BRIGHT HOMES BRIGHT FUTURE
Bright Homes Europe
Everything that moves the real estate of Montenegro
selling your real estate?
When selling a property, hiring an experienced real estate agent is critical. It is particularly important for first time sellers. We will help you to expose your house to the broadest audience and negotiate on your behalf to garner the best offers possible. On your behalf, we will manage to prep your home, market it, review buyers’ offers and handle all the negotiations and closing details.
Real Estate Investor?
If you are a real estate investor we can help you first of all to locate an appropriate lot for sale. We can also help identify homes that are candidates to tear down and start over with new construction. We are deadline-oriented and realistic and can help you establish a timeline for your project. At the second stage we can assist you with collecting all necessary documents (building permit etc.) and finally help with the marketing and sale.
Buying real estate
We are ready to help you find the right home. Purchasing property is complicated particularly for first-time buyers. Small mistakes can be costly. We have a local expertise to help you identify the best neighborhood for you. We will also help you at negotiating and can ensure you to find a property that meets all your requirements with the lowest price possible.
rental and investment properties
If you want to buy an investment property to rent out, we can help with this type of transaction as well. Managing a property once you own it is important and requires a high level of professional service that we can provide for you. On other hand, if you are looking to rent a property, short or long-term, we are happy to provide you with a property hunting service with a personal approach, i.e. to make a broad serch on the whole Montenegro market based on your specific requirements.
Be it the sale or rental of your property, we efficiently find the solvent buyer or the tenant with a good credit rating.
ABOUT BRIGHT HOMES
Find out why we are so different from all other agencies and individuals that are in a real estate rental and sales
Founded in 2004 , British co-owned company, we are one of the very few international real estate operations with such an extensive experience in Montenegro. Our agency understand the local seller’s mentality and international buyer’s mentality which gives us an advantage in negotiation process knowing the right approach to achieve the best deal for you in the right manner respecting the local customs and attitude. We also very much understand the legal aspects of buying in Montenegro paying attention to all issues and pitfalls specific for the country and its legal system.
We have company owned offices, multilingual, professional, highly experienced staff. We are committed to Montenegro for the future. We make sure that your inquiry by email is answered the same day and are available on the phone even at the weekends. After the purchase our journey with clients only begins. We are there to assist for any inquiry regardless if this is irrelevant to the property purchased. Weather you need an advice, professional of personal help, we are happy to be there for you. Therefore, many of our clients have become personal friends for what we are exceptionally proud.
When you are choosing an estate agent in Montenegro to assist you in such an important decision, you need to choose the right partner as many things are unclear as for example in the western countries. We understand your concerns and expectations and are aiming to fulfill them.
We have a team of professionals that speak English, Russian, German and local languages. You as the buyer do not pay any commission as we purely charge the seller with whom we sign the agent agreement.
As the first step to your property buying-renting adventure in Montenegro, check-up our website for easy search. Use our unique geolocation mapping capability to root out your ideal villa, townhouse or apartment. We’ll help you find your dream home in just a few seconds.
We offer our clients a wealth of knowledge related to all aspects of buying or selling a property in Montenegro.
Frequently Asked Questions
With our real estate FAQ we answer frequently asked questions and give you the opportunity for an easy access information.
Any foreign citizen can buy real estate in Montenegro. In order to do this, they must provide their international passport and a deposit for the selected object. Generally, the prepayment is 10% of the transaction, but if the sum is large, the amount of the deposit is further negotiated.
The property purchase tax is 3% if you buy a property from an owner.
On the other side, if you purchase your property from the investor/developer, the tax is 0%.
Montenegro has introduced rather favourable and investment-oriented tax policy.
The corporate and personal income tax rates are both 9%.
The capital gain tax rate is also 9%.
Inheritance and pension tax rate is 0%.
Value Added Tax (VAT) rate is 21%.
The contract is signed in the Montenegrin language. During the conclusion of the contract, there is a lawyer who speaks two languages, as well as a court interpreter who reads out the contract in your native language prior to its signing. If you need a translation of the contract into your native language, you can get it for an additional fee.
On top of the purchased price you agree with the Seller, Buyer should pay:
- Property Transfer Tax – 3% of the purchased price if the property is a Resale unit (0% if you are buying it in Primary Market, directly from the Investor),
- Notary fees – This fee depends on the purchase price but it is government controlled price, It is approx. around 0.05-0.20% of the purchase price. As an example: If your property price is 495,000 EUR, the notary fee will be 600 EUR + VAT (21%).
- Translation – Translation costs are around 50 EUR for every starting hour. If you are buying a property in Montenegro and Montenegrin is not your native language, you will need a translator to be present at the notary.
- Legal fees – Although the system has much improved with the introduction of notaries, it is still very important to hire a lawyer to protect your own interests. Real Estate Agent is responsible to get you the best price for the house of your dreams, and is there to facilitate the process, but only the lawyer is working solely for you. Legal fees vary of the complexity of the deal but they are from 1,000 EUR and up. List of all lawyers in Montenegro can be found on the official website HERE
In Montenegro, there is a tax on the purchase of the real estate. It is 3% of the estimated cost of the purchased object (but more often the contract amount is taken into account). This is a non-recurrent tax that must be paid within 14 days after the purchase of the property. In Montenegro, there is also an annual property tax + tourist tax (paid once a year). The amount of payment depends on:
- the location of the object;
- its proximity to the sea and the city;
- availability of urban communications;
- plottage (if it is a house or villa).
It is the responsibility of the Notary Office once you sign the Sales and Purchase agreement and pay the Purchase price to send the required documents to register the property in the Land Registry within 48 hours. However, if you want to obtain the Title Deed to the property under your name, you should go by yourself to the Municipality Land Registry office and request for a Title Deed.
You can also check the ownership online on website: www.nekretnine.co.me
Non-residents of Montenegro are generally required to obtain a permit in order to buy property in the country. This can be obtained through the Ministry of Sustainable Development and Tourism, which is responsible for issuing permits for the acquisition of real estate by foreign citizens.
Yes, it is possible to get a mortgage to buy a house in Montenegro. However, the process and requirements can vary depending on your specific circumstances and the lender you work with. Currently the only bank that provides loans for foreigners is CKB bank, they provide loans up to 50% Loan to Value. Please call them to check on the process.