GLOPRAGlobal Property Radar

Montenegro construction output rises 5.5% in third quarter 2026

The value of construction work completed in Montenegro rose 5.5% year on year in the third quarter of 2026 in current prices, with hours worked up 4.1%.

The facts

  • MONSTAT, in a release dated 12 November 2026, puts the value of finalised construction works in the third quarter of 2026 at +5.5% against the third quarter of 2025, and 1.0% above the second quarter of 2026.
  • Effective hours worked on construction sites were 4.1% higher than a year earlier and 1.1% higher than in the previous quarter.
  • The value is expressed in current prices and the release publishes no constant-price series, so the 5.5% is not adjusted for changes in construction costs.
  • The indices are set on a 2025 average of 100. The release gives no absolute figure in euros and no breakdown by type of construction.
  • The survey covers enterprises with five or more employees classified in construction, plus company units engaged in construction works, with results weighted up to represent Montenegro. Large and medium enterprises are fully covered and small ones sampled.
  • The measured value includes material, labour, demolition and site preparation, installation and general costs, and excludes land purchase, engineering, monitoring and value added tax.

What it means for your money

  • More building now means more competing stock later. Montenegro's output grew 5.5% in a year.
  • Glopra data put the Montenegrin average at USD 3,187 per square metre, so each percentage point of extra supply lands on a market that is already priced well above its regional neighbours.
  • For an existing owner the hours figure is the one to track. Labour input rising 4.1% points to work in progress rather than permits on paper, which is what eventually reaches the resale market.
  • Glopra scores Montenegro at 76 out of 100 on Bubble Risk, in the elevated band, with prices up 13% over twelve months. Supply arriving into a market at that score cuts both ways: it can relieve the pressure, or it can meet demand that has already thinned.

What to watch

  • The release splits nothing out by building type, so it does not say whether this is housing, tourism or infrastructure. For a residential investor that distinction is the whole point.
  • MONSTAT marks the figures preliminary; they become final within the deadline set by its statistical release calendar.
  • With only a current-price series published and no deflator, the gap between nominal and real growth is unknown from this release alone.

Sources: MONSTAT https://www.monstat.org/uploads/files/gradjevinarstvo/Gra%C4%91evinska%20aktivnost/2026/3/Construction_activity_III_quarter_2026.pdf

Market data: Montenegrin Coast (Budva / Tivat / Kotor) · Montenegro