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Russian Buyers of Real Estate in Montenegro. Case Study
April 04, 2023

Hi Everyone,

Russian Buyers of Real Estate in Montenegro. Case Study

As we have seen in the last month's issue of Selling-to-Russians newsletter, the little Adriatic European country of Montenegro is #3 in demand by Russian buyers of international real estate - that's why we'd like to have a closer look at its properties and real estate trends. If you are selling in Montenegro or your country has some similarities with Montenegro, this month's issue might be your prompt how to find a Russian buyer.

Actually, by "a Russian buyer" we mean a Russian-speaking buyer who might originate from Ukraine, Kazakhstan, Belorussia (which are predominantly Russian-speaking) or even from Germany and other world's countries with large Russian communities, looking for properties-to-buy in their own native Russian in the Russian internet.

Until 01.01.2023 a foreign investor into a property in Montenegro had the right to apply for a passport of the country (under certain conditions), but starting 2023 this government program has stopped. Now foreign investors only get the right to live in Montenegro, but the country promises no citizenship-for-investment anymore (although the country's financial authorities keep asking the government to renew and continue the program to keep receiving the large foreign investments and fees).

We'll see later how these changes would affect the flow of the Russian buyers into the country.

From BalkanInsight: Russian Interest in Montenegrin Real Estate Spikes Despite Sanctions

"The Central Bank of Montenegro, CBCG, said in July 2022 that Russians are the largest real estate buyers in the country, after they bought 20 million euros’ worth of property since February 2022.

"The Central Bank said in July 2022 that Russians were also the largest investors in Montenegro, after they invested 41.6 million euros in the country since the beginning of the Russian invasion of Ukraine in February 2022.

"Russian investments involved investments in companies in Montenegro or their purchase, the purchase of real estate and so-called inter-company debt, in other words, companies from Montenegro borrowing money from companies from Russia. According to official data, the majority of investment was in buying real estate in Montenegro."

Now, what properties can Montenegro offer? On Prian, one of the most popular Russian portals for international properties for sale, there are about 8,000 Montenegro properties total, with 2,000+ apartments, 2,000+ homes, 1,000+ land plots and under 1,000 commercial properties. The price range is from 75,000,000 euro down to 10,000 euro - for any budget as we can see.

Some realtors say that the demand is higher for expensive villas and apartments near the beach, on one hand, and on the other hand, there is a high demand for cheap apartments and homes - seems like mostly Ukrainians are trying to escape the war this way buying modest accommodations abroad... (In Montenegro there is not much free support for refugees from the government as more affluent European countries can afford to provide, that's why those Ukrainians who come here are not really poor, but at the same time they are not rich either...)

Let's not forget - for the purpose of your country's possible comparison with Montenegro, - that Montenegro is a resort country near the warm sea.

Questions about Russian buyers in your country? Just email me.

To your best business success,


Olga Kellen,
"Anything Russian",
English - Russian Translator,
Associate member of ATA,
Author of the e-books for realtors and property sellers
Selling to Russians

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