The Impact of the COVID-19 Pandemic on the Property Market in Montenegro
Survey by Montenegro Prospects
- The majority of our clients believe it will take from 12 to 24 months for the market to recover.
- The sellers expect property prices to drop by up to 10%
- The buyers expect prices to drop between 20% to 30%
- Expectations of the rental prices vary a lot: 30% of our clients think they will stay the same, 30% think they will drop from 20% - 30%, while 20% think that the rentals will go down between 30% and 50%
- Properties with outside space, gardens and courtyards will be much more in demand.
- There will be less demand for properties in the middle price range, but high-end, premium properties and inexpensive properties will continue to sell.
- Countries with a developed health system will be more interesting for investors.
- More buyers will be looking to buy properties locally, rather than overseas.
- Less densely populated areas will be of interest.
- Buyers will want more indoors space and larger plots.
- Rental potential and property management will become even more important.
- Smaller and flexible markets like Montenegro will continue to be of interest for the foreign investors
- Montenegro’s successful management of the COVID-19 pandemic will positively affect the image of the country.