Above: One-bedroom apartment in Porto Montenegro residential area
This month, two Leading Real Estate Companies of the World® (LeadingRE) members discuss the trends shaping the market across the pond.
Golden Group–Astra Real Estate
Kotor, Montenegro
Jelena Damjanovic Vidakovic, PR & Marketing Manager
https://astrareaestate.me
Tell us about your company.
Our company represents a team with more than 15 years of experience, and we are experts in luxury real estate and investments covering the territory of Montenegro.
How would you describe your current housing market?
There has been significant demand for real estate in Montenegro in the last few years, and property prices have increased by almost 20% since before the pandemic. It is expected that with the accession of Montenegro to the European Union, prices will continue to rise.
What are some of the most important trends in your market?
In recent years, the emphasis has been on the construction of residential areas, with luxury properties designed to provide peace and comfort, as well as modern villas and apartments. We have seen increased activity in the north, particularly in Kolašin, where the development of the ski center and infrastructure have contributed to higher visibility.
Looking back over the last 10 years, our real estate sector has experienced impressive growth. Montenegro is a reliable and secure investment destination for well-known companies that have built major residential and hotel projects here. These investments contributed to Montenegro’s recognition as a modern country and an attractive destination for investors.
Low-income tax rates, preferential access to the European Union market, national treatment of investors, relatively low custom rates, simplified procedures and reduction of costs to register economic entities and obtain building permits, together with using the Euro as a national currency, are just some of the incentives that make Montenegro attractive.
What types of properties do you sell, and which are most popular?
We have a broad portfolio of luxury villas, beachside homes, lodges, chalets, mountain homes, land and plots. Our customers prefer luxury properties inside residential villages and modern, newly built private homes at the seashore. Customers generally prefer properties with sea views, swimming pools, gardens and places to gather.
Please tell us about the buyers you work with.
Our buyers are exclusively foreigners. Fifteen years ago, we had predominantly British and Irish buyers, followed by the arrival of Russian and Ukrainian customers. During the last couple of years, we’ve had a rising number of buyers from Germany, the U.S., France, Northern Europe, the UAE and Turkey.
What do you love most about working in real estate?
When you work in real estate, you help people make life-changing decisions. You get introduced to a scope of distinctive, successful people you might never have encountered in other routine jobs. Furthermore, you participate in the process of making important life/investment decisions.
How will being part of LeadingRE help advance your business?
It is a great honor and an excellent opportunity to be a member of such a powerful network. This is an opportunity for us to gain knowledge, use best practices from the industry and present the Montenegrin market to REALTORS® from all over the world.
RK38 Real Estate Agency
Poprad, Slovakia
Miroslav Antoška, Company Founder and CEO
https://38rk.sk
Tell us about your company.
I started with small business leases of premises that no one offered, and no other real estate company wanted to do. I took advantage of a hole in the market and built our brand on it. At first, it was very difficult, but the rents of offices and other spaces gradually increased, as well as contacts with other entrepreneurs. Only then did I work my way up to the sale of apartments, houses and other real estate.
What areas do you cover, and where are your clients from?
Our main market is the mountain region of the High Tatras, the city of Poprad and the surrounding area. We’ve been actively selling real estate in Dubai for several years, and we also have a project for the sale of real estate in Spain.
The vast majority of buyers are from our region or other parts of Slovakia, but every year, the number of clients from abroad increases.
How would you describe your current housing market?
Since the beginning of 2022, prices have been growing, but with the arrival of autumn, the market overheated, inflation reached almost 10% and banks increased interest rates. We haven’t seen a significant drop in prices yet, but we expect it.
What tips do you have for foreign investors interested in purchasing real estate in your market?
The current situation is very favorable for foreign investors. We are a mountain region with year-round use, and we are the No. 1 destination in Slovakia.
The High Tatras region is the most visited place in the republic. Tourists come from all over the world, but mostly from the Czech Republic, Poland, Hungary, Germany and England. Since part of the region is a national park, space for developers will decrease every year, and the price of real estate will increase with it.
There are no investment fees for buying real estate, so the price advertised is the final price. Compared to similar regions in the Alps in Austria, Italy or Switzerland, Slovakia is a relatively cheap country.
What are your biggest challenges/opportunities for growth?
Clients try to protect themselves from inflation by buying or building new houses and apartments. Another reason for our active market is that our region is situated in the lap of nature, close to the national park.
The biggest challenge is to be able to offer clients high-quality real estate, both at home and abroad, and to welcome foreign investors who are getting to know the region more and more every year.
What do you love most about working in real estate?
I enjoy the diversity and the fact that I can do something different every day.
How will being part of LeadingRE help advance your business?
There is a beautiful saying, “local hero, local zero.” This quote from Juraj Slafkovský’s father (a Slovak drafted as No. 1 in the 2022 NHL draft) states that while we’re good on the local market, that doesn’t automatically mean we’re good on a global scale. With LeadingRE, we align ourselves with the best in the world.
For more information, visit https://www.leadingre.com/.
