Montenegro, construction hits record low/ Only 174 projects approved in the first six months of 2025
In the first six months of 2025, building permits and work notifications were issued for only 174 apartments across Montenegro. This number represents the lowest level in the last 20 years.
The Construction Committee of the Chamber of Commerce estimates that the decline was mainly due to new legal regulations introduced in March 2025, and not to the state of the market. The new laws restored the obligation for building permits (replacing simplified notification procedures) and transferred responsibility for smaller projects to local municipalities, which are still in a transition period.
In the first quarter, 30 permits for 117 apartments were approved, while in the second quarter only 10 permits for 57 apartments. For comparison, during the same period in 2021, permits were approved for 324 apartments, while in 2017 for 1,649.
Despite the low number of permits, demand from foreign investors continues to keep real estate prices high, with nearly 230 million euros invested by foreigners during the first half of 2025. Housing loans also increased to 126.5 million euros, from 100.6 million euros in the same period last year.
Average prices for new apartments reached 2,201 euros per square meter in the second quarter of 2025, up from 1,821 euros in 2024 and 1,500 euros in 2023, an increase of almost 50% in two years. Analysts note that prices remain high as foreign demand continues, while most current construction reflects permits that were granted in previous years.
While the volume of construction has contracted, the value of completed works reflects a clear upward trend, highlighting that investment activity continues despite the new regulations.
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