Investment property: 4 apartments — Ulcinj, Montenegro
A rare opportunity to purchase an entire four—apartment building on a hillside in Ulcinj, the southernmost coastal city of Montenegro, on the Adriatic. Built in 2014 and presented in almost new condition, this turnkey property is designed for immediate rental income or flexible use as a family vacation home with separate guest accommodation.
The facility is located on a quiet but central hillside in Ulcinj, the southernmost city on the Adriatic coast of Montenegro, home to about 10,000 people.
The main shopping arcade is within walking distance.
Ulcinj City Beach (Mala Plaza) is a 10-minute walk away.
The historic Old Town (Stari Grad) is a 15-minute walk away.
Velika Plaza Beach (12 km of sandy beach) is a short ferry ride from the city beach.
Podgorica International Airport ~78 km / 90 min by car
Tivat International Airport ~85 km / less than 2 hours
Tirana International Airport ~95 km (alternative for budget flights)
Montenegro is currently a candidate for membership in the European Union and uses the euro as its official currency.
Foreign buyers can purchase real estate on the same terms as local residents, and buying real estate gives the owner the right to obtain a residence permit in Montenegro. The country combines a Mediterranean climate, low cost of living and an annual property tax of 0.25–1% with a fast-growing tourism sector that supports high demand for short-term rentals.
The four apartments include:
Apartment A, about 50 m2 – 2-room apartment, fully furnished, ready for rent;
Apartment B, about 40 m2 - 2-room apartment with sea view
Apartment C, about 40 m2 -2-room apartment with sea view
Apartment D, about 29 m2 - studio apartment, open plan living room/bedroom
Floor-to-ceiling windows fill every interior with natural light and frame panoramic views of the roofs of Ulcinj. The apartments on the upper floors offer direct views of the Adriatic Sea. Each apartment has access to a private terrace with access to the garden, an ideal place for al fresco dining during the long Mediterranean season in Ulcinj (usually from May to October).
Three of the four bathrooms are flooded with natural light, and each room has space for a washing machine — an important detail for short-term rental operators.
The building, designed as a modern residential complex on a hillside, makes the most of its advantageous position, providing light, privacy and panoramic views for each of the four apartments. The architectural visualizations below illustrate the building's clean, modern lines, flat roof, and spacious outdoor terraces and gardens.
Each apartment has its own private terrace with a small garden, which is a distinctive feature of the property.
The hillside location means that even ground-floor apartments have open views rather than enclosed courtyards.
The terraces are located on the southeast and northwest sides, providing both morning sun and a shady place to relax after lunch.
Due to its hillside location, each apartment offers views of Ulcinj and the Adriatic Sea. Floor-to-ceiling sliding windows allow you to enjoy the panorama from the living rooms and bedrooms. The apartments on the upper floors have unobstructed sea views.
The open living areas combine a relaxation area, a dining area and an equipped kitchen in bright rooms with tiled floors.
Each apartment has its own equipped kitchen. The layout varies depending on the apartment — one is sold fully furnished and ready for use, while the others represent a clean base that can be decorated or updated to your liking.
The bedrooms are equipped with the same floor-to-ceiling windows with electric shutters as the living rooms.
The large bedroom in each two-room apartment has direct access to the terrace and offers panoramic views of the complex.
Each apartment has a private bathroom with a shower and a washing machine connection. Three of the four bathrooms have natural light through the window.
The two-room apartments include a hallway with built-in wardrobes separating the private and living areas.
Floor layout:
Upper floor — Two one-bedroom apartments
Ground floor — Large apartment + studio
A typical apartment layout is shown in the photos on our website.
Construction: Solid brickwork
Roof: Flat roof
Windows: PVC floor-to-ceiling with electric shutters
Heating: Electric
Floor covering: Tiles throughout the apartment
Kitchens: Built-in kitchens in each apartment
Bathrooms: Shower cabin and washing machine connection in each bathroom
Furnishing: One apartment is fully furnished for rent
Orientation: Southeast and Northwest
Energy source: Electricity
The asking price is 1,450 euros per m2, which is significantly lower than the current average price in the Ulcinj market, which is approximately 1,763 euros per m2 (according to published market data). This combination of low price, four self-contained income apartments and an almost new turnkey condition makes the building suitable for several
different buyer strategies.
- Purchase the entire building and manage four apartments for short-term rentals;
- Use a large apartment as the main vacation home, and the rest as guest housing, staff quarters, or a combination of personal use and rental income.
- Purchase of apartments separately (each sold separately) to diversify the portfolio
A buyer moving to another country: combining personal residence with rental income from the remaining apartments is ideal for those who obtain a residence permit in Montenegro through real estate.