As Interfax reports, citing Montenegro's Ministry of Economic Development, the law on property and legal relations regulating the rights of foreigners should come into force in late March – early April 2009. The document provides that foreigners will be able to acquire private ownership of land plots under houses, as well as land for development.
At the same time, foreigners will still not be able to buy land in the republic on which strategic facilities, military bases, nature reserves, as well as historical and cultural monuments are located.
Recall that currently foreign citizens have the right to buy residential and commercial real estate in Montenegro, but without the land on which they are located. Only a legal entity can acquire a land plot in the country.
Recently, Montenegro has seen an increase in foreign investment in real estate. As experts note, in 2006-2007, price growth for local real estate amounted to about 100%. However, due to the economic crisis, prices have significantly decreased by now.
• As our experts note, recently there has been a significant increase in interest among our compatriots in suburban plots located in beautiful corners of the homeland. It has become increasingly fashionable to acquire land plots for residential development near rivers and lakes, among forest areas. Such land will always be in high demand, and therefore is a good investment.
Information from «Zagranitsa».