Its value is determined by an appraisal commission based on the price of the object under the contract and its compliance with the market price. We wrote about this in our article “Purchasing real estate in Montenegro”.
In some cases, buyers of real estate in Montenegro are exempt from paying this tax. In particular, when purchasing a property from a developer, since the construction company previously pays VAT.
Expenses when purchasing real estate in Montenegro should also include:
- payment for notary services – at a rate – depends on the cost of the purchased housing. For example, if the price of an object is 100-120 thousand euros, then the services of a notary will cost approximately 500-600 euros,
- payment for the services of a court translator, who provides both oral translation during the transaction (if necessary) and written translation of documents. The average price is 50 euros per hour for interpretation and 20 euros per page of translated text, in this case we are talking about translation of documents. The total cost usually does not exceed 200 euros.
The costs of purchasing real estate in Montenegro are not significant compared to a number of countries on the Balkan Peninsula and Eastern Europe, which is a significant advantage for the buyer. It is worth noting that the commission to the agency in most cases is paid by the seller.