Montenegro: Cost of Living 1500€ per Month Paradise?

Montenegro: Cost of Living

00:00 Factors we will cover about the cost of living of Montenegro
01:48 Real Estate in Montenegro
03:12 Groceries
04:03 Going out and Services
04:45 Transportation
05:55 Salaries
06:47 Cost of staying (visa, residence permit)
07:31 Health care
08:16 Verdict

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Real estate in Montenegro

The most significant cost you should consider is the cost of real estate in Montenegro.
This in itself is divided in two categories, the seaside and everywhere else in the country, including the capital Podgorica
Real estate costs on the coast of Montenegro are by far the highest in the country. Some parts are definitely more expensive than others, like Budva, Kotor and some high end development projects like Porto Montenegro, close to Tivat airport.
If we consider the coast, prices per square meter can range easily from 2k to 6k euro. If you are just spending some months per year in Montenegro, I would recommend coming in months outside the summer months since you can get pretty cheap rent on the coast.

Groceries

Groceries in Montenegro are not cheap, considering local salaries. Prices are similar to what they are in other countries in the region, such as Albania, Croatia and Serbia.
Since Montenegro is a pretty small country, you may find difficulties in finding products you can find in larger cities or countries. The population of Montenegro is just 620k inhabitants.
So even if Montenegro has an overall low cost of living, it is definitely not in groceries that you will actually save money.
The cheapest groceries in Montenegro are the local produce. So dairy foods and local poultry or meat are good options if you want to pay a lower than average price on food while in Montenegro.

Going Out and Services

Going out and services in Montenegro are usually cheaper than in most countries in Western Europe and oftentimes even cheaper than countries in Central Europe.
Since salaries in Montenegro are considerably lower than in Western Europe, any price that includes a service is almost always lower than in Western Europe.
You can have a nice meal in a restaurant in Podgorica for something around 6 to 8 euros, and a beer can cost easily below 2 euros.
Taxi rides are also cheaper than in the west. Riding some 3 km in Podgorica is likely to cost you just 3 euros.

Transportation

Transportation infrastructure in Montenegro is not the best, but, on a good note, it is quite inexpensive.
There are two main problems affecting the quality of the transport infrastructure in Montenegro. First of all, the country is highly mountainous. So it is quite difficult and expensive to build roads or railroads in the average Montenegrin terrain.
Secondly, the population density is low, so there is not a huge demand for a high volume transport infrastructure.
That said, if you are traveling by bus, van, or rail in Montenegro, prices are quite inexpensive. A train ticket from Podgorica to Bar is just 3 euros. A bus ticket from Herceg Novi to Podgorica is about 10 euros.

Salaries

As I have mentioned before, salaries in Montenegro are well below Western European, and way below North American standards.
It is definitely not a good investment to move to Montenegro if you are just looking for a well paying job.
The average salary in Podgorica is somewhere between 400 and 500 euros. On the coast and during the season, salaries can be a bit better, but bear in mind that most positions on the coast do not last year round.

Cost of staying (visa, residence permit)

Now let’s talk about the cost of staying in Montenegro.
That engulfs the price you pay to get a residence permit, in case you are a freelancer, or working for a company abroad, or a retiree, or a businessman.
There are basically two options here:
The first is buying a property and getting a residence permit based on the ownership of real estate. In this situation, your cost will be the price of the property, plus your own ongoing costs.

Health insurance

All foreigners residing in Montenegro need to have health insurance in order to get and renew their residence permits in the country.
There are public and private health care facilities in the country. If you don’t want to wait for an appointment, probably going to a private clinic is going to be the fastest option.

Final budget considerations

To sum up, it is possible to live in Montenegro with a budget of 1500 euros per month as a single person. As a matter of fact, you can live quite well with that money including rent.
1000 euros per month, you can still manage but if you have to pay rent, your comfort will be restricted.

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