Russians Invest Heavily In Montenegro Realty

Despite cold political relations with Moscow, Russians remain the biggest real estate customers in Montenegrin as per the Central Bank report for 2019. It said that of the 170 million euros foreigners spent on real estate in Montenegro, Russian buyers spent 39 million, almost a quarter. “Citizens of the Russian Federation traded real estate for almost 39 million euros last year, which is at the same level as the year before,” the bank report said. After Russians, Serbian citizens spent 16.6 million euros on real estate in Montenegro, while Turks spent 1.7 million. According to the Russian embassy in Podgorica, between 5,000 and 7,000 Russians are permanent residents in Montenegro. Most of them live in the coastal towns of Budva and Bar. More than 40 per cent of real estate in Montenegro belongs to Russians, including some former politicians and billionaires.