Since gaining independence from Serbia in 2006, Montenegro has been chasing EU membership…
As part of its preparation, it adopted the euro as its official currency way back in 2002. It’s been a slow journey for this little country. But following its accession to NATO in 2017, it looks like Montenegro will finally join the EU family by 2030.
We saw the effect EU accession had on the property market next door.
Croatia joined the EU in 2012. And today, in Dubrovnik—its in-demand, historic city—properties tend to fetch around €4,152 ($4,413) per square meter…
Meanwhile, in Kotor, prices currently average €2,500 ($2,657) a square meter. In other words, right now, you’ll pay 40% less for property in Kotor than in Dubrovnik. Plus, I’d argue that Kotor has more of an authentic local feel, without the crowds you’ll meet in Dubrovnik.
But there’s another factor at play here that’s helping to drive up prices on this stretch of coast…
Over the past decade, the Bay of Kotor has been working hard to project itself as a luxury destination. Unlike Croatia, which has been attracting middle-class second-home buyers from around Europe, Montenegro is going after the top 1%.