Construction Costs Rise for Flats in Montenegro

Monstat reports that the costs of building flats in Montenegro rose 1.8% between 2008 and 2009.  Drilling down into the data reveals a far more interesting picture.  The cost of land for construction rose 9%, while other costs fell to create the 18% average increase.  This means 2010 was a great year to own land in Montenegro, but not such a good year to be in the construction business or sell construction supplies.

The usable floor area increased to 6.5% while the number of flats sold  increased by 5.5%.  This may mean that the average flat size is increasing, or it could mean that an additional 1% of flats need to  sold.

Bar was the most expensive place to buy land, at €443 per square meter of finished usable apartment space.    Budva was the most expensive place to build overall, with total costs f €1,714 per usable square meter. Nikšić  was the least expensive in both categories, at only €114 per meter for land and total costs of only €752.

You can read the entire report at Prices of Dwellings of New Construction in 2010.

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