Learn about the different regions in Montenegro and where to invest in real estate.
Montenegro is a small country about the size of Northern Ireland. It prides itself on a scenic coastline that hugs the Adriatic Sea and is approximately three-hundred kilometers long. The country may be small but it offers a wealth of natural beauty: five national parks, mountains and hiking trails, hidden bays, sandy beaches, and ski resorts in the north of the country.
Real Estate in Kotor, Tivat and Herceg Novi
Boka Kotorska Bay is without doubt one of the most beautiful bays in the world. High mountains surround the bay and are reflected in the crystal blue waters of the Adriatic Sea. The road that circles the Bay of Kotor passes through a chain of charming villages and small towns with ancient stone houses, seafront villas, and modern apartment buildings. The tall mountains limit building sites so that most properties are located close to the sea with stunning seascapes.
The Old Towns of Kotor and Perast are magical places and well preserved medieval towns. They are UNESCO world heritage sites, and when properties come up for sale prices are generally more expensive compared to other areas around Boka Bay. However, they have excellent rental potential and are good investments, you can find more details on Perast real estate here.
Tivat is a youthful town with a fashionable waterfront: a place to sit in the sun and relax. It is a favorite location for yacht enthusiasts because Porto Montenegro features a world class marina. The luxury resort offers hotels, condos, upscale boutiques, and seaside dining and since its inception has transformed the area, making it a sought-after destination.
Close by is Lustica Bay, a new development: marina town with five-star hotels, golf facilities, and waterfront properties located on a small bay situated on a peninsula with the same name.
Herceg Novi is known as the sunniest town on the seacoast. The old town center with restaurants is beside the sea and is the gathering place for people. Following the coastline is a lengthy promenade where people can stroll day and night. Steps that lead away from the sea will show the way to quaint areas on hillsides with homes and apartment buildings tucked away on the narrow curving roads. Porto Novi is located a short distance from Herceg Novi, and it is an exclusive resort with marina and luxurious residential units for sale.
A typical one-bedroom apartment with sea views in Boka Bay area sells for 90.000 -120.000 EUR and for a two-bedroom apartment you can expect to pay 150.000 to 170.000 EUR. Of course, real estate prices in Kotor, Tivat and Herceg Novi vary depending on location and proximity to the sea, size, views, and detailed finishes.
House prices start at 150.000 - 200.000 EUR.
Waterfront villas are the most expensive properties starting at 400.000 EUR and up.
Please visit this link for more in-depth report on house prices on the coast of Montenegro.
The main international airport serving the Montenegrin coast is located near Tivat
There are two international schools in the region.
Real Estate in Budva area
Budva Riviera lies at the heart of Montenegrin tourism, with its beautifully preserved old town and fantastic beaches. A buyer looking for a modern state-of-the-art apartment can find the perfect property in Budva.
Real estate prices in Budva vary: apartments in modern, new developments close to the sea, start at 130.000 – 150.000 EUR for a one bedroom, and 180.000 – 200.000 EUR for a two bedroom.
Further from the sea apartments sell for an average of 1.500 - 1.700 EUR /m2.You can find one bedroom furnished apartment for 75.000 EUR and a two-bedroom furnished apartment for 90.000 -120.000 EUR
The Budva coastline continues for twenty-one kilometers with seventeen beaches, and includes the iconic Sveti Stefan. Originally Sveti Stefan was a fishing village, but the old stone houses with red-tiled roofs on the island have been transformed into a five star hotel operated by Aman Resorts. There are a limited number of apartments for sale in this exclusive area surrounded on three sides by forests and overlooking the island and the Adriatic Sea, but worth an investment.
If you are looking to buy a house with garden, located in a peaceful place, it is worthwhile to visit villages along the coast: Kuljace, Blizikuce, Rezevici, , these old villages have the Mediterranean ambience with olive groves, gardens, and stunning views of the sea. Charming villas start around 400.000 EUR.
Further south is Petrovac, a beautiful coastal town located halfway between Budva and Bar.
Real Estate in Bar area
Bar is the largest coastal town in Montenegro. The new town features pleasing architectural styles, modern squares, coastal promenades and wide boulevards with a variety of Mediterranean plants: palms, pines, oleanders and agaves. Overlooking the new town is the beautiful old town with an ancient archeological site. Bar has a vibrant port that connects Montenegro with Italy: Bar to Bari. One-bedroom apartments in new buildings close to the center of Bar and the sea, start at 65.000 EUR. Two-bedroom apartments sell for around 95.000 EUR. The prices per m2 are from 1.300 to 1.500 EUR.
Unlike Budva, there are more houses for sale in Bar especially in the area between Bar and Ulcinj, Dobra Voda, Utjeha, Kruce. The prices of houses in Bar vary depending on location and quality of building, but generally they are less expensive compared to other areas along the coast. Two/three-bedroom houses start at 100.000 EUR.
Bar has good road infrastructure, and the railroad that connects Bar with Belgrade, Serbia. The international airport in the capital, Podgorica, is approximately forty-five minutes by car.
Lake Skadar National Park has the largest freshwater lake in the Balkans. Located in Bar municipality, it is becoming one of the hot spots for tourism in Montenegro. This is known as the wine region of Montenegro with many small, family run wineries.
Please visit this link for more detailed insight into Bar real estate market.
Ulcinj is the southernmost city on the Montenegrin coast and boasts the longest beach on the Adriatic Sea, known as Velika Plaza it is thirteen km long. To the south of the beach, lies Ada Bojana, a naturist river and island with sandy beaches. Valdanos Bay with its unique coastline has ancient olive trees and is near the reconstructed city of Ulcinj. The area features restaurants, cafés, art galleries, and hotels. Ulcinj is an ancient place with a long varied history.
The apartment prices are similar to the ones in Bar.
North of Montenegro - Zabljak and Kolasin
Zabljak and Kolasin are the main ski resorts in the north of Montenegro. Zabljak is a pretty mountain town at 1450m above sea level, Durmitor National Park and Tara Canyon are paradise for nature lovers. With a cooler climate Zabljak is popular during the summer season.
Two bedroom wooden cottages start at around 50.000 – 60.000 EUR
Kolasin is a little town in the north of Montenegro. The new ski resort Kolasin 1450 opened in 2018. Bianca Resort and Spa is a five star hotel in the center of town. Biogradska Gora National Park is fifteen minutes’ drive away. A new highway connecting Podgorica and Kolasin is expected to open in 2020-2021, and will shorten the travel time to thirty minutes.
The vibrant capital of Montenegro and its administrative and business center. Podgorica is the largest town in the country and it is rapidly expanding. This is a good option if you are looking to invest in long term rental properties.
Written by: Ivana Vukicevic
Date of last revision: 14th of May 2020