Montenegro is a beautiful country located in South-eastern Europe and is one of the Balkans states. While the country gained independence in 2006, it is a prospering nation with an economy that is doing quite well. Not just the economy, the nation is ranked 48 on the HDI (Human Development Index), showing that it is a safe place to reside, work, and also a place for making some smart investment in properties.
What is about Montenegro that makes it an ideal place for property investments?
The flawless natural beauty of the place is incomparable. Mountainous terrain, Black Lake, LakeBiograd, The Koplje in the Accursed Mountain range, many national parks, forests, and home to many biodiverse species have something extraordinary about the place.
But, is it just the natural beauty of the landscape that motivates property buyers to invest and buy residential and commercial properties in Montenegro. Certainly not! There are many other reasons why the country attracts tourists and serious buyers, some settle down in Montenegro, and some put their property on lease.
Property in Montenegro
Here are some of the top reasons to buy property on sale in Montenegro:
- The opportunity to get a temporary residence permit in Montenegro is a huge attraction for habitual investors and property buyers. The property, however, should be a condo, a house, hotel, restaurant, or apartment.
- Buyers enjoy a flat 9% capital gains and corporate tax on every purchase in real estate in Montenegro. It is one of the lowest in the region.
- Another surprising and yet effective reason to buy a property sale in Montenegro is the rents on leased properties. In the Balkan region, the country is one of the top places for higher rental yield, typically between four percent and eight percent.
- Not just the rent, when it is time to sell the property, then too, owners stand to gain substantially. The reason being NATO (North Atlantic Treaty Organization) membership. The membership has seen many foreigners show interest in the real estate market here. Hence, later when you wish to sell off, you can look at getting some attractive offers.
- The tourism sector is doing extremely well here, with 20% of the GDP coming from this sector. The VAT in the sector at 7% is way lower than the overall VAT at 21%.
- The property prices are way lower than the neighboring countries with similar topographic views and landforms. For example, compared to Croatia, the property prices in Montenegro is quite lower. A similar property in Croatia will cost about 3,340 Euros, while in Montenegro, it will cost about 2,250 Euros.
Types of property that you can buy in Montenegro:
- Villas – could have stone walls, walled gardens, are bigger and mostly located in the city center.
- Townhouses – are located outside the main center in the city, built recently and almost about 2,000 sq ft in size.
- Apartments – located in multi-story buildings, you find a lot of them along the coast. Expect shared pools, ocean view apartments, and an easy-to-reach beach.
- Old house or ruins – you would need to invest in renovating; keep that in mind.
- Land plots – as a foreigner, you can buy land here but through a registered company in Montenegro.
Which areas should you look for when buying property on sale in Montenegro?
- Podgorica, the country’s capital, is one of the right places to invest or start your investment journey.
- The beach along the coast is also a popular tourist spot. Look at the Bay of Kotor, Budva, the strips along Ulcinj and Bar.
- Niksic is the nation’s second-biggest city.
- The countryside and small towns are located inside the country.
It is always advisable to speak to a professional agent accredited by the Association of International Property Professionals) for the right advice.
Property in Cyprus
If you are keen and willing to buy property in Cyprus, an island nation located in the Mediterranean Sea, you must speak with an international real estate agent for the best advice. Like Montenegro, it is a very suitable place to invest in property because of the availability of space, plenty of sunshine, a laid-back pace of life, growing tourism, entertainment and skiing opportunities, and a lot more.