The price of residential property in Bijelo Polje has been steadily increasing in recent years, driven by high demand and stagnation in the local construction sector, where new buildings are rarely under construction.
According to Dijana and Radovan Rahović, owners of the only real estate agency in Bijelo Polje, in 2021, the price per square meter was around €850, but today it ranges from €1,000 to €1,500.
As the owners of the sole real estate agency in the town, the Rahovićs have a solid understanding of the market, not just in Bijelo Polje, but in this region of Montenegro as a whole.
Dijana Rahović noted that while their real estate business began many years ago, they officially registered their agency eleven years ago. In addition to working in Bijelo Polje and throughout Montenegro, they are also active in former Yugoslav republics.
“Regarding this year, I would assess the supply of real estate as weak. Property sales have been lower this year. In Bijelo Polje, the main reason for this is that there is very little new construction. The exception is a few buildings that have recently been completed or are nearing completion. There are no apartments available, and if there were, they would sell out quickly,” said Rahović.
The average price per square meter for apartments in Bijelo Polje is around €1,300. Rahović pointed out an example of a building in the Ribnik neighborhood, where the price per square meter was €850 when construction began in 2021, and the most recent units sold for €1,350 per square meter.
She emphasized that the problem — not just in Bijelo Polje, but in the region — is that there is no true market price for many types of property.
“When it comes to houses, they are selling very slowly and the price is much lower compared to apartments, ranging from €700 to €800 per square meter. Land sales are also minimal. On rural properties, very few people are selling, and those who do can’t find buyers because the prices are too high. Agricultural land is priced between €0.80 to €2-3 per square meter,” Rahović explained.
Land prices are not insignificant, with the highest prices found in the Rasovo area, where land is sold for €6,000 to €7,000 per “ar” (100 m²). In Strojtanica and Njegnjevo, land is priced between €3,000 and €4,000, with similar prices in Nedakusi. In Bistrica, land is listed at €1,800 to €2,000, and slightly lower in Pripčići.
When it comes to the Bjelasica mountain, despite previous plans to develop the Cmiljača ski resort, the market remains stagnant.
“A few years ago, when the ski resort project was more active, a significant number of land plots were sold. Currently, the price of land on Bjelasica ranges from €500 to €1,500 per square meter,” Rahović noted.
As of now, foreign buyers have shown little interest in purchasing property in the Bijelo Polje area.
However, the high demand for real estate in the town is reflected in the fact that the price per square meter in a recently completed building in the city center has reached, according to sources, as much as €2,000 per square meter.
