Budva is one of Montenegro’s most popular places to buy property. With stunning views, exciting nightlife, and rich history, it’s no surprise people want to invest here.
But buying property in another country can come with challenges. Knowing what to expect will make the process much easier.
Want to know how to make your dream of owning property in Budva a reality? Keep reading for the key details every buyer should know.
The Budva Real Estate Market
Budva’s property market is busy, drawing both investors and people looking for vacation homes. Prices for prime locations range from €2,000to €4,000 per square meter. Apartments and villas near the Old Town or beaches are especially popular, which can drive up prices and limit availability.
Important Legal Steps When Buying Property
- Hire a Local Real Estate Lawyer: A lawyer can make sure the property is free of any issues and has clear ownership.
- Check Property Records: Look at the official records in Montenegro’s Real Estate Cadastre to confirm ownership.
- Sign a Preliminary Sales Contract: This agreement outlines the terms of the purchase and secures the deal.
Taxes and Fees to Plan For
Be ready to cover these extra costs when buying property:
- Property Transfer Tax: This is 3% of the property’s market value.
- Notary Fees: These range from 0.01% to 0.05% of the property price.
- Agency Fees: If you use a real estate agent, expect to pay around 3% of the price.
Financing Options
While many people pay in cash, mortgages are available. Banks in Montenegro often require a 40% down payment for foreign buyers. Interest rates differ, so it’s a good idea to compare options (source)
Tips for Finding the Right Property
- Pick the Best Area: If you like activity and nightlife, the center of Budva is great. For peace and quiet, check out Becici or Sveti Stefan.
- See the Property in Person: Photos can be misleading. Visiting the property lets you check its condition and surroundings.
- Know Seasonal Trends: Demand is highest in summer, which can affect prices and availability.
Planning Helps You Succeed in Budva’s Market
Buying property in Budva takes time and careful planning, but it’s worth it. Whether you want a vacation home or an investment, staying informed will help you make smart decisions. Ready to get started? Explore listings today and find your perfect spot on Budva’s beautiful coast.
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