Foreign citizens and companies bought real estate in Montenegro for a total value of 370 million euros in the last ten months, which is a strong increase compared to the previous year, the Vijesti daily reports.
Montenegrin real estate has been purchased for 1.2 billion euros in the last five years, according to the data of the Central Bank of Montenegro.
The highest number of properties last year was bought by German citizens and companies – worth 57 million euros, followed by Russians who invested 50 million euros in real estate. Ranked third are citizens and companies from Serbia with 42 million, and fourth are buyers from the United States with 32 million euros. Ranked fifth are investors from Turkey with 30 million, followed by Ukrainians and Swiss with 15 million each, Bosnians and Herzegovinians with 14 million, and Britons with 12 million euros.
Montenegro was interesting to foreigners as a developing country with great tourism potential and because of the large number of exclusive tourism and housing projects, because they expect that the prices of these properties will not drop, i.e. that they can only grow with the development of these projects. Additionally, the growth of real estate sales to foreigners last year was mostly influenced by the economic citizenship program, where the purchase of real estate – an apartment in tourist centres in the south for 450 thousand euros and in the north and in underdeveloped municipalities for 250 thousand – grants the right to citizenship.