A Positive Outlook for the Future as Montenegro’s GDP increases

27.09.2022

Montenegro, over the past few years has risen significantly and (as we keep reporting) is now regularly featured as one of the top ten places to visit, especially Kotor which dates back thousands of years and is a UNESCO World Heritage site, which attracts millions of tourists per year, many of which arrive by Sea.

Tourism, Foreign Investment and Real Estate figures have risen steadily, and as a result Montenegro’s GDP continues to improve, with a significant rise of 13% in 2021. It’s even better when you consider that Montenegro struggled heavily during Covid with a 15.5% fall in 2020, due to a huge drop in Tourism, as borders were shut and air traffic suspended.

In terms of nominal figures the country’s GDP totalled 4.955 billion Euro’s in 2021, up from 4.1 billion in 2020. Exports totalled just over 2.1 billion and imports totalled just over 3 billion. A rise in GDP has meant that salaries have also increased and though the average wage is still lower compared to many other countries in Europe, the rise has contributed to an increase of living conditions and further domestic investment.

In terms of Real Estate there’s probably three key reasons as to why Property in Montenegro continues to have a strong outlook. The first is due to a very favourable tax policy and Montenegro’s use of the Euro as it’s main currency. The second is due to its focus on building relationships with foreign counterparts and continued investment in National Infrastructure, and the third is massive improvements within Tourism itself which not only accounts for around 20% of the country’s GDP but also grew steadily each year between 2011 and 2019 by around 9% annually.

It's worth noting that even though Property Prices in Montenegro have also risen they are still considerably cheaper than other popular areas such as Spain & Portugal + the favourable tax policy & the citizenship by Investment scheme, continue to make it highly attractive for both Investors and Holiday Home Buyers. In 2021 for example, there was a price rise of around 15% which grew to around 20% in the Coastal areas such as Budva & Bar. Right now, waterfront properties in Budva for example sell for around €2,300 to €5,850 per square meter whereas in Tivat it’s between €1500 to €2,700 per square meter.

If you have any questions about Buying Property in Montenegro as a Foreigner, you can check out CMM Montenegro’s FAQ page here: https://www.cmm-montenegro.co.uk/faq/ and of course they are always around if you wish to contact them directly.

For Property for Sale in Budva click here: https://www.cmm-montenegro.co.uk/sale/budva/

For Property for Sale in Kotor click here: https://www.cmm-montenegro.co.uk/sale/kotor/

For Property for Sale in Tivat click here: https://www.cmm-montenegro.co.uk/sale/tivat/

For Property for Sale in Bar click here: https://www.cmm-montenegro.co.uk/sale/bar/

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Reviews

• In period May-August 2022 we sold our flats in St-Petersburg Russia and  have bought two  ones here in Montenegro, Becici. We decided to move here and make new home and business with my husband. Our agent Milica Zugic  is really became our angel - provider here in Montenegro. She is very reliable, responsible , professional  employee of CMM Budva department. She has developed intuition and found very fast necessary properties which we needed. Also she helped us to speed up the process of registration documents in MUP.( list nepokretnosti, etc). She was our real provider here. Very appreciated her and all staff of Budva department for there assistance. Separately to lawyer Ivan and his legal team. Very recommended choose Milica Zugic as real estate manager when you search for assistant in this complicated and important field as buying property in Montenegro.

  Liudmila Nosova St-Petersburg Russia , 13.09.2022 09:20:09

• At the beginning of April 2022, our family living in Prague bought a house in Sutomore with the assistance of your company.
  Let me express my gratitude to the management of your company for the service provided, and especially to your employees - Anastasia Zeyak, Alexei Grachev and Elena Bozhovich for their attention, patience and even care for the whole time of buying real estate and the services provided after the purchase.
  I would really like all companies to work with the same quality of service. After coming into contact with this kind of attitude towards the client, all our environment, if necessary, will refer to your company only.
  With gratitude on behalf of our family.

  A.V. Ter-Gazaryan, 12.07.2022 10:32:19

• Based on my experience with CMM in Budva, Montenegro, I can say that they are reliable, fast, and they deliver what they promise. They take really good care of their clients. For instance, I was offered a lift from the airport, and they would take me back and forth from Tivat to Budva and Becici to see various properties. They would answer all of my questions and respond promptly. They have an excellent team: Katarina, Alexander, Natasha, Martin and some other guys whose names I don’t remember. Katarina, my wonderful agent, went to every length to help me find a perfect home. Unfortunately, my situation changed and I had to postpone my relocation to Montenegro.
  I would strongly recommend this company to anyone who is looking for a property in Montenegro.
  

  Val , 13.05.2022 02:18:13

• We were introduced to CMM by friends who had already done research on Montenegro and CMM. We purchased our apartment in Dobrota, just outside Kotor, all remotely from South Africa, during the lockdown. Everything was seamless without any problems at all. All the CMM departments work together well from the sales team, head office, legal, interior design and rental department. Every detail was well communicated with an abundance of zoom meetings, videos, emails etc
  We are thrilled with the outcome and enjoyed working with the CMM team. They were incredibly professional.
  After sales service is also excellent as we move into the rental phase of the apartment and over all management of the apartment including maintenance.
  We have been directly and indirectly involved with many houses/apartments all over the world and this was the up there with the best service we have received.
  Thanks to everyone we dealt with at CMM it has been an absolute pleasure dealing with you all. We look forward too many happy years working with you on our rental.
  

  Mandy and Antoine, 06.10.2021 08:56:22

• Biz Montenegroda CMM komandayla  tanish olmushug. Snejana ve Milan bize cox  yaxshi destek olublar. Artig bizim burada evimiz de var. Bize gosterdiler cox yuksek service, ve artig butun bizim senedler de gaydasindadir. Boyuk hormetle onlara Cox sagol bildiririk!

  Dilara, 01.10.2019 06:17:27

• Last year we decided to find a new home close to the sea. It was quite difficult in the beginning to make the right choice. Once we found CMM Company was a great luck! We immediately received detailed consultation on the country and purchase opportunities. Being attracted by Kotor - one of the most amazing parts of the coast, we decided to take a family trip and maybe make our dream of new home come true. As just discoverers of Montenegro, we were accepted like at home which was a one more pleasant surprise. The most important, we received all detailed information about country regions and procedure of buying property during the first few days. And how beautiful the car journeys were! Difficult choice, but when you find the home you want you can't refuse it. CMM did best to help us with this finding! All the purchase procedure passed well with CMM professional work! Now we are happy owners of a wonderful house with a Kotor bay view, being perfectly served by CMM Management company (of course, we've chosen CMM as professional house manager). Hope our friends and relatives would also move to Montenegro with the CMM help soon !!!

  Kate, 22.03.2019 11:06:21