Report on Apartment Prices in Podgorica for the Fourth Quarter of 2023
Apartment Prices in Podgorica:
The average price of an apartment in Podgorica in the fourth quarter of 2023 was €1,450 per square meter. This represents an increase of 3.5% compared to the third quarter of 2023 and 10% compared to the same period last year. The most expensive apartments are located in the municipality of Stari Grad, where the average price is €1,700 per square meter. Following are Centar (€1,600/m2) and Zabjelo (€1,500/m2). The cheapest apartments are in Golubovci (€1,200/m2) and Tušima (€1,150/m2).
Real Estate Market Trends:
The real estate market in Podgorica is experiencing expansion. There is increased demand for apartments while the supply is limited. This is partially driven by the situation with Ukrainian and Russian refugees seeking temporary accommodation, making life more challenging for domestic tenants. It is expected that apartment prices will continue to rise in 2024. Factors contributing to price growth include:
Increased tourism activity Economic growth in Montenegro Increased demand from foreign buyers, including an influx of Russian refugees following the escalation of the war in Ukraine.
Structure of Sold Apartments:
According to available data, the structure of sold apartments in the fourth quarter of 2023 was as follows:
One-bedroom apartments: They comprise the largest percentage of sales, around 40%. This can be attributed to their lower price and suitability for individuals or small families. Two-bedroom apartments: Following with approximately 35% of sales. They represent a good option for small families or couples. Three-bedroom and larger apartments: Make up the remaining 25% of sales. These apartments are sought after mainly by larger families or those seeking more space.
Investment Opportunities:
Podgorica is a good destination for real estate investment. Apartment prices are expected to continue rising in the future. It is best to invest in newly built apartments in attractive locations. Potential buyers include:
Individuals looking to buy a home for their own living Investors interested in renting out apartments Foreigners looking to buy a vacation home, including those from Russia seeking refugee accommodation
Tips for Buyers:
Before buying an apartment in Podgorica, research the market and compare prices. Find a reliable real estate agency to assist you in the purchasing process. Only sign a sales contract if you are certain about all the terms. Make sure to inquire about all costs associated with buying an apartment.
For any inquiries, feel free to contact us for the best advice.
Email: info@piscorealestate.com
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