Montenegro is a place where many foreigners would love to call home. It is generally known as one of Europe’s most affordable countries to live in. However, as you probably suspect, it is not all that simple. Some areas of the country are cheaper than others, and there is a good reason behind it.
Of course, if you are someone who is planning on starting their life in this beautiful country on the Adriatic, you are probably wondering: How much will it cost me?
Well, we are here to answer your questions, so keep on reading along to find out more.
North vs Central vs South
Even though Montenegro is quite a small country, the cost of living differs from one region to another. Roughly speaking, we can make a distinction between three different regions: southern, northern, and central.
The South is probably the most developed region of Montenegro out of all three. It thrives on tourism and hospitality, especially during the summer season. So, if you decide to move to Budva, Kotor, or Tivat, you will find that the prices fluctuate between tourist seasons. Generally, the costs of living are higher than in the Central or Northern region.
The capital city of Podgorica is somewhere in the middle when it comes to living costs. The capital city is probably the best part of the country for aspiring entrepreneurs and foreign investors. It is cheaper than the southern part, but there is still lots of economic activity for small businesses to prosper.
The northern region is by far the cheapest place to live in. However, it is not quite lively from an economist’s standpoint. Unfortunately, many people are forced to migrate from the north to look for jobs. Still, the Montenegrin government offers great economic incentives for new businesses in this area. So, yes, there is a good reason to believe that this part of the country is going to develop in the next couple of years.
Average price range
The price for a one-person meal in an inexpensive restaurant in Montenegro ranges from 4EUR to 8EUR depending on the area. Similarly, three-course meals for 2 people in mid-range restaurants range anywhere between 15EUR to 40EUR.
When it comes to groceries, you will find that for the most part, they are quite affordable. One liter of milk averages 0.85 cents per item, bread is around 60 cents per loaf, 1kg of chicken fillets ranges between 2.8 to 7 EUR, red meat is around 6EUR per kg on average, and price for fruits and vegetables usually don’t exceed 2EUR per kg.
One way tickets for local transport average around 1EUR, while taxi services are quite affordable in the central and the northern region (the Southern region is quite expensive, especially during the summer tourist season).
Monthly utilities for an 85 m2 apartment (electricity, water, garbage) range from 60EUR to 155 EUR, which makes a national average of around 102EUR.
Monthly rent goes anywhere between 225 EUR to 580 EUR, depending on the location and the size of the apartment.
Monthly net salaries in the country are around 480EUR.
The bottom line
Overall, the costs of living in Montenegro is pretty low, especially for someone with a foreign salary. Of course, those costs depend on your location and your specific needs and goals. We recommend getting in touch with a local financial advisor before making your definitive move to the country.