If you looked at Montenegrin property five years ago and waited, you already know the answer: it got more expensive. Official data from MONSTAT, the national statistics office, shows that the average price of a new apartment more than doubled between 2020 and 2025.
A steady climb, year after year
In 2020 a square metre of new-build space cost €951 on average. By 2023 it had passed €1,500, and in 2024 it reached €1,844. MONSTAT’s preliminary figure for 2025 is €2,200 per m².
The climb has not slowed much. In the third quarter of 2025 the national average was €2,228, up 20% on a year earlier. By the second quarter of 2026 it reached €2,395, the nineteenth quarter in a row of year-on-year growth.
The coast leads, but the capital is catching up
Prices differ a lot by region. In the third quarter of 2025, new builds cost €2,458 per m² on the coast, €2,153 in Podgorica and €1,578 in the north.
Asking prices for all apartments on the market are higher still. Listings in the second quarter of 2026 averaged about €4,391 per m² in Tivat, €3,701 in Kotor, €3,309 in Budva and €2,672 in Podgorica. These are asking prices, so final sale prices are usually lower.
What pushed prices up
- Demand from abroad. Buyers from Serbia, Turkey, Russia, Ukraine and Western Europe have been active for years, especially on the coast.
- Building costs. Materials and labour became more expensive after 2021, and developers passed that on.
- Tourism. Strong summer seasons keep rental yields attractive, which supports prices of holiday apartments.
- Limited land. Good coastal plots are scarce, and new luxury resorts raise the price level around them.
What to expect next
Growth has been strongest on the coast and in Podgorica, while Budva has slowed to single-digit growth. Nobody can promise that prices will keep rising at the same pace. Still, steady demand and a small supply of quality new builds suggest that prices are more likely to stay firm than to fall.
Thinking about buying? The Balkan Homes team can show you current offers and explain what a fair price looks like in each town.
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