Last year, foreigners in Montenegro bought real estate worth €169,99 million, which is €12,6 million less than in previous year, the latest data of the Central Bank shows.
Traditionally, Russians were the greatest buyers, followed by nationals of Serbia and Turkey.
Since the restoration of independence, Russians have been the biggest buyers of real estate in Montenegro and kept that image in 2019. They purchased almost €39 million last year.
Nationals of Serbia spent €16,6 million on real estate last year, overtaking Turkish nationals who spent €12,7 million on real estate last year.
Nationals of NATO member states are among the biggest buyers of real estate.
CHINESE DO NOT BUY REAL ESTATE
It is interesting that Chinese didn’t buy real estate in Montenegro last year, unlike nationals of Canada (€1 million), Finland (€1,8 million) and Bosnia and Herzegovina (€2,5 million).
Citizens of Albania find real estate in MNE more and more attractive, earmarking almost €2 million for that end.
As far as Arab countries are concerned, citizens of the UAE bought €1,4 million.
Due to the coronavirus pandemic, data for this year will probably be considerably different.
Last month, real estate agency, “Montenegro Prospect”, conducted a comprehensive survey on the impact of COVID-19 pandemic on the real estate market in MNE.
The survey encompassed over 1.500 sellers and potential buyers, mostly from the Western Europe, Russia and the region and concluded that stabilization of the market is expected on 12-24 months.
Real estate sellers in Montenegro expect 10% fall in the real estate price, while potential buyers expect 20-30% fall.
