Why is it worth buying property in Montenegro?
- The real estate market in Montenegro, a small country with a population of 647.1 thousand people, is demonstrating stable development.
- Montenegro is a resort and tourist country with a high level of ecology and a warm climate. The country has both sea and mountains.
- This is a state with a European future, a candidate for EU membership, and a developing economy.
- Here are some of the most affordable prices for residential and commercial real estate in Europe.
- On the primary real estate market in the country, conditions are favorable for buyers: there is no need to pay taxes when buying primary housing, apartments from the developer are rented renovated and with the necessary equipment. The country has introduced enhanced control over the quality of construction.
- Having bought an apartment in Montenegro for a summer holiday, you can rent it out the rest of the time. True, profit on income from the delivery of an object is taxed within 9%.
How much can you buy an apartment in Montenegro
Property prices in Montenegro differ based on the following factors:
1. Distance to the sea, panorama from the window
The closer to the sea coast, the higher the housing prices. You can buy a small two-room apartment in Montenegro on the seashore for 100 thousand euros.
2. The property belongs to historical value
In areas of Montenegro where real estate is protected as historically significant, a 1-room apartment will cost approximately 180 thousand euros.
3. Type of property
Apartments in Montenegro are cheaper than villas. A 4-room apartment in this country will cost from 150 thousand euros. A villa in Montenegro, and their area here generally starts from 300 m2 , will cost four times more.
Among the budget offers in Montenegro are a studio apartment from 45 thousand euros in the Budva Riviera, from 35 thousand euros in Rafailovici or Petrovac.
Luxury real estate in Montenegro costs from 5 thousand euros per m2 per 1 m2 .
How does the purchase and sale of real estate take place in Montenegro?
Registration of the purchase of real estate in Montenegro is a standard and transparent procedure. For citizens of other countries, it is no different, almost the same as in Ukraine.
1. Selecting an object and making a deposit
You can choose real estate in Montenegro in the most attractive locations such as Budva, Kotor, Bar, Tivat, Becici. Primary housing in the country is more expensive. This was facilitated by a 5-year ban on development of the Budva Riviera and increased demand for new real estate.
Luxury real estate in Montenegro consists mainly of villas on the Adriatic Sea.
In addition to the buyer and seller, the notary of the county in which the property is located takes part in the process of buying and selling a property. The conclusion of the transaction begins with the signing of a preliminary agreement and making a deposit ( 10−15% of the established cost of the object).
2. Signing the main agreement
To sign the main purchase and sale transaction of an object, a buyer from another country will need a foreign passport, and the seller will need a document proving his identity and ownership of the object.
The buyer can pay in cash or by electronic money transfer.
3. Registration of property rights and payment of taxes
Having completed a transaction for the purchase and sale of real estate in Montenegro on the secondary market, an appraiser is involved in the process. Using government standards, he determines the value of the property. Based on the appraiser’s conclusion, the buyer pays a tax of 3% of the property price. When purchasing an apartment from a developer, there are no such tax obligations.
To register ownership of an object, the buyer will need an individual tax number. You also need to visit the city administration, where you will write an application to register real estate in his name.
The process of registering ownership of an object takes approximately 3 months.