Montenegro's Residential Property Market Analysis 2025
Montenegro’s residential property prices continue to post double-digit growth, fueled by strong demand and constrained construction activity.
This expanded Global Property Guide analysis offers a thorough look at Montenegro’s housing market, integrating house price trends, demand and supply shifts, construction indicators, and the long-term patterns determining its direction.
Table of Contents
- Housing Market Snapshot
- Demand Highlights
- Supply Highlights
- Rental Market
- Mortgage Market
- Socio-Economic Context
Housing Market Snapshot
In Q3 2025, the nationwide average price of new residential dwellings rose by a huge 20.17% to €2,228 per square meter (sqm) as compared to €1,854 per sqm in the same period last year, according to figures from the Statistical Office of Montenegro. This is comparable to the year-on-year increases of 20.87% in the previous quarter and 21.4% in the prior year. In fact, it is now the nineteenth straight quarter of year-on-year price growth seen in the country.
When adjusted for inflation, new residential prices were still by a huge 14.51% y-o-y in Q3 2025.
Montenegro's house price annual change:
Note: Montenegro National House Price Index: Prices of New Residential Dwellings (sqm. price in EUR)
Data Source: Statistical Office of Montenegro.
Quarterly, the average price of dwellings in the country rose slightly by 1.23% (0.2% inflation-adjusted) in Q3 2025, following q-o-q increases of 1.99% in Q2 and 11.47% in Q1.
The housing market is projected to stay strong throughout the remainder of the year, buoyed by steady buyer interest, foreign investment, and tight housing inventory.
"The majority of agencies (64%) expect prices to remain at the same level in 2025, and half of the agencies (52%) believe that overall demand in the next year will be the same. When asked about the growth of demand from abroad, which has been significant over the last three years and is generally the key factor of the price growth, the agencies in this survey were optimistic, given that 36% of them expect this demand to grow, and 44% expect it to remain unchanged," said the Central Bank of Montenegro in its 2024 Financial Stability Report.
Foreign demand remains robust. In the first eight months of 2025, foreign investments in real estate in Montenegro reached €308.86 million, up by 8.4% from the previous period, according to the Central Bank of Montenegro. This suggests that Montenegro's appeal remains intact, supported by steady tourism recovery, competitive pricing relative to Western Europe, and growing investor confidence in the country's long-term prospects.
Despite the strong demand, residential construction activity remains weak. During 2024, the total number of dwelling permits fell by a huge 32.3% to 1,500 units from a year earlier, following annual growth of 2.8% in 2023 and 232.2% in 2022, according to figures released by the Statistical Office of Montenegro. Likewise, the floor area of dwelling permits issued plummeted by 30.6% y-o-y to 103,028 sqm last year, in stark contrast with the annual growth of 8.6% in the preceding year.
The downturn in construction remains evident this year. In the first three quarters of 2025, the number of dwelling permits plunged by 36.1% y-o-y to 809 units, and the total floor area also declined sharply by 31.5% to 59,985 sqm over the same period.
Montenegro's economic growth eased to 3.2% in 2024, following expansions of 6.3% in 2023, 6.4% in 2022, and 13% in 2021, partly reflecting the normalization of activity in the tourism sector. Despite this slowdown, the economy continued to demonstrate resilience amid external shocks and trade-related pressures. Total tourist arrivals declined slightly by 0.25% year-on-year, reaching 2,606,854 visitors.
Then in the second quarter of 2025, the country registered a real GDP growth rate of 3.5% from a year earlier, following y-o-y expansions of 2.8% in the previous quarter and 2.7% in the prior year. With this, the economy is expected to continue growing modestly in the medium term.
The International Monetary Fund (IMF) projects Montenegro's economic growth to moderate to an average 3.2% annually in the next two years. On the other hand, the European Commission recently released a more conservative outlook, projecting a real GDP growth rate of 3% for Montenegro this year.
Local house price variations
Residential property prices in Montenegro vary considerably, depending on location.
In Podgorica, Montenegro's capital, the average dwelling price rose strongly by 18% to €2,153 per sqm during the year to Q3 2025, an acceleration from the prior year's 7.3% growth, according to the Statistical Office of Montenegro. It is now the nineteenth consecutive quarter of year-on-year price growth. The most expensive housing in the capital city can be found in Podgorica I and Podgorica II, which include the districts of Preko Morace, Block 6, and Gorica.

Quarter-on-quarter, dwelling prices in the capital city were up by an average of 2.1% during the latest quarter.
In other regions:
- In the coastal region, which has one of the most expensive housing markets in the country, dwelling prices averaged €2,458 per sqm in Q3 2025, up by a whopping 23.2% from the previous year and the highest price level recorded in recent history. Quarter-on-quarter, prices were up by 5.4% during the latest quarter.
- In the central region, the average dwelling price increased by 11.3% y-o-y to €1,068 per sqm in Q2 2025. Quarterly, prices were up by 1.7%.
- In the northern region, the average dwelling price surged by 19.9% to €1,578 per sqm in Q3 2025 from the same period last year. Quarterly, prices were up by 2% during the latest quarter.
Demand Highlights:
Montenegro's coastal charm continues to attract foreign buyers
Montenegro's coastal property market is as alluring as ever, though it can fluctuate with the fortunes of Russia's economy - oil price swings often having a noticeable effect. The region is anything but subtle: it exudes glamour, energy, and a sense of luxury that is impossible to ignore.
At the heart of this appeal is Budva, a historic Venetian port city turned vibrant resort town. Known for its golden sandy beaches, rich cultural heritage, and dynamic nightlife, Budva draws over half a million visitors each year. Its real estate market reflects this demand, with property prices in the wider Budva area ranging between €1,500 and €3,000 per square meter - the highest in Montenegro.
Just a short distance away lies the iconic Sveti Stefan, a small, picture-perfect island-village resort that became famous in the 1960s through the 1980s as a playground for international celebrities. Stars like Orson Welles, Elizabeth Taylor, Sophia Loren, Princess Margaret, Carlo Ponti, Ingemar Stenmark, and Kirk Douglas once graced its shores. Today, after a period of decline during the regional conflicts, Sveti Stefan has been reborn with the ultra-luxurious Aman resort, reaffirming its status as a jewel of the Adriatic.
Foreign buyers continue to play a major role in Montenegro's property market, with Russians, Serbians, and British investors leading the way.
"The rugged beauty of Montenegro continues to captivate high-profile visitors, including Michael Douglas, Catherine Zeta-Jones, Madonna, and The Rolling Stones," notes Glenda Lazare of Key Universal, a specialist in overseas property investment. "Montenegro is increasingly being tipped as the next Monte Carlo."
With its mix of natural beauty, historical charm, and high-end lifestyle offerings, Montenegro's coast remains a magnet for both tourists and discerning property investors seeking a Mediterranean escape with a glamorous edge.
Strong tourist inflows
When pandemic-related restrictions were eased, demand for Montenegro's coastal properties started to increase again. During 2022, tourist arrivals in the country rose strongly by 30.7% y-o-y to 2,183,975 visitors, following a huge 276.3% growth in 2021. Tourism was almost nonexistent during the onset of the Covid-19 pandemic, with arrivals plummeting by 83.2% in 2020.
Then in 2023, tourist arrivals rose further by 19.7% y-o-y to 2,613,306 visitors, at par with the pre-pandemic levels seen in 2019. Likewise, overnight stays reached 16.34 million last year, up by a whopping 31.5% from the prior year.
During 2024, the number of tourists who visited Montenegro fell slightly by 0.25% to 2,606,854 people. Foreign visitors, who accounted for about 93.9% of total visits, were almost unchanged from a year earlier, at 2,446,563 people.
The tourism sector is experiencing an upswing again this year. In the first three quarters of 2025, Montenegro welcomed a total of 1,281,300 tourists, up by 4.5% from a year earlier.
In September 2025, foreign visitors were dominated by those coming from Serbia, representing about 12.4% of the total foreign visits, followed by Israel (9.1%), United Kingdom (7.3%), Germany (6.5%), France (5.4%), Poland (4.8%), China, including Hong Kong (4.7%), United States (4.1%), Turkey (3.8%), Russia (3.4%), and Bosnia and Herzegovina (3%).
About 77.8% of tourists stayed at seaside resorts while around 12.3% lodged in the capital city in September 2025. Budva, Podgorica, Herceg Novi, Kotor, and Bar had the most visits during the period.
Montenegro's revenue from international visitors increased by 1.3% year-on-year to €1.33 billion in the first nine months of 2025, according to central bank figures.

There are no restrictions on foreigners buying property, except for land, which can only be purchased by foreigners through a company. After a building is constructed, ownership can be transferred to individuals through a simple procedure.
In 2015, the federal government passed a law allowing foreign homebuyers to obtain a residency permit in Montenegro upon purchase of a property, regardless of its value, according to Ivana Vukicevic of property firm Montenegro Prospects.
Foreign real estate investment remains strong
Foreign investment in Montenegro's real estate market has continued to evolve in recent years, with Serbian buyers now firmly established as the leading foreign investors.
In 2023, foreign investment in Montenegrin property reached about €463 million, slightly higher than the previous year. Serbian nationals accounted for the largest share, investing around €78 million, effectively overtaking Russian buyers who had long dominated the market. Russians still ranked second, purchasing around €56 million worth of real estate that year. Investors from Germany and Turkey followed, each contributing roughly €51 million, while buyers from the United States (€34 million), Ukraine (€15 million), Switzerland (€13 million), and the UAE (€13 million) also remained active.
In 2024, overall foreign real estate investment showed only a slight softening, totaling about €455 million, a modest 1.7% decline from the previous year.
Between January and November 2024 alone, foreign buyers invested around €398 million in property. Despite the small dip, these figures remain well above pre-pandemic levels, underscoring the continued interest of international buyers in Montenegro's coastal and investment markets. Analysts noted that the top investor groups still came from Serbia, Turkey, Germany, Russia, and the United States, with a noticeable reduction in Russian participation and a stronger presence from Turkish investors.
The trend appears to be improving in 2025. Early data indicate renewed momentum, with foreign real estate investment rising by more than 14% in the first half of the year. In fact, in the first eight months of 2025, foreign investments in real estate reached €308.86 million, up by 8.4% from the previous period, according to the Central Bank of Montenegro. This suggests that Montenegro's appeal remains intact, supported by steady tourism recovery, competitive pricing relative to Western Europe, and growing investor confidence in the country's long-term prospects.
Historically, Russia had been the dominant source of foreign homebuyers. Russian nationals reportedly acquired around 100,000 properties between 2005 and 2010, and earlier reports even suggested that they once owned more than 40% of Montenegrin real estate. Russians traditionally favored villas and coastal apartments in areas such as Bar, Herceg Novi, Petrovac, and Budva - towns where sizeable Russian communities had been established. However, their role has diminished sharply over the past decade due to political tensions and the deterioration of bilateral relations.
Montenegro supported EU and US sanctions against Russia following the annexation of Crimea in 2014 and later accused Russia of orchestrating a coup attempt in 2016 aimed at preventing Montenegro's NATO accession. The country officially joined NATO in 2017. Following Montenegro's alignment with EU sanctions after Russia's invasion of Ukraine, Moscow added Montenegro to its list of "enemy states" on March 7, 2022, accelerating the decline in Russian investment.
Despite these shifts, Montenegro's real estate market remains dynamic, increasingly diversified, and supported by a wide mix of European and international buyers. Serbia now leads the pack, but investors from Turkey, Germany, the US, and elsewhere continue to shape the market's future, ensuring that foreign demand remains a major engine of activity in the sector for 2025 and beyond.

Supply Highlights:
Residential construction activity continues to fall
During 2024, the total number of dwelling permits fell by a huge 32.3% to 1,500 units from a year earlier, following annual growth of 2.8% in 2023 and 232.2% in 2022, and annual declines of 50% in 2021, 17.9% in 2020, 32.4% in 2019 and 47.3% in 2018, according to figures released by the Statistical Office of Montenegro.
Likewise, the floor area of dwelling permits issued plummeted by 30.6% y-o-y to 103,028 sqm last year, in stark contrast with the annual growth of 8.6% in the preceding year.
The downturn in residential construction activity remains evident this year. In the first three quarters of 2025, the number of dwelling permits plunged by 36.1% y-o-y to 809 units, and the total floor area also declined sharply by 31.5% to 59,985 sqm over the same period.
Although the third quarter of 2025 shows some notable variations:
- Residential buildings with one dwelling: the number of permits soared by 288.2% from a year earlier to 132 units, and the total floor area was up by 289.5% to 19,992 sqm.
- Residential buildings with two dwellings: the number and total floor area of permits increased by 66.7% to 10 units and by 101.8% to 902 sqm, respectively.
- Residential buildings with three or more dwellings: the number of permits fell by 27.7% y-o-y to 485 units, while floor area declined by 34.6% to 26,851 sqm.
- Additions (extension): the number of permits plummeted by 20% y-o-y to only 8 units, and floor area dropped 30.8% to 747 sqm.

Podgorica sees surge in residential developments
In recent years, Podgorica's residential property market has seen a clear acceleration, with multiple new developments reshaping the city's housing supply and urban landscape. Among the biggest is the City Quarter project in the area near the Delta City shopping center, a large mixed‑use complex of about 20 buildings, delivering nearly 1,250 housing units to the market.
Other residential developments include the New City Quarter (with 12 new residential buildings); Ljubovic (developed by GradnjaPromet consisting of around 170 apartments); two new residential developments at the Old Airport; a mixed-use development in Block X (developed by Normal Company consisting of 142 residential units); and a 420-unit residential building in Block VII, also developed by Normal Company.
Beyond that, a wave of new projects is underway or newly approved across a variety of neighborhoods. In 2025, the city launched the City Apartment initiative in the former Old Airport or Stari Aerodrom area. This development is planned to deliver 220 apartments once completed by end‑2028, as part of a renewed effort to provide more housing and make use of urban‑plan parcels in that part of Podgorica.
In the neighborhood of Zabjelo, a new residential complex with 24 apartments (two low‑rise buildings) has been approved in mid‑2025, with generous parking, green zones, and recreational areas.
Also, there is a larger mixed residential-commercial development by Nivel - a complex planned to include 227 apartments across several floors plus 27 commercial spaces on the ground floor, set on roughly 8,600 sqm of land.
In addition to new builds, the market shows signs of diversification in housing supply, ranging from large apartment blocks to mixed‑use buildings with commercial and retail space, meeting the needs of different demographic groups.
Accordingly, Podgorica now hosts more than 30 active residential developments, and in 2024 alone, the city reportedly added around 2,500 new residential units - the highest construction rate seen in recent decades.
Coastal areas lead the growth
But what attracts foreign investors is actually the coast. Coastal areas, particularly Kotor, Tivat, Budva, Herceg Novi, and Bar, have seen significant developments in recent years, especially before the pandemic, with numerous apartment buildings and several large-scale projects, according to CBRE Montenegro.
Residential properties in coastal cities cost an average of €2,458 per sqm in Q3 2025, up by a spectacular 23.2% from the same period last year, according to figures from the Statistical Office of Montenegro. But in popular resorts, real estate prices can go even higher.
- In Budva Riviera, residential properties are sold for €1,700 to €3,500 per sqm for flats, €3,500 to €6,000 per sqm for luxury apartments, and €3,000 to €10,000 per sqm for houses, cottages, and villas.
- In Bar Riviera, prices range from €1,400 to €3,000 per sqm for flats and luxury apartments, €1,200 to €3,000 per sqm for houses and cottages, and €2,000 to €3,500 per sqm for villas.
- In the Bay of Kotor, prices range from €2,000 to €3,500 per sqm for flats, €3,500 to €8,000 per sqm for luxury apartments, and €2,500 to €3,000 per sqm for houses and cottages, and €4,000 to €7,000 per sqm for villas.
They are very attractive to tourists because of their beautiful sandy beaches and nightlife, so there are a lot of new large-scale developments, such as:
- Porto Montenegro is a large-scale development in the coastal town of Tivat, in the Bay of Kotor.
- Portonovi is a new luxury resort in Kumbor being developed by Azmont.
- Dukley Gardens, a high-end project in the Zavala peninsula, recently officially opened.
- DOMXXI is another high-end residential development in Budva, near Budva Old Town.
- Bečići is one of the most popular coastal tourist resorts in Budva. This tourist complex is currently undergoing major developments.
- Boka Bay, high-end residential units are under construction - a luxury tourist destination, with extensive high-end amenities.
- Luštica Bay is a large-scale complex in the northwestern Traste Bay in Tivat.
Rental Market:
Growing rental market with steady, attractive rental yields
Residential rents continue to increase, buoyed by robust demand. Currently, one-bedroom apartments in Montenegro rent for about €450 to €1,000 per month, and €700 to €1,100 for two-bedroom apartments.
Montenegro's rent price index:
Note: Montenegro Rent Price Index, % change 1 yr
Data Source: Monstat.
Rents can go higher in Podgorica and other coastal cities, particularly Budva:
- In Podgorica, the average rent is currently €570 per month.
- In the Bay of Kotor, the average monthly rent is €880.
- In Tivat, rental rates are even higher at about €1,025 per month.
- In Budva, residential properties are rented out for an average of €1,370 per month.
Gross rental yields in Montenegro are moderately good, with an average of 5.62% in Q2 2025, from 5.61% in Q3 2024 and 5.95% in Q3 2023, according to a recent research conducted by the Global Property Guide.
By major areas:
- In Podgorica, the capital and largest city of Montenegro, apartments offer rental yields ranging from 6.06% to 6.90%, with a city average of 6.39% in Q2 2025.
- In Tivat, a modern tourist city with a Mediterranean climate located in the Bay of Kotor, gross rental yields range from 4.44% to 4.81%, with an average of 4.64%.
- In Budva, a town situated in Budva Riviera, is known for its sandy beaches and nightlife. rental yields range from 5.40% to 6.75%, with an average of 5.85%.
Mortgage Market:
Mortgage loans for foreigners
It is not easy for a foreigner to get a mortgage in Montenegro, though it is possible. Non-residents can get mortgages from a limited number of banks with a loan-to-value (LTV) ratio of 50% of the value of the real property, with maximum terms of up to 25 years, according to Dream Estates Montenegro.
However, mortgage lending does not apply to all types of real estate, but only to newly-built houses from large developers. However, there are exceptions if the property is located in a developer complex accredited by the bank.
Banks that offer mortgage loans to foreigners include Erste Bank, Hypo Alpe Adria, Societe Generale, Lovćen Bank, First Bank, NLB Banka, and Crnogorska Komercijalna Banka.
| HOUSING LOANS FOR FOREIGNERS | ||||
| Erste Bank Montenegro | Lovćen Bank | First Bank | Crnogorska Komercijalna Banka | |
| Loan amount | €10,000 - €400,000 | €10,000 - €200,000 | €5,000 - €100,000 | €50,000 - €300,000 |
| Payment period | Up to 20 years | Up to 10 years | Up to 25 years | Up to 25 years |
| Nominal interest rate | From 3.99%+6M Euribor | From 4.95% | 7.99% to 11.49% | 5.5% to 7% |
| Loan processing fees | Up to 1% | Up to 1.25% | 1.5% to 2% | Up to 1% |
| Payment method | Monthly | Monthly | Monthly | Monthly |
| Source: Savills Dream Estates Montenegro | ||||
Mortgage interest rates are gradually declining
Montenegro's mortgage loan interest rates:
Note: Weighted average lending interest rates of banks for housing purchase and adaptation
Data Source: Central Bank of Montenegro.
In October 2025, the average interest rate for new housing loans drawn from banks stood at 4.63%, down from 5.10% in the previous year and from 5.61% two years ago, according to figures from the Central Bank of Montenegro. By maturity:
- Up to 1 year: 5.49%, still up from 5.10% in July 2024 but far lower than the 11.09% recorded in August 2023.
- Over 1 year: 4.62%, down from 5.10% in the same period last year and from 5.61% two years earlier.
For outstanding housing loans, the average interest rate was 4.90% in October 2025, down from 5.06% in the previous year and from 4.99% two years ago. Over the same period:
- Up to 1 year: 5.49%, still up from 5.11% in October 2024 but already down from 6.25% in October 2023.
- Over 1 year: 4.90%, down from 5.06% in the prior year and from 4.99% two years earlier.

Socio-Economic Context:
Montenegro's tourism-reliant economy
The economy's major growth driver is tourism. From 2013 to 2019, Montenegro's economy expanded by about 3.6% every year, thanks to booming tourism, also helped by infrastructure projects such as the construction of the Bar-Boljare highway. Over the same period, tourist arrivals increased by an annual average of 9.2%.
However, in 2020, tourism ground to a halt due to the Covid-19 pandemic. Tourist arrivals plunged by 83.2% y-o-y to just 444,065 people in 2020, from more than 2.6 million arrivals in 2019, according to the Statistical Office of Montenegro. In collective accommodation (camping sites, tourist resorts, vacation facilities, boarding houses, motels, etc.), tourist arrivals fell sharply by more than 79% y-o-y to 268,878 people in 2020.
As a result, the overall economy contracted by a huge 15.3% in 2020, its worst performance in recent history.
During 2021, Montenegro's economy bounced back strongly, registering real GDP growth of 13% - the highest rate among the six Western Balkan nations. The strong growth was driven primarily by strong private consumption and the gradual recovery in the tourism sector amidst the easing of pandemic-related restrictions. Tourist arrivals almost quadrupled in 2021 from a year earlier to 1,553,558 people - but still far below its pre-pandemic levels. Then in 2022, tourist arrivals rose strongly by 30.7% y-o-y to 2,183,975 visitors. As a result, the economy grew further by 6.4%.
The country registered another robust economic growth of 6.3% in 2023 from a year earlier, amidst the continued recovery in tourism. Tourist arrivals surged by nearly 20% y-o-y to 2,613,306 visitors during the said year.
Montenegro's economic growth eased to 3.2% in 2024, partly reflecting the normalization of activity in the tourism sector. Despite this slowdown, the economy continued to demonstrate resilience amid external shocks and trade-related pressures. Total tourist arrivals declined slightly by 0.25% year-on-year, reaching 2,606,854 visitors.

Then in the second quarter of 2025, the country registered a real GDP growth rate of 3.5% from a year earlier, following y-o-y expansions of 2.8% in the previous quarter and 2.7% in the prior year. With this, the economy is expected to continue growing modestly in the medium term.
The International Monetary Fund (IMF) projects Montenegro's economic growth to moderate to an average 3.2% annually in the next two years. On the other hand, the European Commission recently released a more conservative outlook, projecting a real GDP growth rate of 3% for Montenegro this year.
"Economic growth is likely to remain stable in 2025-27, hovering around 3%. The implementation of the Europe Now 2.0 programme, which included cutting pension contributions, increasing the minimum wage, and accelerating infrastructure investment, is set to drive private consumption and investment in 2025," said the European Commission.
The country's inflation rate was 4.8% in October 2025, slightly down from 4.9% in the previous month and far lower than the 1.2% in the same period last year, according to figures from the Statistical Office of Montenegro.
Nationwide inflation averaged just 1.5% annually from January 2010 to December 2021 before surging to a record 17.5% in November 2022. Inflation remained high at an average of 8.6% in 2023 before easing to just 3.3% last year.
The labor market remains tight. In September 2025, the nationwide unemployment rate was 9.03%, sharply down from 11.06% in the previous year, according to the Employment Agency of Montenegro. It is now the second-lowest level recorded in recent years. In fact, it was also far lower than the average jobless rate of about 18.5% annually from 2005 to 2024.
The country registered a fiscal deficit equivalent to approximately 3.2% of GDP in 2024, in contrast to a 0.2% surplus in the preceding year.
As a result, the government's gross debt widened to about 63.65% of GDP in 2024, up from 60.3% of GDP in 2023. Yet it remains below the 70.8% of GDP in 2022, 83.3% in 2021, 103.3% in 2020, and 74.9% in 2019.
"Public debt is projected to increase gradually, driven by persistent budget deficits," said the European Commission. "In March, Montenegro issued a record volume of EUR 850 million Eurobond, amounting to around 10.7% of projected GDP. The balance of risks to the fiscal outlook remains tilted to the downside due to the reliance on consumption taxes and high mandatory spending."

Sources:
- Prices of dwellings in new residential buildings (Statistical Office of Montenegro): https://www.monstat.org/
- Property prices in Montenegro in 2025 (Tranio): https://tranio.com/
- Financial Stability Report 2024 (Central Bank of Montenegro): https://cbcg.me/
- Foreign Investment in Montenegrin Real Estate - What Do the Numbers Say? (Re Nekretnina): https://www.renekretnina.me/
- Foreign investments in real estate in Montenegro jumped to 463 million euros (Peters Group Real Estate): https://peters-estate.com/
- Russian Interest in Montenegrin Real Estate Spikes Despite Sanctions (Balkan Insight): https://balkaninsight.com/
- Russia Adds Montenegro, Albania, and North Macedonia to 'Enemy' List (Balkan Insight): https://balkaninsight.com/
- City Quarter (Celebic): https://celebic.com/
- Podgorica to build 220 apartments by 2028 under "City Apartment" housing project (Montenegro Business): https://montenegrobusiness.eu/
- Gross rental yields in Montenegro: Podgorica and 2 other cities (Global Property Guide): https://www.globalpropertyguide.com/
- Building permits and notification of building work (Statistical Office of Montenegro): https://monstat.org/
- Arrivals and overnight stays (Statistical Office of Montenegro): https://monstat.org/
- Tourist arrivals and overnight stays in individual accommodation (Statistical Office of Montenegro): https://www.monstat.org/
- Montenegro's Jan-Sept foreign tourist revenue up 1.3% y/y - report (See News): https://seenews.com/
- Montenegro welcomes 4.5% more tourists in Jan-Sept (See News): https://seenews.com/
- 2.6 million tourists visited Montenegro in 2024 (Tragento): https://tragento.com/
- Bilten Centralne banke Crne Gore 10/2025 (Central Bank of Montenegro): https://www.cbcg.me/
- Mortgage in Montenegro in 2025: how to get a real estate loan (Poradnuk): https://poradnuk.com.ua/
- IMF Executive Board Concludes 2025 Article IV Consultation with Montenegro (International Monetary Fund): https://www.imf.org/
- Montenegro (International Monetary Fund): https://www.imf.org/
- European Economic Forecast Autumn 2025 (European Commission): https://economy-finance.ec.europa.eu/
- Consumer prices index CPI (Statistical Office of Montenegro): https://www.monstat.org/
- Montenegro Unemployment Rate (Trading Economics): https://tradingeconomics.com/