The main buyers remain foreigners, but their composition has changed significantly. If earlier the market was dominated by citizensRussia and In Ukraine, in the last two years, the leadership has passed to buyers fromSerbia and Turkey. In the 1st quarter of 2026, the most funds in Montenegrin real estate were invested by Serbs (21.8 million euros), Americans (11 million euros) and Turks (10.6 million euros). In just three months, foreigners spent 101.4 million euros on housing. Since the beginning of 2022, the total volume of investments in real estate has exceeded 1.96 billion euros.
Against this background, the overall picture of foreign direct investment (FDI) looks alarming. According to the Central Bank of Montenegro, the net inflow of FDI into the country's economy in the first quarter of 2026 decreased by 40% compared to the same period last year to 75.6 million euros. This happened against the background of a sharp increase in capital outflow.
The total outflow of funds from foreign investors reached 130.9 million euros, which is 46% more than a year earlier (89.5 million euros). Foreigners are actively selling previously purchased assets, withdrawing loans and selling real estate. At the same time, the gross inflow of investments decreased slightly by 2.5%, amounting to 206.5 million euros.The largest volume of investments in the 1st quarter came from Serbia 35.6 million euros, of which almost 22 million were for the purchase of housing. Investors from the USA, Turkey, Germany and Switzerland also made significant investments.
Experts expect real estate prices to remain stable with small fluctuations in the coming months. However, record capital outflows and a drop in net FDI could pose a serious challenge to Montenegro's economy, despite the continued interest of foreigners in buying a home.
Sources:
Vijesti «Obim stranih investicija u prvom kvartalu smanjen za 40 posto»
