Montenegro: The prices of apartments and houses are expected to fall

Podgorica, (MINA-BUSINESS) – Interest in buying real estate has completely disappeared due to the situation caused by the coronavirus, so real estate agencies are practically out of business these days, representatives of some agencies announced Pobjeda.

They stated that it is realistic that due to lack of demand, real estate prices will fall in the coming period.

As Real Estate Agency said that they have not received any requests from the tenants for delaying the rent payment or eventual release of the rent payment for several months, but that does not mean that there will be no such requests.

The agency said landlords should show flexibility to tenants in this situation.

Iva Real Estate Agency said that a significant number of landlords are in the mood to reduce rent during a crisis.

The director of the agency, Mira Radovic, said that they have no business and there is no interest in real estate at the moment.

“We had no business until the week before the special coronavirus measures were introduced. The last thing anyone wants now is to think about buying an apartment. It was my expectation that we would have no business in this situation and I do not think we would be able to get back into operation very soon. However, all this will leave a mark on the real estate market and the work of the Agencies, ”Radovic said.

She believes that due to the new situation, real estate prices will adjust.

“I expect real estate prices to fall because I think that at least in a certain period of time there will not be so much interest in real estate, and as we can see, those in the construction sector are working as if nothing is happening,” Radovic said.

According to her, such crisis situations usually produce a correction in real estate prices.

“Everything was overrated in my opinion and I think that these prices will be pretty much leveled now,” Radovic said.

She said that only people who have vacant apartments, who want to offer rentals, are calling her agency these days.

“These days we have had two cases where strangers who are tenants in apartments seek a house with a yard for the sake of children for a shorter period. These are some interests that we cannot answer properly, because no one will rent a house for a few months, ”Radovic said.

The Real Estate Agency also stated that they are currently out of work due to the new situation caused by the coronavirus epidemic.

“There are some calls here and there, but it’s more informative, at least as far as our agency is concerned, or possibly some work that has already been started is coming to an end. But there are no tours and presentations of apartments, and it is simply inconvenient and crazy at this time to call sellers and insist on viewing and touring apartments, ”they said.

As Real Estate Agency said that several real estate sellers they contacted in the last 20 days are generally ready to make some slight adjustments, that is, to reduce the sale price.

“We think it will take a few months for the real estate market and the whole economy to recover after the epidemic. We believe that at least a couple of months will be a slight fall in real estate prices and lower demand, “said the agency, and said that for the time being they can not give a longer-term forecast on the real estate market.

Construction investor, owner and CEO of Podgorica company “14. September ”, Mehmed Kolarevic, said that the duration of the economic crisis, and therefore the real estate market crisis, will depend on the duration of the coronavirus pandemic.

“Who is interested in real estate and should not leave the house? Nobody, ”Kolarevic told Victory.

He said that he could not predict at the moment whether real estate prices would fall in Montenegro.

“It is likely that investors who are in crisis and have to commit to banks, or pay loans, will lower real estate prices, so it is realistic to expect some decline, however, nothing is known with certainty, because it is unknown how long the coronavirus pandemic will last. “Said Kolarevic.

Numerous citizens, who are renting tenants and paying rent each month, have been affected after the introduction of measures by the National Infectious Diseases Coordination Body and the governments, which have suspended much of the country’s operations.

Source: Mina Agency

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