Labour market trends followed the overall positive growth trend of Montenegro`s economy. MONSTAT data reveal that the average number of employees amounted to 222,659, being 21.90% higher than in the comparative period last year. Contact online >>
Labour market trends followed the overall positive growth trend of Montenegro`s economy. MONSTAT data reveal that the average number of employees amounted to 222,659, being 21.90% higher than in the comparative period last year.
• Enjoying access to a market of around 800 million consumers owing to the free trade agreements with the EU (Stabilization and Association Agreement), CEFTA, EFTA, Russia, Turkey and Ukraine • "The Gateway to the Balkans", thanks to its favorable geographical location at the Adriatic /
• Enjoying access to a market of around 800 million consumers owing to the free trade agreements with the EU (Stabilization and Association Agreement), CEFTA, EFTA, Russia, Turkey and Ukraine • "The Gateway to the Balkans", thanks to its favourable geographical location on the Adriatic/
The market in Podgorica will recover faster, as the rentals will keep steady in the capital city. We need to be aware, that small, open economies relying on tourism are particularly on risk, which might affect the real estate market as well.
Nestled in the heart of the Balkans, Podgorica, the capital of Montenegro, has been quietly transforming. Over the past decade, its real estate market has evolved, reflecting the city''s growing importance as a business hub and a desirable place to live.
Probably the most wanted area in Podgorica, Preko Morače is considered to be the ''new city center''. Being home of many companies, several schools and universities, parks, shops and restaurants, this neighborhood is the favorite location of the upper-middle class (mostly families and business people), both foreign and locals.
The prices in the famous luxury neighborhood dropped and there are some good buys in Gorica C area. Its proximity to downtown and the Gorica natural park, make the area pleasant for family living, but also for someone who is looking for a peaceful and quiet neighborhood close to the city center. The schools are in the vicinity, the playgrounds for kids and connections with the rest of the city are solid.
The new business district - definitely the area to consider if you are buying real estate for investment purposes. City kvart and the area around the Capital Plaza are very popular rental neighborhoods among business people and students. The entire area is dominated by new and modern buildings, usually with their own underground garages, while the retail spaces on the ground floors are filled with restaurants, bars, shops, gyms, etc.
Property prices here are relatively higher - prices per sqm range from €1,450 - €1,750, while monthly rent for one-bedroom and two-bedroom apartments are around €350 and €600 respectively.
The new, more expensive projects are increasing the quality standards, however they still lack implementation of property technology, services of concierge and doorman. Modern luxury living, together with perfect locations, requires these elements as well.
The most wanted property in 2019. is a one-bedroom apartment up to €50.000, preferably in the Preko Morače area. Yet, such an apartment is difficult to find, except for those which require a complete renovation. However, €50.000 is the amount that can still buy you a nice studio or one-bedroom apartment in other locations in Podgorica.
The COVID-19 is changing the world by causing unprecedented health and economic crisis. No country will be spared of the devastating consequences of partial or complete closures of economic activities. The stock markets crashed, many airports remain closed, with tourism probably being the most affected industry.
Montenegro is the last European country to be affected by the virus. This gave to the government more time to introduce strict measures to delay the arrival of the virus, and later its inevitable spread. Consequently, a (non-essential) economic activities have been closed, with severe limitation of movement of people and the introduction of police hour. As we write this document (end of April), in Montenegro the situation seems under control with announcement of slow opening of economic activities for beginning and mid May.
Secondly, the financial institutions in Montenegro were very cautious in giving the loans after the 2008 financial crisis and kept their interest rates high (this in particular for the real estate sector). Now it is the time for them to support the economy and to inject accumulated surpluses. The Central bank of Montenegro already announced its support for this to happen. If the banks come out without major damages, we can expect positive implications for the real estate sector.
Finally, the prices of real estate in Podgorica, in particular in the cheaper segment of the market, were not inflated before COVID-19, where the prices of €1.000 to €1.500, were giving a maximum margin of profit to developers of 10% to 15% (for cheaper apartments), and a maximum of 15% to 25% (for a higher-price segment).
Yet, if the prices go slightly down, with the price of oil dropping significantly, and thus the construction costs as well, with the help of the government recovery plan, the new developments will probably be finished and construction companies will still keep a small margin of profit (or at least they will avoid any major failures). Prices in Podgorica will be much lower than in any other European capitals and this will make it an interesting investment opportunity. The market in Podgorica will recover faster, as the rentals will keep steady in the capital city.
About Podgorica industry and market trends
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