How to buy land in Montenegro?
Buying land in Montenegro can be a great investment opportunity, but it’s important to understand the process and legal requirements before making a purchase. Here are some general steps to follow when buying land in Montenegro:
- Research the area: Before making a purchase, research the area where you’re interested in buying land. Look at factors such as location, zoning, and potential uses of the land.
- Find a reputable real estate agent: A reputable real estate agent can help you navigate the process of buying land in Montenegro and can also provide you with valuable information about the area.
- Get a lawyer: We always recommend hiring a lawyer to help you with the legal aspects of buying land in Montenegro. A lawyer can advise you on the legal requirements for buying land and can also help you with the paperwork.
- Get a survey: Before making a purchase, it’s important to get a survey of the land to ensure that the boundaries are correct and that there are no disputes.
- Sign the reservation agreement and pay the deposit: Once you’ve found the land you want to buy and have completed the necessary paperwork, you’ll need to sign the reservation agreement and pay a deposit in order to secure the property and get time for your lawyer to do all necessary due diligence.
- Important documents provided by the seller: The seller needs to provide your lawyer with the following documents: title deed of the property, valid urbanistic and technical conditions, certificate of land use with textual part, extract from the urbanistic plan where the land is located.
- Completing the purchase: Once your lawyer confirms that you can buy the land and that there are no legal issues, you can appoint a date to sign the main sale and purchase agreement at the notary office.
It’s important to note that requirements and regulations may vary depending on the local area. It is always recommended to consult with a local attorney and real estate agent before making any decisions.
Note: Foreigners are allowed to purchase land in Montenegro with no legal restrictions, with the exception of those outlined in the Law on Ownership Rights. This law has a few limitations, such as the restriction on foreign persons acquiring agricultural land. However, if the property on agricultural land is less than 5000 sqm, it can still be purchased. Additionally, forming a company and purchasing the land through the company is an option with no limitations. Furthermore, with the signing of the Agreement on Stabilization and Association, EU nationals are granted the same treatment as nationals when acquiring real estate in Montenegro.
Table of Contents
Things to watch out for and always ask your real estate agent
Are the urbanistic and technical conditions valid for the plot? Keep in mind that if the urban plan changes, any prior urban and technical conditions will no longer be valid. Additionally, be sure to check the zoning of the plot, as it could impact your ability to purchase it, especially if you are a non-EU foreigner. Additionally, be sure to check if there are any conservation conditions or other documents required, especially for older properties or properties in certain areas such as Kotor Bay. Lastly, be sure to consider the proximity of necessary infrastructure, as the distance to water and electricity can impact your building costs, and make sure that the plot has an accessible road.
Benefits of buying ruins in Montenegro
There are several benefits to buying ruins in Montenegro. Firstly, the country has a rich cultural and historical heritage, and owning a piece of that history can be a unique and rewarding experience. Secondly, the cost of buying and renovating a ruin can be significantly lower than buying a finished property, making it a more affordable option for property buyers. Additionally, renovating a ruin can also be a creative and rewarding project, allowing buyers to put their own stamp on a property. Finally, owning a property in Montenegro can be a solid investment, as the country is becoming an increasingly popular tourist destination.
Read our buying guide on How to Buy a Property in Montenegro!
If you have already decided to buy real estate, you are certainly interested in the purchase process. Download our property buying guide by clicking here.