The average price per square meter of a new apartment in Montenegro in 2023 was 1,532 EUR, according to preliminary data from the Statistical Office Monstat.
Comparing with the previous year, when the annual average price per square meter was 1,339 EUR, this represents a growth of 14%. In comparison to 2021, the average price per square meter for new construction increased by 28%, and compared to 2020, it surged by 61%.
Annual statistics also reveal that apartments are most expensive in Podgorica, where the average cost per square meter for new construction was 1,585 EUR. This implies that the average price per square meter in the capital increased by 15% compared to 2022, 31% compared to 2021, and a substantial 64% compared to 2020.
The cost per square meter for new construction was 1,577 EUR on the coast, 1,220 EUR in the north, and 696 EUR in the central region.
As explained by Monstat, the average price per square meter for new construction is significantly influenced by the participation of apartments belonging to the category of solidarity housing construction. If the participation of these apartments is higher, the average price of apartments in new construction will be significantly lower. Conversely, if the participation is lower, the average price will be higher.
According to Monstat’s statistics, the market average price per square meter for new construction last year was 1,555 EUR, while in the category of solidarity housing construction, it was 589 EUR.
Clarifying the methodology for researching apartment prices in new construction, only apartments that were first sold on the market, or for which the first sales contract was concluded, are taken into account. The research does not include apartments from the old housing stock, nor other types of real estate such as commercial properties, land, and others.
Monstat emphasizes that the research does not reflect the supply and demand for new apartments in the market but represents prices calculated based on concluded sales contracts.
