It’s been eight months since the COVID-19 epidemic started in Montenegro and many segments of the economy felt consequences. The real estate market was one of them – going from the complete stagnation at the beginning of summer through sudden change in clients’ needs to property price reductions.
Prices per square meter in Podgorica dropped by 5% in average compared to January 2020. The most significant reduction happened in Momišići, with current average price being €1.150/sqm, even though prices in this area were steadily rising during 2019. Of course, there are always exceptions to the rule – some of the popular buildings kept their prices high and it is actually very hard to find an available unit in these buildings.
Always-in-demand City Kvart is now facing price reductions as well. The average price per square meter went from €1.600 to €1.450, while the buyers’ interest in this neighborhood remained high, especially among investors.
Prices are lower in other locations in Podgorica as well, in average by €100 – €150 per square meter. The only exception is the Krusevac area where the prices remained the same, and some units are even more expensive now.
Monthly rents are also being reduced, especially for large three-bedroom units since the demand for these is very low. Prices of studios and one-bedroom apartment rentals are now lower by €50 in average, while two and three-bedroom units can be rented at prices lower by €100 – €150, or even €200 per month. The rental market offer is now very extensive and it is the perfect moment to ‘grab’ some exceptional units in prime locations for less money.
It remains to be seen how the epidemic and the economic crisis will affect the market in the upcoming period and if we will be facing further price reductions.
For all the information and consultations regarding real estate in Podgorica please contact RE/MAX Capital agents at +382 20 511 211 or visit us in our office in The Capital Plaza.