Montenegro backs property law change for overseas investors

The Government in Montenegro has backed a draft law which will make it easier for buying foreign propertys to purchase real estate in the country.

Currently, there is a law in place which states that any buyer from overseas must setup a company if they wish to buy real estate for development purposes. However the Montenegrin Government are now backing a removal of this law which will help overseas buyers invest in the country’s real estate.

Foreign property investors already have a fairly large presence in the country, owning over 19,200 hectares of land and 152 million square metres of property (both commercial and residential) in Montenegro alone. In fact, foreign property investors are so prevalent in Montenegro that it is said that every fourth property in Budva and every fifth property in Bar and Tivat is owned by an overseas investor.

Montenegro property prices have soared in the past few years, particularly on the coastal regions. Across the country, prices have rise by around 20% and some lucky property investors have seen their properties increase in value by as much as 100%. Much of the good land around the coast has already been taken and the past performance of the property market probably indicates that the best returns have already been made, however careful research may still be able to turn up a few gems.

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