Average price of one square meter of housing space in Podgorica is €1.045,2 and has been calculated on the basis of a group of 58.296 housing units at the end of last year.
THE CHEAPEST PRICE THREE YEARS AGO
Square meter of an apartment in the capital was the most expensive in March 2008, the period of the real estate boom” (€1,738,3) while it was the cheapest in March 2017 (€901).
One should not regret this record high price 12 years ago, as in 2008, the average salary in MNE amounted to €403 and an average inhabitant couldn’t afford roof over the head.
RESIDENTIAL SPACE
Price of residential space in Podgorica depends on the location and quality of construction. The majority residential spaces are apartments (58,2%) while houses account for 41,8%.
“Prices of residential structures per square meter range from €2.000 in more exclusive locations to around €500 in settlements far away from the town”, analysis carried out by the Central Bank shows.
What do prices depend on?
Subjective assessment of the value of apartment was formulated as follows: Below what price owners would not sell their apartment?
On the basis of the data obtained, a Hedonic model of real estate was obtained, measuring the impact of qualitative characteristics of residential structure on its price.
According to the results of the survey conducted in December of 2019, average price of real estate per square meter amounted to €1045,2, which is 1,2% growth compared with June 2019.
AGENCIES: PRICES ARE STABLE
Many real estate trades in the capital have told Dnevne novien that prices of residential spaces stabilized in August after sharp decline provoked by the pandemic.
According to the overarching survey of “Montenegro Prospect” agency on the impact of the COVID-19 pandemic on real estate market in Montenegro, traders expect 10% fall on the prices of real estate, while potential buyers expect 20-30% fall in prices.
MONSTAT: PRICES HAVE FALLEN
Data provided by the Statistical Office of Montenegro (MONSTAT) shows that average price of a square meter of an apartment in new construction was €940 in the first quarter of 2020.
