Property buying guide for Montenegro
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Property maintenance costs in Montenegro

Real estate maintenance costs in Montenegro are rather low for Europe. For example, the owner of a two-bedroom apartment in a modern residential complex who lives there from May to October would only pay about €1,500 per year to maintain the property.

Apartment 10–20
House 15–25
Prime
property
25–30

Taxes

Taxes in Montenegro are lower than in Western Europe: property tax ranges from 0.1% to 1.0% of the property cadastral value depending on the property type, location, quality and age. Buyers can expect to pay 9% for capital gains tax and income tax from rental property respectively and 3% for estate tax. However, there is no estate tax if property is bequeathed to children, parents or a spouse.

Utility bills

Utility bills for an 85 sq. m. apartment in Montenegro are about €110/month on average. A homeowner pays about €220 in Budva and less than €90 in Herceg Novi.

Budva 220
Herceg Novi 86
Kotor 110
Perast 297

Electricity charges range from €30 to €100 per month (€0.11–0.15/kW•h) and water costs €20–50 (€0.4–0.9/m³) which is paid according to the meter reading. The waste removal fee is €5–12 per month and €10–20 for television. Owners with property in shared residential complexes are charged €1–2/sq. m. per month for maintenance of the communal areas, cleaning, concierge and security services.

While there is no gas grid supplying the coastline, it is common to use gas bottles or tanks for stoves and heating; this also brings down electricity costs. A stove costs €20–350 and a gas bottle sells for €60 and lasts for 2.5–4 months.

Insurance

Home insurance is not mandatory in Montenegro unless there is a mortgage on the property. It costs €30–70 per year depending on the property type and size.

Management company fee

Management companies charge about €1.5/sq. m. per month to maintain an apartment in a residential complex.

Repairs

Turn-key renovations cost €400–700/sq. m. depending on the materials. Construction work such as extensions, adding extra floors to the building or stone surfacing of the exterior may be subject to construction restrictions that can be found in the detailed urban plan of the land plot (detaljni plan uređenja or DPU). Interior renovations do not require a permit.

Property buying guide for Montenegro
Article 5 of 6
Tranio’s managers offer advice on buying real estate in Montenegro
Anastasia Shchepetova
Anastasia Shchepetova
Real Estate Expert Tranio in Montenegro
+44 17 4822 0039
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