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NewsMontenegro, Situation on the real estate market is still chaotic

Montenegro, Situation on the real estate market is still chaotic

The situation on the real estate market in Montenegro is still chaotic, and it is not known how it will unfold in the coming period, Pobjeda interlocutors said. They believe that there will be no stabilization yet, even though the prices are „overinflated“, but that there may be an increase, but not a decrease. The supply of small apartments is weak, and those who are selling real estate in order to buy a larger apartment are giving up the sale for the time being.

As the owner of the Zetagradnja company Blagota Radović told Pobjeda, the situation is definitely not stable and he believes that the prices are “overinflated”.

– I’m afraid so. I think that the prices in Podgorica are too high for our standard, and this also applies to Serbia. The average prices in construction are undefined – emphasizes Radović, adding that the prices of apartments built by his company are from 1,500 to 1,900, which depends on the square footage and location.

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And he says he doesn’t know if prices will continue to rise.

– Nobody knows that – said Radović.

The As nekretnine agency has a similar opinion. They say that there is chaos in the real estate market and that no one knows what is happening, it is only clear that there is less and less supply.

– Prices are still rising. Last year, we had quite a large offer of apartments, and we don’t get to contact the owners. There are many who give up selling when they see the prices. Because everyone who sells is looking to buy something else, whether a smaller or larger apartment, and when they see the prices, they give up on the offer. What is being offered is currently too expensive for our standard – said an employee from this agency.

As for Podgorica, as he said, there are few smaller apartments on offer, which are most in demand.

– Apartments are usually offered with encumbrances and without permits and their price is from 1,200 to 1,300 EUR per square meter. The price of apartments under construction is from 1,400 to 1,800 EUR, and upwards, and as for ready-made new apartments, we do not have them in our offer. I know that the price of a square meter in the City Quarter is now from 1,800 to 2,500 EUR – they said from Ace Real Estate, stressing that they are confused and do not know what kind of information they would give us.

They also emphasize that when building apartments, investors do not know how to set prices.

– When he needs to start building a building, he doesn’t know how to form a price. Since he does not know how much the material will cost him, he creates a higher price per square meter than he should, in order to insure himself – the agency says, and as for the next period, they point out that everything is uncertain.

– Everything depends on how the situation unfolds in Europe. Everything is quite black. Prices, unfortunately, seem to be rising. I would like them to fall because we have no work to do. Perhaps the increased influx of Ukrainians dictates the price, and there are also Turks… – they say.
They remind that it is difficult to predict price movements due to the turbulent period.

– Before the New Year, the prices stabilized to some extent, but even then we did not have an offer of smaller apartments. When a smaller apartment comes on the market, I am shocked by the price. Recently, an offer of 2.2 thousand euros per square meter was made for an apartment of 90 m2 in Zabjelo – say from As Nekretnine.

On the Primorje, the situation is similar, and as the owner of Kamin real estate Dušan Ranković told Pobjeda, there are almost no more wages for new construction in Budva, there is no announcement of a price reduction, and the price may even rise.

– Now houses are being demolished and buildings are being built, and all this affects the price. We have an offer, but apartments of 30, 40 and 50 square meters, which are most in demand – claims Ranković.

As he added, the average real estate price two kilometers from the city and in the city is 2,000 EUR, in the city it goes up to 3,500, while on the bypass it is 1,900 EUR.

– It is a huge price, but there is no other possibility. And it is not a direct influence of the Ukrainians and Russians, but a consequence of the economic situation in the world. However, even though the prices are high, we are doing well, from Corona to here the best. Most of the people who buy are ours, family Turks, Ukrainians a little, Russians family, and those who have already owned real estate here for a long time. Those who are coming now cannot bring money to Montenegro – said Ranković, adding that the same is true in other cities on the coast.

In the following period, he does not foresee a reduction in prices.

– As it is now, prices will not fall – said Ranković at the end.

Wild sales in expansion

Ranković emphasizes that in Montenegro, people have started to fear real estate trading, because there are more and more unscrupulous sellers.

– It’s unbelievable how many there are. They all deal in real estate. Those who work wildly will not work for a commission of three percent, but much more – said Ranković, who said that this is a huge risk.

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