Following a sharp year-on-year increase in 2006, the value of construction works in Montenegro fell by 3.24% on the year to EUR 197.639 mln in 2007. The construction sector accounted for 7.78% of the country’s GDP in 2007.
The residential construction in Montenegro registered an average annual growth of 15% between 2000 and 2007. The capital Podgorica accounted for the largest part of residential development in the country. The bulk of the projects featured small-sized apartments for the middle-income group. Smaller local construction companies are the predominant investors in such projects.