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

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/

27.09.2022