Veselin Dragaš, Vice President of the Association of Real Estate Agencies of Montenegro (UANCG);
Zlatko Vučinović, Country Director – Montenegro, Sea Realtor Agency
Stability, clear regulations, and partnership between the state and investors – the foundation of a sustainable real estate market
The Montenegrin real estate market has never been more dynamic – prices are rising, demand is shifting, and investors are increasingly seeking security and transparency. In this complex environment, trust is key – between buyers, agents, investors, and the state. This is precisely why the Association of Real Estate Agencies of Montenegro (UANCG) was established – to introduce order, professional standards, and clearly defined rules of the game. From initiating the adoption of the Law on Mediation in Real Estate Transactions and Leasing to the continuous education of agents and promotion of ethical business practices, UANCG today represents a pillar of market professionalization. We spoke with Veselin Dragaš, President of UANCG, about how a safer and more transparent real estate market is being built. On the investment side, Zlatko Vučinović, Director of Sea Realtor Montenegro, explained how Montenegro can become a reliable partner for investors and why now is the right time to invest in real estate.
How was the Association of Real Estate Agencies of Montenegro established, and what are its main goals? Who are its members, and what connects them?
Veselin Dragaš: The Association of Real Estate Agencies of Montenegro (UANCG) was created out of the need to unite agencies that operate professionally in the real estate sector. Our primary goal is to strengthen trust, transparency, and professionalism in the market. By establishing the association, we aim to set high business standards and contribute to creating a healthy, safe, and sustainable real estate Clearly, members gain valuable benefits through the Association. What are these benefits? Veselin Dragaš: Membership provides numerous benefits: legal and professional support, networking with colleagues in the field, faster and more efficient exchange of supply and demand, and opportunities for continuous professional development. Members also commit to adhering to a code of ethics, which guarantees clients professional and secure service. Membership in UANCG is now a recognized mark of quality. market in Montenegro. Our members are legal entities – agencies that meet the legal requirements for conducting mediation in real estate transactions and leasing. They are united by a shared vision: to provide top-quality service to every client – whether buying, selling, or renting a property – with maximum expertise, integrity, and transparency.
Could you tell us more about the association’s mission and current activities?
Veselin Dragaš: The Association has played a pivotal role in shaping Montenegro’s real estate legislation, most notably by helping pass a long-awaited law that regulates property transactions and rentals. This brought structure to a previously chaotic sector and ensured the state could recover significant lost revenue. It’s rare for an association to be a direct partner to the government in drafting such impactful legislation, and this collaboration reflects both the Association’s credibility and the government’s recognition of the need to regulate a vital economic field. Following the law’s adoption, UANCG has remained actively engaged in advancing the real estate market. We were the initiators and key contributors to the Law on Mediation in Real Estate Transactions and Leasing, investing substantial resources to ensure its implementation. This law sets clear responsibilities for agencies and clients, regulates commissions, and protects consumers from unethical practices. It marks a major step toward transparency, professionalism, and trust in the sector. Once fully implemented, the law will benefit all stakeholders: the state gains oversight and revenue, clients enjoy greater protection, and agents receive training and licensing that elevate service quality. Beyond legislation, the Association continues to support the sector through professional development, legal assistance, and knowledge sharing among members. We promote ethical standards and best practices, drawing on close partnerships with EU member states to align Montenegro’s real estate framework with the highest European benchmarks.
Clearly, members gain valuable benefits through the Association. What are these benefits?
Veselin Dragaš: Membership provides numerous benefits: legal and professional support, networking with colleagues in the field, faster and more efficient exchange of supply and demand, and opportunities for continuous professional development. Members also commit to adhering to a code of ethics, which guarantees clients professional and secure service. Membership in UANCG is now a recognized mark of quality.
Does the Association actively cooperate with regional associations?
Veselin Dragaš: Yes, collaboration with regional associations is very important to us. We regularly participate in regional conferences, exchange experiences and best practices, building a wider network of cooperation and improving business standards across the region. We are on the path to becoming part of the European association CEPI.
D&C: How does the Association cooperate with state institutions?
Veselin Dragaš: Cooperation with state authorities is a key component of our work. We participate in drafting and adopting regulations, especially those related to mediation in real estate transactions and leasing. We also actively combat the grey economy in the sector and advocate for fair and legal operations for all market participants.
What challenges do agencies face in their operations?
Veselin Dragaš: Agencies face several persistent challenges. The lack of legal regulation in real estate mediation has allowed many individuals and companies to operate outside the law, undermining trust and harming clients, the state, and the profession. Although recent legislation has begun to address this, the legacy of informal practices remains a burden.
Another major issue involves banking procedures under anti money laundering laws. Montenegrin banks often conduct lengthy checks on the origin of funds even when those funds come from verified EU sources. This delays transactions, creates stress for buyers, and discourages investment. While agencies comply with these regulations and have licensed personnel in place, we advocate for more efficient implementation to avoid unnecessary barriers.
The recent ban on selling or leasing unlegalized properties estimated at over 100,000 has further complicated the market. It restricts owners, reduces state revenue, and slows activity for notaries and agencies. Many citizens have long sought legalization, but systemic inefficiencies have delayed the process. Montenegro could benefit from adopting more flexible models used in neighboring countries, which resolve such issues without infringing on property rights.
During the drafting of the Law, media headlines suggested that real estate could only be sold through agencies.
Veselin Dragaš: After the public consultation report on the draft law, there was a misunderstanding of one comment by journalists and the public. Owners will, as before, be able to sell their properties independently or use agencies if they wish. Regulations are becoming more complex, and more buyers rely on the expertise of agencies, so our recommendation is for them to engage professional agencies to guide them through transactions. Otherwise, buyers and sellers do not contribute to the efforts to regulate real estate properly.
How do you see the future of the real estate market in Montenegro and the role of UANCG?
Veselin Dragaš: The market will continue to professionalize, with greater client trust and security. Our task is to remain a driver of positive change – through education, strengthening ethical standards, and active participation in legislative development. By uniting forces, we make the market better for both agencies and clients. Alongside these activities, pioneers are introducing other strategic systems for market improvement, using best practices from the most developed countries. Our interlocutor on these topics is Zlatko Vučinović, Country Director – Montenegro, Sea Realtor.
Investors seek states that are partners, not just investment destinations. What should be the priorities of the state in creating a friendly climate for investors in Montenegro?
Zlatko Vučinović: Yes, this is one of the key issues for our industry in Montenegro, from which the country earns significant revenue. Montenegro must offer predictability, stability, and transparency. Investors want clearly defined rules and an environment where they can plan long-term activities. This means minimizing ad hoc regulatory changes, speeding up administrative procedures, and ensuring clear institutional responsibility. Digitalization of public administration is also crucial, as an efficient and modern system signals that the state takes investors seriously. Coordination between local governments, national agencies, and ministries must be strengthened to avoid responsibility-shifting and allow fast solutions. Montenegro has exceptional natural and human resources, but to leverage them, trust must be established. Investors seek partner states, not just investment destinations.
Our focus is on selling real estate from the most reliable developers, ensuring investors acquire not only property but a luxury lifestyle. Regarding reliable business operations and rapid ROI, we offer investment projects with all formalities and permits completed, whether in construction or sustainable energy sources.
The economic citizenship program ended in late 2022 due to EU pressure. Could a similar model return in the future?
Zlatko Vučinović: Absolutely, but under different conditions and with clear developmental goals. A new model could be tied to investments that provide long-term benefits, such as local employment, renewable energy, green technologies, and agriculture. Citizenship through investment can make sense if it contributes to sustainable development, job creation, and new societal value. However, since October 2025, no EU country has a “golden passport” program, reducing the likelihood that Montenegro would reintroduce it. Even without economic citizenship, Montenegro can grant honorary citizenship to individuals whose acceptance is of special importance to the country’s state, scientific, economic, cultural, or sports interests. The government, upon recommendation of high officials including the Prime Minister, decides this. Montenegro could leverage this more actively under strict criteria benefiting society.
Sea Realtor partners with foreign companies offering comprehensive consulting in real estate and finance. Can you elaborate?
Zlatko Vučinović: From the beginning, we focused on providing complete services. We have learned much from our Austrian partners. The idea is to offer investors a comprehensive service from their first visit to Montenegro through investment and daily support. Through our partnerships with leading financial, legal, and urban planning specialists, we create a friendly environment for foreign investors. Companies already established in Montenegro are introducing new financing models, Austrian expertise, and capital, providing consulting on investments, loans, funds, insurance, and grants. The UCITS fund, the only one on the Montenegrin market, invests in 130 leading global companies, ensuring security and transparency for small investors. Financial consulting, insurance products, and support services offered are unique in Montenegro, often even cheaper than in Austria.
Sea Realtor is not only active in Montenegro?
Zlatko Vučinović: Correct. We collaborate internationally, mostly with Austrian partners, banks, investment funds, construction companies, real estate agencies, and audit firms. We assist investors not only in Montenegro but also in Austria. Our network also helps co-invest in stalled projects, refinancing, and restructuring underperforming investments.