Wealthy Ukrainians are buying up Montenegro’s beachfront property, send real estate prices surging higher

The small medieval town of Kotor in Montenegro.
By Dénes Albert
3 Min Read

The real estate market is surging higher due to Ukrainians arriving in Montenegro, where they have been buying up beach cottages in large batches. Analysts say poorer Ukrainians go to Germany because they get jobs and social assistance there, and richer ones buy or rent luxury villas on the Adriatic coast. In a few months, real estate prices in Montenegro have risen by 50 percent.

Ukrainians are buying luxury villas in Montenegro

The best known and most popular destinations on the Montenegrin coast are Budva, Bar, Kotor and Tivat. Budva is the largest of the cities and a center for tourism who are attracted to the beautiful landscape, the rich historical heritage of the area, and quality accommodations, restaurants and cultural programs. It is typically seen as the location for the biggest concerts and parties during the summer in Montenegro. Bar is the largest port city and Kotor and Tivat are the pearls of the monumental Bay of Kotor.

Wealthier Ukrainians fleeing the country have staked out these settlements for themselves, buying luxury villas here, and even if they do not decide to buy right away, they are instead renting vacation homes, with many already signing a contract for a whole year.

According to a local real estate agency, prices that used to be €1,700 per square meter have surged to €2,400 or even more. According to a real estate agent who told the Serbian press, those interested in renting a villa usually stop in front of their office with expensive cars, Lexuses or Mercedes, and their appearance clearly reflects the fact that they live a luxury life.

Wealthy Russians also attracted to the beach life

Although there is fierce fighting between the Russians and the Ukrainians in the east, they may even end up neighbors in Montenegro. In addition to the Ukrainian oligarchs, wealthy Russians have also appeared in the Balkans, and their interests are the same as those of the Ukrainians: searching for beachfront luxury.

The Russians are not disturbed by the widespread sanctions against them and the complete cessation of Russian-Montenegrin direct flights. They usually arrive via Serbia (the Belgrade-Moscow flight is still running) and choose Montenegro because they can conduct their businesses from there in a warm and beautiful environment.

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