracts was 1,226 euros per square meter. In the territory of Podgorica, the average price from commercial contracts was now 1,158 euros per square meter, and last year in the same quarter it was 1,248 euros, which is a drop of 7.3 percent. In the coastal region, the commercial price of an apartment in a new building now amounted to 1,414 euros per square meter, while last year was 1,365 euros, an increase of 3.6 percent.