Interested in buying a property in Montenegro, but not sure how to begin?
Montenegro’s central European location and many opportunities for those with entrepreneurial spirit has made it an attractive destination for those looking for sunny skies and a slower pace of life. There are a lot of people moving to Montenegro. Highly qualified foreign workers and self-employed people have been finding their way to Montenegro for many years now.
With its gorgeous scenery and cheap cost of living, Montenegro has even become a favorite base for digital nomads. Many of these people have decided to buy a property here and haven’t looked back.
As a foreign buyer, there are lots of pitfalls you need to be aware of before you buy. You’ll need to do your research and you’ll definitely need someone local by your side. We highly recommend getting professional help when you buy a property here.
Whether you’re looking for a sunny bolthole of your own or an investment property, Montenegro is definitely one of the best, and most affordable, locations in Europe.
Here’s a list of the common expenses and who pays them:
- Lawyer’s fees.
- Seller pays the real estate agent.
- Buyer pays for notarising documents.
- Buyer pays 3% title transfer tax.
- Cost of company formation and registration for land purchases.
Property Purchase Costs
Usually €5,000 – €10,000
Approximately €1,000 for a purchase of mid-size apartment and confirmed before appointment
Power of Attorney
Approximately €50 to €120 including the translation
Notary Fee for the verification of the Main Sales Contract
0,00 – 5.000,00 = 70 €
5.001,00 – 20.000,00 = 120 €
20.001,00 – 40.000,00 = 170 €
40.001,00 – 60.000,00 = 250 €
60.001,00 – 80.000,00 = 300 €
80.001,00 – 120.000,00 = 350 €
For the property valued above €120,000 for each increase of property price of €15,000 the fee is increased by €10. The maximum Notary fee chargeable is €5,000.
Translation of the Power of Attorney & Contract
Translation of these documents is done by a certified court translator. The average price per page is approximately €20, depending on the number of characters per page.
A standard agreement is usually written on 5 pages. Any additional changes to the contract requested by buyers, are also chargeable. Usually translation costs in total, can be calculated at approximately €100-€200.
Cadastre taxes and expenses
Cadastre taxes are €15 on average.
We hope you find this information helpful – should you have any questions, please do not hesitate to contact us.