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Housing in Montenegro
 
 
 

General

Two years after independence in 2006, Montenegro is in a midst of real estate boom. Driven mainly by Russian and British buyers, real estate agents report price increases of more than 20% annually over the past two years.

Foreign investors are drawn to the Adriatic coastal areas, particularly the towns of Sveti Stefan and Budva. Some agents report that prices of coastal properties doubled within a year or two.

There are no restrictions on foreigners buying property, except for land, which can only purchased by foreigners through a company.

Buying a Property

Foreign individuals and legal entities can easily acquire property if the said property is necessary to their business. Foreigners can also easily acquire houses and apartments even if they are not performing business operations. However, it is necessary to register a company if one wishes to purchase land in Montenegro. Ownership can then be transferred to an individual by a simple procedure.

There are two conditions necessary to complete the purchase of a property and confirm ownership. These conditions are: “justus titulus” (legal entitlement to the property), and “modus aquirendi” (the registration of the property with the Area Property Registry).

Once a property has been chosen, a purchase contract is drawn and signed by both parties, or by their authorised representatives. All signatures must be certified by a court in Montenegro. When legal ownership is confirmed, a department within the local council offices determines the value of the property. The buyer then pays the property transfer tax of 3% of the agreed valuation. Once this tax is paid, the purchase contract is confirmed by an official stamp and can now be registered with the local Area Property Registry. The purchase is complete upon payment of the purchase price.

 
 


 



 


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