In the second quarter of 2025, foreign direct investment (FDI) in real estate in Montenegro reached 113.5 million EUR, which is 21% (20 million EUR) more than in the same period in 2024. This growth continues a stable five-year trend: since 2019, the volume of real estate transactions has quadrupled, and the average price per square meter has increased by about 50%.
The demand for real estate in Montenegro remains international, but several key countries stand out among the main investors:
Serbia (19.2 million EUR) – traditionally a leader due to proximity and cultural ties.
Turkey (16 million EUR) – active player in the luxury real estate market.
USA (13.8 million EUR) – interest remains despite the cancellation of the “golden passport“ program.
Germany (11.5 million EUR) and Cyprus (5.3 million EUR) – European investors looking for alternatives to more expensive markets.
Russia (4.7 million EUR) – demand has decreased compared to previous years, but remains noticeable.
Buyers from unexpected regions are also appearing: Kazakhstan (706,000 EUR), Australia (485,000 EUR), Oman (14,700 EUR). This indicates an expansion of the geography of interest in real estate in Montenegro.
Despite the influx of new investments, some foreign players are starting to sell assets:
In the second quarter of 2024, EUR 14.7 million was withdrawn (13% of the amount of new investments).
Sales leaders: Serbia (EUR 4 million), Georgia (EUR 1.8 million), Great Britain (EUR 1.7 million).
If the trend continues, the volume of withdrawn assets in 2025 may exceed the remarkable mark. This may put pressure on prices, especially in the secondary market segment.
Average price per square meter in new buildings: EUR 1,943 (end of 2024).
In 3 years (since 2022) the price has increased by 44% (from EUR 1,346).
However, in luxury projects (Porto Montenegro, Luštica Bay, Kolasin) prices are significantly higher and less subject to fluctuations.
FDI is not private purchases of apartments/houses. This is long-term money from large companies aimed at long-term development projects. For private investors, the growth of FDI is an important signal that the market believes in the potential of the industry.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg