Budva Real Estate 2026: Old Town, Bečići and Rafailovići — Prices and Investor's Guide

Budva has for years been synonymous with Adriatic real estate investment. According to DreamEstate's market overview for Budva, the average apartment price in the city stands at 2,520 €/m², but this figure does not tell the whole story — premium locations such as Rafailovići and the Old Town significantly exceed this average.

Foreign investors have recognised the potential of the Budva market. According to data from the Central Bank of Montenegro, in the first eight months of 2025 foreign investors poured 308.86 million euros into Montenegrin real estate, representing a growth of 8.4% compared to the previous period. Serbian buyers lead as the top foreign investors, followed by Germans, Turks and Russians.

Budva's Old Town represents a unique category of real estate on the Montenegrin coast. Enclosed by Venetian walls, with narrow cobblestone streets and direct views of the sea and marina, this location offers something that cannot be replicated — authenticity and historical value.

According to active listings on Montenegrin property portals, prices in the Old Town vary enormously depending on location and property type. A one-bedroom apartment of 48 m² in the very heart of the fortress can cost up to 400,000 €, equating to more than 8,300 €/m². A two-bedroom apartment of 96 m² on the Boulevard is listed at 247,000 €, while a renovated house of 120 m² with a patio courtyard reaches a price of 450,000 €. A three-bedroom apartment of 86 m² with direct sea and marina views on the third floor is offered at 400,000 €.

Bečići has become synonymous with investment property on the Budva Riviera. According to an analysis of 759 active listings on the Estitor.me portal (updated March 2026), the average apartment price in Bečići stands at 3,329 €/m², with a steady annual growth rate of 10.3% over the past three years. This places Bečići among the fastest-growing locations in all of Montenegro.

The beach at Bečići stretches 1,950 metres and is one of the most beautiful on the entire Adriatic — in 1935 it was awarded the Grand Prix in Paris for the most beautiful beach in Europe. This distinction continues to attract tourists and investors alike. A listing for an apartment in Bečići remains on the market for an average of 45–60 days, reflecting the high liquidity of this zone.

Concrete examples from current listings: a one-bedroom apartment of 51 m² just 100 metres from the sea is listed at around 170,000 €, a luxury three-bedroom apartment of 107 m² in a new development 300 metres from the sea is available at premium prices, while a penthouse of 236 m² in the Belvedere Residence complex represents the pinnacle of luxury offerings in this zone.

Rafailovići has become one of the most prestigious and sought-after locations on the entire Montenegrin coast. According to data from the Estitor.me portal (updated 21 April 2026), the average apartment price in Rafailovići stands at 4,270 €/m², and for two-bedroom apartments the average rises to as much as 4,669 €/m². The average monthly rental price for a two-bedroom apartment is 1,764 €, confirming the exceptional attractiveness of this location for rental purposes.

The zone is characterised by seafront apartments, modern buildings constructed mostly after 2015, and direct access to the promenade. Typical offerings include a luxury two-bedroom apartment of 89 m² on the seafront, an exclusive penthouse of 120 m² on the 7th floor with panoramic views, and a three-bedroom duplex of 145 m² in a modern residential complex.

Rafailovići is the ideal location for investors seeking a combination of capital growth and short-term rental income. Browse current properties for sale in Budva and filter by location for the latest listings.

Dukley Gardens remains the absolute benchmark of luxury living on the Budva Riviera. Situated on the Zavala peninsula, this gated complex offers three private beaches, 24/7 security, concierge service, seven restaurants and bars, and direct sea access. According to the official Dukley website, properties in this complex offer up to 8% guaranteed yield alongside long-term value appreciation.

Prices at Dukley Gardens reflect its premium status: a two-bedroom apartment of 108 m² is listed at 950,000 €, while a unique penthouse of 508 m² reaches a price of 2,200,000 €. According to an analysis by the Prodajanekretnina.me portal, luxury units at Dukley Gardens record an annual yield of 4% to 8%, with value growth of 10–15% over the past three years.

Belvedere Residence in Bečići offers premium apartments and penthouses with panoramic sea views, while the Old Bakery complex in Budva city centre represents a modern new development featuring two-bedroom apartments of 67 m² priced at 229,000 €.

Budva is one of the rare locations in the region where short-term rentals can be turned into a serious source of income. According to data from the DreamEstate knowledge base, apartments in Budva and Kotor achieve prices of 80 to 250 € per night in summer, with an annual yield of 6 to 10%.

Concrete data from current listings confirms this picture: the average monthly rental price for an apartment in Bečići is 996 €, while the same figure for two-bedroom apartments in Rafailovići reaches 1,764 €. For long-term rentals, a one-bedroom apartment in Budva city centre achieves 550–850 € per month, and a two-bedroom apartment in Rozino or Bečići fetches 700–1,200 € per month depending on the season and furnishings.

The estimated annual gross yield (ROI) for apartments in Bečići and Rafailovići is approximately 5.4%, excluding property value appreciation. When capital growth of 10% per year is added, the total return for an investor can be exceptionally attractive compared to alternative investments.

Foreigners may freely purchase and own property in Montenegro without any restrictions — transactions are certified by a notary and registered with the Real Estate Administration (cadastre). Due diligence includes verification of ownership, property sheet status and building permits. The entire process from signing the preliminary agreement to registration typically takes 2–4 weeks.

An important note for investors: property ownership in Montenegro facilitates obtaining a residence permit. Under Montenegrin regulations, property owners may apply for temporary residence, and an investment of a minimum of 150,000 € can serve as the basis for a residency programme.

According to an analysis by the Investropa portal based on official MONSTAT data and Central Bank of Montenegro reports, property prices in Montenegro are expected to grow by 6 to 10% in 2026. More conservative scenarios project 4% growth, while optimistic ones forecast up to 14%, depending on the tourist season and foreign buyer activity.

The key factors supporting price growth in Budva are:

• ▸ Limited supply of coastal building land — the number of building permits issued fell by more than 30% in 2024
• ▸ Growing foreign demand — foreign investors invested 308.86 million € in Montenegrin real estate in the first 8 months of 2025
• ▸ EU integration — Montenegro's EU accession process is boosting investor confidence
• ▸ Infrastructure projects — the Bar-Boljare motorway and airport improvements are enhancing accessibility
• ▸ High-end tourism is growing — 5-star hotels and luxury resorts are recording high occupancy rates

The Central Bank of Montenegro cautions about cyclical overvaluation of properties in certain premium coastal zones, meaning buyers should carefully select their location and avoid paying peak prices without a clear investment strategy.