Russians increasingly selling holiday homes in Montenegro

Russians increasingly selling holiday homes in Montenegro

Russians increasingly selling holiday homes in Montenegro Izvor: N1

In the last few years Russians have been increasingly selling their properties in the Montenegrin resort town of Budva, even though tourists from Russia are flocking to the that part of the Adriatic coast in ever increasing numbers.

On the other hand, real estate buyers from Western Europe have entered the Montenegrin market, and since recently, from Turkey as well. The rich Russian property owners who had appeared in large numbers about ten years ago, pumping up real estate prices in Budva, now wish to sell their properties quickly, Poslovni Dnevnik reported on Tuesday.

"Our agency has noticed an 80 percent drop in the demand by Russian clients looking to buy or invest in the Montenegrin seaside, while on the other hand there has been an 80 percent increase in properties for sale," Dušan Ranković from the real estate agency Kamin based in Budva told Radio Free Europe.

According to unofficial estimates, between 2005 and 2010 Russian nationals bought about 100,000 real estate properties in Montenegro. In recent years, the pace of buying has slowed down, with the value of sought after properties also dropping, with smaller apartments worth 50-60,000 gaining popularity.

Officially, around 4,200 Russian nationals are registered as residents in Montenegro, and some 2,600 own properties in Budva.

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