In the first half of 2026, permits for the construction of 2,172 apartments were issued in Montenegro, which was the highest figure for this period over the past 15 years. This volume is almost equal to the total of last year, when 2,283 apartments were approved. The record activity of developers is taking place against the background of the historical maximum of housing prices: in the second quarter, the average cost per square meter in new buildings reached 2,557 euros.
The main driver of the boom remains high demand, primarily from foreign buyers. According to the Central Bank, non-residents invested 237 million euros in Montenegrin real estate over the past six months, which is twice the amount of housing loans issued over the same period (124 million euros). The leaders among foreign buyers were citizens of Turkey (27 million euros), Cyprus (13.3 million euros), the United Arab Emirates (12.1 million euros) and China (11.9 million euros).
Experts attribute the increase in activity from abroad to the new Law on Foreigners, which tightened investment requirements for obtaining a residence permit, as well as expectations of Montenegro's imminent accession to the EU, which is expected to raise prices even further. At the same time, the number of local buyers who have gained access to mortgages due to increased salaries is also growing.
Analysts note that the current construction boom could break the record of 2017 (4,439 apartments) if the dynamics of last year, when 2,109 permits were issued, continue in the second half of the year. However, unlike in 2017, the current growth is not fueled by the economic citizenship program, which makes it more market-based.
Source: Vijesti
