Cost of Living in Montenegro
Before diving into the specifics, it's essential to understand the factors that influence the cost of living in Montenegro. While the country might be more affordable compared to many European nations, prices can still vary significantly depending on various factors.
One significant factor affecting the cost of living in Montenegro is the region or city you choose to reside in. Urban areas such as Podgorica, the capital, tend to have higher living costs than smaller towns or rural areas (except popular tourist destinations, especially on the seaside). In Podgorica, you'll find a bustling city life with modern infrastructure, shopping malls, and a range of entertainment options. However, this convenience comes at a slightly higher price, especially if you're looking for property prices in the Montenegro real estate market for luxury homes, such as a beach house with a sea view. Other popular cities for real estate investments in Montenegro include Herceg Novi, Bar, and Sveti Stefan, each with its own unique charm and potential for growth. Engaging a Montenegro real estate agent can help you navigate the local property market and find the best deals for your budget and needs.
Prices of real estate
The average square meter price, at the moment of writing of this article, is around 1700€ in Podgorica. Depending on the location you are looking to live, rental prices in Podgorica vary from 300-600€ per sq. meter for 1-bedroom apartments and go to 1500€ for 2-3-bedroom apartments. The average price is around 450 euros. However, it is important to note the total area of the property when considering the cost of living in Montenegro, as larger properties may have a higher overall cost. Additionally, real estate prices in popular coastal cities can be significantly higher, with average prices reaching €1,413 per sq. m. in Q2 2023. In Budva Riviera, residential properties are sold for €1,700 to €3,500 per sq. m., with the popular area of Becici offering new building options for as low as €159,900 for a 1-bedroom apartment. This makes Becici an attractive and affordable option for those looking to invest in Montenegro real estate.
Furthermore, smaller towns and rural areas offer a more tranquil lifestyle during the year, but higher cost. Places like Kotor, Budva, or Herceg Novi, located along the stunning Montenegrin coastline, provide a unique charm with their medieval architecture, cobblestone streets, and breathtaking views.
Rental
Rental prices for apartments in these cities can go over 1000€ without other bills or utilities, and the average one-bed apartment is from 750 to 800 a month. In central Montenegro, in cities such as Niksić, Cetinje, Danilovgrad, the average price of renting a place is around 300€, while in the north (cities such as Žabljak, Pljevlja, Bijelo Polje etc…) the price is around 350, for a one-bed apartment with terraces.
Other factors include housing prices, transportation costs, healthcare expenses, and the overall standard of living. Housing costs can vary depending on whether you choose to rent or buy a property. In urban areas, rental prices tend to be higher, especially for modern apartments or houses in desirable neighborhoods. In contrast, rural areas offer more affordable options, including traditional stone houses or villas.
Transportation
Transportation costs in Montenegro are generally reasonable, with a well-connected road network and public transportation options. Whether you choose to use buses, taxis, or your vehicle, getting around the country is relatively convenient and affordable. In Podgorica, the average taxi fare is 0.70€ per kilometer, while bus tickets go around 30€ per month.
Urban vs. Rural
Comparing urban and rural living costs can be a crucial factor in deciding where to settle in Montenegro. Living in urban areas like Podgorica or coastal cities such as Tivat, Budva, or Porto Montenegro might be more expensive. However, this is balanced by the greater availability of amenities, job opportunities, and a higher quality of life.
Additionally, there are also affordable options in the form of new residential complexes in up-and-coming areas like Kava, Tivat, providing a balance of comfort and cost. For those looking for a more luxurious option, there are also stunning first line properties available in cities like Rafailovici and Donja Lastva, offering breathtaking views and high-end amenities.
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