Thailand vs Montenegro: Where to buy real estate and where to invest?

The choice between buying real estate in Thailand or Montenegro is becoming increasingly important for investors. Both countries offer attractive conditions, but how to make the right choice? Let's understand together.

Analysis of the real estate market in Thailand

Considering real estate investments abroadThailand has consistently attracted attention for its spectacular scenery, vibrant economy and welcoming culture. The country's real estate market has shown steady growth in recent years, making it attractive to foreign investors.

Current state of the market

Thailand's economy continues to grow despite global challenges. In 2024, the country's GDP growth amounted to 2.8%, and forecasts for 2025 promise an increase to 3%. Such indicators are due to the active policy of the government to attract highly skilled professionals and investors, which, in turn, has a positive impact on the real estate market.

Popular regions for investment

• PhuketThis island is famous for its beaches and developed tourist infrastructure. Here you can buy modern apartments or villas with sea views. The cost of real estate varies depending on the location and type of housing, offering a variety of options for investors.
• Bangkok: Thailand's capital city combines vibrant urban life and cultural heritage. Districts such as Sukhumvit and Silom are popular with foreign buyers due to their developed infrastructure and proximity to business centers. Apartment prices in these areas can vary significantly, providing a wide range of choices for potential investors.
• Pattaya: Located on the coast, this city is known for its beaches and entertainment. Pattaya is also the center of Thailand's Eastern Economic Corridor, contributing to infrastructure development and making the region more attractive for investment. The cost of real estate in Pattaya varies, offering both affordable and more upmarket housing options.

EDGE CENTRAL PATTAYA

from $123,000

Central Pattaya, Pattaya, Thailand

ZENSIRI MIDTOWN VILLAS

from $490,000

Central Pattaya, Pattaya, Thailand

ARCADIA MILLENNIUM TOWER

from $82 036

Central Pattaya, Pattaya, Thailand

THE RIVIERA WONGAMAT

from $142 553

North Pattaya, Thailand

THE CORAL PATTAYA

from $65 300

North Pattaya, Thailand

ONCE PATTAYA

from $104 380

North Pattaya, Thailand

Price and demand dynamics

According to the data, Thailand's real estate market size reached US$54.01 billion in 2024 and is projected to grow to US$68.95 billion by 2029. The average annual growth rate is 5%, indicating a steady increase in demand for housing. The interest from foreign buyers is particularly noticeable, which contributes to the increase in real estate prices in popular regions.

Impact of tourism on the real estate market

Tourism plays a key role in Thailand's economy. Approximately 35 million foreign tourists visited the country in 2024, which significantly supports demand for rental accommodation and stimulates investment in resort real estate. The growth in tourist traffic has a positive impact on short-term rental yields, making such investments attractive to property owners.

Analysis of the real estate market in Montenegro

Montenegro is not just picturesque landscapes and the warm Adriatic Sea, but also the attractive real estate market for investors. Interest in this country has grown significantly in recent years, and for good reason.

Current state of the market

Montenegro real estate market demonstrates sustainable growth. Demand exceeds supply, especially in coastal regions. This is due to the limited amount of land available for development and growing interest from foreign buyers. Experts predictthat this trend will continue in the coming years.

Popular regions for investment

• Budva - the heart of Montenegro's tourist life. It is bustling with life and real estate is in high demand. One bedroom apartment in the center of Budva can cost about €150,000.
• KotorWith its medieval architecture and unique atmosphere, it attracts those who appreciate history and culture. House overlooking Boka Kotor Bay would cost about €300,000.
• PodgoricaThe capital of the country is interesting for those considering long-term investments. Modern apartment in a good neighborhood is worth about €120,000.

Regent Pool Club Residences

from € 375,000

Montenegro, Tivat

Dukley Gardens

from € 850 000

Montenegro, Budva

MOGREN HILL

from € 110,000

Montenegro, Budva

A1 Quartier

from € 55,350

Montenegro, Budva

Locca Budva

from € 237,143

Montenegro, Budva

Tara

from € 240,000

Montenegro, Tivat

Price and demand dynamics

Real estate prices in Montenegro ever-increasing. This is due to several factors:

• Limited supply: Construction of new facilities is not keeping up with growing demand.
• Foreign investments: Citizens of other countries are actively buying homes, which is fueling the market.
• Tourist attractionMontenegro is becoming increasingly popular among tourists, which increases interest in renting and buying real estate.

Impact of the European market and tourism

Montenegro is striving for integration with the European Union, which has a positive impact on the investment climate. Tourism is one of the key sectors of the economy, and the growth in the number of tourists directly affects the real estate market. Resort real estate is particularly in demand as investors see the potential for stable rental income.

Comparison of key factors for investment in Thailand and Montenegro

When choosing between investing in Thai real estate and Montenegro, it is important to consider several key factors: object value, standard of living and security, climatic conditionsas well as political and economic stability.

Real estate value

Thailand: Thailand's real estate market offers a wide range of prices. In popular tourist destinations such as Phuket or Bangkok, apartment prices start from €50,000A modern one-bedroom apartment in the center of Bangkok, for example, can cost around one million euros. For example, a modern one-bedroom apartment in the center of Bangkok can cost around €1 million. €100,000.

MontenegroMontenegro attracts investors with its picturesque landscapes and relatively affordable real estate prices. In coastal towns such as Budva or Kotor, the cost of a three-bedroom house is approx. €300,000-400,000. In less touristy areas, prices may be lower; for example, a cozy 150 sqm house with a sea view in the Dobra Voda area will cost you in €150,000-200,000.

Standard of living and security

Thailand: The country is known for its warm climate and hospitable culture. The cost of living here is relatively low, especially when compared to western countries. However, average salaries remain low, which can be an important factor for those who plan to work locally. Overall, Thailand is considered a safe country to live in, provided standard precautions are followed.

Montenegro: Montenegro offers a relaxed lifestyle with a moderate climate. The standard of living here is gradually improving and the country is seeking integration into the European Union, which could have a positive impact on economic stability. Security in the country is at a high level, with a low crime rate, making it attractive to families and retirees.

Climate and ecology

Thailand: Tropical climate with high humidity and temperature all year round. The rainy season lasts from May to October, which can affect the comfort of accommodation and tourist attraction during this period.

Montenegro: Mediterranean climate on the coast with warm summers and mild winters. Inland areas are characterized by a continental climate with colder winters. The ecological situation in the country is favorable, with clean air and plenty of greenery.

Political and economic stability

Thailand: Thailand's economy is showing steady growth, largely due to tourism and exports. However, the political situation can be unstable, with periodic changes in government.

Montenegro: The country is on its way to EU accession, which contributes to political and economic stability. Investments in infrastructure and tourism contribute to economic growth, making the real estate market more attractive to foreign investors.

Nuances when buying a home in Thailand

Buying real estate in Thailand for foreigners has its own peculiarities, which it is important to take into account before the transaction.

Restrictions for foreigners

Foreign nationals may acquire full ownership (freehold) only apartments in condominiums, provided that the share of foreign ownership in the building does not exceed 49% of the total floor area. The purchase of land plots directly is prohibited, but long-term leasing is possible (leasehold) or formalizing ownership through a company registered in Thailand where at least 51% shares are owned by Thai nationals.

Transaction processing procedure

The process of buying real estate involves several steps:

1. Object selection: Determine budget and purpose of purchase (investment, vacation, permanent residence).
2. Reservation: Making a deposit to secure a selected facility.
3. Sale and Purchase Agreement: Signing of the main agreement between the buyer and the seller.
4. Registration of ownership: Deeds from the Land Department of Thailand.

It is recommended to engage experienced lawyers and realtors to support the transaction to avoid possible risks and misunderstandings.

Taxes and fees

There are the following costs involved in buying real estate in Thailand:

• Registration fee: About 2% of the appraised value of the property.
• Property transfer tax: 1% of the appraised value.
• Stamp duty: 0.5% of the value if the property has been owned for more than 5 years; otherwise, a special business tax of 3.3% is charged.

Costs are usually shared between the buyer and seller by agreement, so it is important to discuss these points in advance.

Estimated real estate prices

The cost of housing in Thailand varies depending on the region and type of property. For example, a one-bedroom apartment in Phuket can cost from €80,000 and above, while a villa will cost a minimum of €300,000. In Bangkok, apartment prices start from . €100,000. It is important to keep in mind that prices can vary depending on market conditions and the specific characteristics of the property.

Nuances when buying a home in Montenegro

Buying real estate in Montenegro is attractive for foreigners due to the following factors unrestricted for the purchase of housing. However, to avoid pitfalls, it is important to consider the following nuances.

Transaction processing procedure

1. Object selection: Decide on your preferred region and type of property. For example, in Budva prices per square meter reach €1,838 and in Kotor - €2,025.
2. Sale and Purchase Agreement: After agreeing the terms with the seller, a preliminary contract is concluded with a deposit (usually 10% of the price).
3. Notarization: The final contract is signed before a notary, after which the ownership is registered in the cadastral registry.

Taxes and fees

• Property transfer tax: Compiles 3% of the appraised value of the object and paid for by the buyer.
• Notary services: The cost depends on the price of the property and can be as high as €500-€1,000.
• Registration fees: About. €200-€300 for amending the cadastre.

Residence permit (VNZh)

The purchase of real estate gives the right to obtain a residence permit in Montenegro. For this purpose it is necessary to:

• Apply for a D-type visa: Allows you to stay in the country for the duration of your residence permit.
• Apply for a residence permit: Provide proof of property ownership and proof of financial solvency.
• Renewal of residence permit: The status must be renewed annually, and through the 5 years continuous residence can be claimed for permanent residence.

Financial aspects

• Real estate value: In popular tourist areas such as Budva and Kotor, prices are higher than average. For example, two bedroom apartment in Budva could be worth about €350,000.
• Maintenance expenses: Utilities and property taxes are relatively low, but they vary depending on the size and location of the property.

Similarities and peculiarities of the real estate market in Thailand and Montenegro

Thailand

• Tourist attraction: Thailand attracts millions of tourists every year due to its picturesque beaches, rich culture and diverse cuisine. Some 35.5 million foreign tourists visited the country in 2024, contributing to a steady demand for rental properties.
• Infrastructure for living and recreation: Major cities such as Bangkok, Phuket and Chiang Mai offer developed infrastructure with modern shopping centers, restaurants and medical facilities. This makes them attractive for both short-term vacations and long-term stays.
• Opportunities for obtaining residence permit / permanent residence permit: Thailand has programs that allow foreigners to obtain long-term visas for certain investments in the country's economy, including real estate. However, obtaining Permanent Residence (PR) remains a complex process.

Montenegro

• Tourist attraction: Montenegro is famous for its Adriatic resorts such as Budva and Kotor, attracting tourists from all over the world. Its natural beauty and historical sights contribute to a steady demand for rental properties during the tourist season.
• Infrastructure for living and recreationMontenegro is actively developing its infrastructure, offering modern yacht marinas, hotels and entertainment complexes, which increases the comfort of living and recreation.
• Opportunities for obtaining residence permit / permanent residence permit: Investing in real estate in Montenegro can provide foreigners with the opportunity to obtain a residence permit and in some cases citizenship, making the country attractive to investors.

Estimated real estate prices

• Thailand: In popular tourist areas such as Phuket and Bangkok, apartment prices start from €100,000 for a studio of 33-35 sq.m. in modern residential complexes.
• Montenegro: In coastal towns such as Budva and Kotor, apartment prices range from €1,700 to €3,500 per sq.m.Depending on the proximity to the sea and the level of infrastructure.

Prospects for growth and development of resort real estate

When it comes to resort real estate investment, Thailand and Montenegro emerge as two bright destinations with unique prospects.

Thailand

In recent years, Thailand has confidently consolidated its position among the leaders in attracting foreign investment in real estate. Especially stand out regions such as Phuket, Pattaya and Bangkok, where there is a steady growth in demand for resort housing. According to Prian.ru, the Thai economy is showing steady growth, which has a positive impact on the real estate market.

It is interesting to note that there are several large projects scheduled for completion in Thailand in 2024, offering modern residential complexes with developed infrastructure. For example, The ONE complex offers studios starting from 26.8 sqm at prices starting from 4,111,000 THB (approx. €110 000).

Montenegro

Montenegro, with its picturesque landscapes and access to the Adriatic Sea, is becoming increasingly attractive to investors. Especially popular are the cities of Budva and Kotor, where real estate prices vary depending on proximity to the sea and the quality of the property. According to Tranio, the price of a three-bedroom house in these regions is about €300 000 - 400 000.

It is worth noting that Montenegro is actively developing its infrastructure and seeks to integrate into the European community, which creates additional advantages for investors. In addition, according to Lustica Bay, as of January 1, 2024, a new law came into force, allowing to significantly reduce tax expenses when buying real estate from a developer, which makes investments even more attractive.

Forecasts for the real estate market in Thailand and Montenegro

In recent years, the real estate markets of Thailand and Montenegro have shown remarkable changes, attracting the attention of investors from all over the world. Let's take a look at the key trends and forecasts for these countries.

Thailand

Thailand has seen a steady increase in demand for real estate, especially in major cities and tourist areas. Investors from Myanmar are actively purchasing Thai condominiums, which contributes to the revitalization of the market. The average cost of a condo in Bangkok is approx. €150,000In popular resort areas, such as Phuket, prices can be as high as $30,000. €200,000 and above. Real estate prices are expected to gradually increase in the coming years, supported by stable demand and infrastructure development.

Montenegro

Montenegro continues to attract investors due to its commitment to European Union integration and picturesque coastal areas. In cities such as Budva and Kotor, real estate prices are steadily rising. The average cost of housing in Montenegro is approx. €2,100 per square meterBut in prestigious areas, such as Sveti Stefan, the prices can reach €3,000-6,000 per square meter. As the country moves closer to EU membership, interest in real estate is expected to intensify, leading to further price increases.

General trends

Both countries demonstrate positive dynamics in the real estate markets due to internal and external factors. In Thailand, growth is supported by a stable tourist flow and interest from foreign investors. In Montenegro, the key drivers are the prospects for EU accession and the attractiveness of the coastal regions. Investors are advised to take these trends into account when making real estate investment decisions in these countries.

Yield from short-term and long-term leases

When investing in real estate abroad, it is important to understand what kind of profitability can be obtained from renting out objects. Let's look at the specifics short-term and long-term lease in Thailand and Montenegro.

Thailand

Short-term rentals in Thailand, especially in popular tourist destinations such as Phuket, can bring the yield up to 14% p.a. after taxes and expenses. This is due to high demand from tourists, especially in the high season.

Long-term lease in Thailand is also attractive. For example, renting an apartment in Bangkok can bring in a steady income, given the constant demand from locals and expats.

It's important to notethat the yield depends on locations of the facility, its states and proximity to infrastructure.

Montenegro

In Montenegro, rental yields are somewhat lower, but still remain attractive to investors. Short-term rentals in resort areas can bring 5-7% p.a.while long-term lease provides a stable income all year round, especially in cities with developed infrastructure.

Seasonality plays a significant role in rental yields in Montenegro. High season lasts from May to October, when the demand for rentals increases and prices could be higher. В low season demand decreases, which may affect overall profitability.

Recommended scrutinize local markettake into account seasonal variations and select sites in neighborhoods with developed infrastructure to ensure a steady income.

Economy and Life

Standard of living in Thailand

Thailand attracts many people because of its warm climate, rich culture and affordable cost of living. However, there are some peculiarities to consider:

• Average salary in the country is about 9-12 thousand baht per month, which is equivalent to about €250-€330.
• Public utilities for an 85 m² apartment cost on average approx. €50-€60 per month.
• Foodstuffs are available at prices lower than European prices. For example, a lunch in an inexpensive restaurant costs about €1,50-€3and a liter of milk is about €1,20.
• Transportation costs The cost of a monthly bus pass is also low: a monthly pass will cost €30and a gallon of gasoline is about €1,10.

Standard of living in Montenegro

Montenegro offers European quality of life relatively low costs:

• Average salary is about €500 per month.
• Rental housing varies from region to region. For example, a studio on the coast of Bara will cost approx. €270-€350 per month.
• Public utilities for an 85 m² apartment cost approx. €100 per month.
• Foodstuffs have moderate prices. For example, a liter of milk costs about €1,10a loaf of bread-- €0,70and lunch at an inexpensive restaurant-- €6-€10.
• Transportation costs are also available: a monthly travel ticket costs approx. €25and a gallon of gasoline is about €1,30.

Education and medicine

When choosing between Thailand and Montenegro for real estate investment, it is important to consider quality of education and level of medical care in these countries. Let us look at these aspects in detail.

Education

Thailand

In Thailand, the education system includes preschool, school and higher education. Preschools are fee-based and the cost varies depending on the level of the institution, averaging around approx. 6,000 baht per month.

Public schools provide free education, but are available mainly to Thai nationals. Foreign families are more likely to choose private or international schools where instruction is in English. The cost of education in such schools can be as high as 80,000 baht per year.

Higher education in Thailand is highly valued. For example, Asian University of Technology is one of the top 400 universities in the world. To enroll, international students need to speak English and have a high school diploma. Bachelor's studies last 3-4 years, and the cost depends on the selected university and specialty.

Montenegro

Montenegro's education system includes compulsory nine-year education, after which students may continue their studies in gymnasiums or vocational schools. Education in public schools is free and available to all residents, including foreigners with a residence permit.

Higher education is represented by universities and colleges. Studying in public universities is free of charge for Montenegrin citizens, but foreign students pay tuition fees. The cost of education for foreigners varies depending on the specialty and institution, with an average of 1,500-3,000 euros per year.

Medicine

Thailand

Thailand's health care system is considered one of the best in the world. It includes both public and private medical facilities. Public hospitals provide medical services at affordable prices, but they can be very busy. Private clinics offer a higher level of service, but the cost is also higher. For example, a doctor's consultation at a private clinic can cost from 20 to 50 eurosand a day stay in a hospital is about 150-200 euros.

Thailand is also known as a medical tourism center due to its high quality medical services and relatively low prices compared to Western countries.

Montenegro

Montenegro's medical system includes public and private institutions. Public hospitals provide free medical services for citizens and residents with compulsory health insurance. However, the quality of care may be lower compared to private clinics, and sometimes patients face shortages of equipment or medicines.

Private clinics offer a higher level of care, but they also cost more. For example, a consultation with a specialist at a private clinic may cost about 30-50 eurosand simple medical procedures from 50 euros and up.

It is important to note that for serious medical services, some residents prefer to go to neighboring countries, such as Serbia, where the level of medical care may be higher.

The following points are worth considering when choosing between Thailand and Montenegro:

• Education: In Thailand, foreigners will have to pay tuition fees for private or international schools, while in Montenegro public schools are free and available to all residents.
• Medicine: Thailand offers high quality medical services, especially in private clinics, making it attractive for medical tourism. In Montenegro, public medicine is free, but the quality of care may be lower, prompting some residents to go to private clinics or abroad.

These factors can significantly influence the decision of investors and potential residents when choosing a country to buy real estate and live in.

Roads and transportation infrastructure

When it comes to roads and transportation in Thailand and Montenegro, the difference becomes obvious. Let us understand how things are on the ground and what nuances you should take into account if you are planning to invest in real estate abroad.

Thailand: Exotic and dynamic

Thailand has a fairly well-developed transportation infrastructure, especially in major cities like Bangkok. Public transportation here is represented by buses, subways and even river ferries. In Bangkok, for example, you can easily travel on the subway, which costs approx. 1-2 euros per trip. It's convenient and fast, especially if you want to avoid traffic jams.

Taxi and tuk-tuks - is a whole other story. They are everywhere, and the cost of a cab ride starts from 2 eurosIt is always worth negotiating the price in advance. Renting a car will cost about 30-50 euros a daywhich can be advantageous if you plan to explore the surrounding area.

Montenegro: European stability

Montenegro, on the other hand, offers a more relaxed and measured rhythm. It does not have the same variety of public transportation as Thailand, but it does offer roads in good condition and the traffic is much less heavy. Renting a car is a popular choice among tourists and costs approx. 25-40 euros a day. This allows you to explore the country's scenic landscapes in comfort.

Public transportation is mainly represented by buses that connect the main cities and resorts. The cost of a ticket is approx. 1-3 euros. However, if you plan to travel frequently between cities, renting a car may be a more convenient option.

Ease of movement

In Thailand, despite the developed infrastructure, plugs can be a real headache, especially during rush hours. In Montenegro, there are no such problems and you can enjoy a relaxing ride on scenic roads.

If you plan to travel frequently outside the country, it is worth considering that it is easy to reach other Asian countries from Thailand thanks to numerous flights. Montenegro, on the other hand, offers convenient routes to Europe, which makes it attractive for those who fly frequently for business or leisure.

In summary, the choice between Thailand and Montenegro in terms of transportation depends on your preferences and lifestyle. If you like dynamics and exoticism, Thailand is your choice. For those who prefer peace and stability, Montenegro is a great option.

Legal and tax specifics

When it comes to real estate purchases abroadThe legal and tax aspects play a key role. Let's look at what you need to know if you are considering real estate investments in Thailand or Montenegro.

Thailand: Exotic Challenges

In Thailand, foreigners cannot own land but can purchase condominium units. Legislation requires a minimum of 51% of the building to be owned by Thai nationals. This means you need to be careful when choosing a property. Transaction formalization can take some time, and it is important to have a trusted lawyer to help with the documentation.

Property taxes in Thailand include transfer taxwhich is about 2% from the cost. There's also annual property taxwhich varies depending on the type of property and its value, but generally does not exceed the following 0.3%.

Montenegro: European simplicity

In Montenegro, things are much simpler. Foreigners can freely purchase real estate, except for agricultural land. The purchase process is more transparent, and you will not need complex manipulations with documents. However, as elsewhere, legal advice would not be out of place.

Property taxes in Montenegro include transfer taxwhich is 3% from the cost. The annual property tax here also depends on the location and type of property, but generally ranges from 0.1-1%.

Legal aspects of ownership

In Thailand, if you plan on renting out your property, it is important to note that special permits will be required and the process can be bureaucratic. In Montenegro, there are no such complications and you can rent out your property without additional permits.

So, if you're looking for simplicity and transparencyMontenegro may be a more attractive option. However, if you are attracted by exoticism and dynamics, Thailand also has its advantages. In any case, it is important to carefully consider all legal and tax nuances before making a decision.

What to choose for an investor: Thailand vs. Montenegro?

When it comes to choosing between investments in Thailand or MontenegroIt is important to consider many factors. Each of these markets offers its own unique opportunities and challenges, so let's explore what may be most beneficial to you.

Thailand: Exotic and profitable

Thailand is not only a paradise for tourists, but also a promising place for investment. Real estate in Thailand is attracted by its rental yields, especially in popular tourist areas such as Phuket and Pattaya. Average rental yields here can reach up to 6-8% p.a.which makes it attractive to those looking for passive income.

However, it is worth keeping in mind legal restrictions. Foreigners are allowed to own apartments in condominiums, but not land. This may limit your options if you are planning a large investment in land or construction.

Montenegro: European stability

Montenegro, on the other hand, offers a more stable and predictable environment for investment. Real estate in Montenegro is available to foreigners without restrictions, making the purchase process simpler and more transparent. This is especially important for those who value legal simplicity.

Rental yields in Montenegro are slightly lower than in Thailand, at about 4-6% p.a.. However, the stability of the European market and the possibility of obtaining a residence permit through investment make it attractive to long-term investors.

Recommendations for different types of investors

1. Families and pensioners: Montenegro could be more suitable due to its stability, excellent ecology and quality of life.
2. Businessmen and active investors: Thailand offers higher yields and a dynamic market, which may be of interest to those who are ready for challenges and risks.

In the end, the choice between Thailand and Montenegro depends on your personal priorities and investment strategy. If you are looking for high returns and are prepared for more complex legal aspects, Thailand may be your choice. If you prefer stability and simplicity, Montenegro offers excellent long-term investment opportunities.