Revenue
229.77m€4.8× since 2015
1.3% of Montenegro's revenue
Real estate
1,642 companies earned 229.77m€ in 2025, 1.3% of all company revenue in Montenegro. It ranks 12 of 18 sectors by revenue. Revenue has grown 4.8× since 2015.
Nationwide · 2025
Year
Overview
Companies
1,642+1,053 since 2015
1,221 with at most one employee
Employees
3,1352.8× since 2015
Largest employer: Javno Preduzeće za Upravljanje Morskim Dobrom Crne Gore (240)
Profit margin
4.3%1.8 pts below average
Total profit: 9.88m€
This sector 4.3%Montenegro: 6.1%
Payroll cost/emp./mo*
1,235€1% below average
Average per employee, not per company
This sector 1,235€Montenegro: 1,242€
Revenue and companies since 2015
FinalPreliminary
Revenue in € million (bars) and filing companies (below), 2015–2025
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 47,981,640€ | 589 |
| 2016 | 56,737,606€ | 589 |
| 2017 | 69,589,820€ | 642 |
| 2018 | 60,030,655€ | 759 |
| 2019 | 62,816,032€ | 885 |
| 2020 | 62,442,623€ | 943 |
| 2021 | 96,671,654€ | 1,060 |
| 2022 | 184,811,376€ | 1,327 |
| 2023 | 193,544,494€ | 1,508 |
| 2024 | 193,806,032€ | 1,631 |
| 2025 (Preliminary) | 229,773,419€ | 1,642 |
The number of companies jumped most in 2022: from 1,060 to 1,327.
What changed in 2025
Growth is measured on the same companies, which filed for both years.
- Revenue, same companies (1,492)
- 191.04m€ → 201.90m€
- Employees, same companies
- 2,633 → 2,755
- Payroll cost per employee, same companies
- 1,108€ → 1,219€
- Filed for 2025, not for 2024
- 150 companies · 27.88m€
- Filed for 2024, not for 2025
- 139 companies, 2.77m€ in 2024
Activities in this sector
- Companies
- 579
- Employees
- 1,203
- Revenue
- 137,888,393€
- Companies
- 131
- Employees
- 589
- Revenue
- 42,080,671€
- Companies
- 333
- Employees
- 414
- Revenue
- 26,811,206€
8.8%
- Companies
- 592
- Employees
- 904
- Revenue
- 20,258,269€
1.2%
- Companies
- 7
- Employees
- 25
- Revenue
- 2,734,880€
Total
- Companies
- 1,642
- Employees
- 3,135
- Revenue
- 229,773,419€
Where they are and who is growing
Revenue by municipality
Share of the sector's revenue
- Podgorica 66.33m€28.9%
- Herceg Novi 57.04m€24.8%
- Budva 50.18m€21.8%
- Tivat 25.08m€10.9%
- Kotor 7.24m€3.2%
- Bar 3.71m€1.6%
- Nikšić 1.41m€0.6%
- Other municipalities (12) 5.00m€2.2%
- No municipality in the registry 13.79m€6.0%
Fastest growing
Revenue change vs 2024, companies with at least 1m€ that year
- Mješovito1.13m€ → 1.68m€+48.3%
- Alpmont1.65m€ → 2.04m€+23.9%
- Gradient2.05m€ → 2.53m€+23.6%
- Tržni Centar Nikšić1.10m€ → 1.23m€+11.6%
- Big Mne1.14m€ → 1.21m€+6.4%
Largest employers
Employees and payroll cost per employee per month*
- 2401,943€
- 1501,945€
- 801,834€
- 741,075€
- 43957€
All companies (1,642)
Ranked by total revenue · Showing 1–50 of 1,642
- 1Azmont Investments02893126 · Herceg NoviRevenue share17.2%
- Revenue
- 39,574,821€
- Revenue change 2024→2025
- -22.9%
- Profit
- 7,520,630€
- Margin
- 19.0%
- Employees
- 17
- Payroll cost/emp./mo*
- 7,093€
- 2Javno Preduzeće za Upravljanje Morskim Dobrom Crne Gore02116146 · BudvaRevenue share11.6%
- Revenue
- 26,684,913€
- Revenue change 2024→2025
- No filing for 2024.
- Profit
- 3,706,858€
- Margin
- 13.9%
- Employees
- 240
- Payroll cost/emp./mo*
- 1,943€
- 3Limelight Center02436159Revenue share5.7%
- Revenue
- 13,041,384€
- Revenue change 2024→2025
- +3.2%
- Profit
- 3,535,484€
- Margin
- 27.1%
- Employees
- 1
- Payroll cost/emp./mo*
- 3,361€
- 4Capital Plaza02458691 · PodgoricaRevenue share3.5%
- Revenue
- 8,057,271€
- Revenue change 2024→2025
- +37.2%
- Profit
- 2,228,681€
- Margin
- 27.7%
- Employees
- 1
- Payroll cost/emp./mo*
- 4,460€
- 5Portonovi Resort Management Company03067637 · Herceg NoviRevenue share3.2%
- Revenue
- 7,244,660€
- Revenue change 2024→2025
- -0.4%
- Profit
- 858,374€
- Margin
- 11.8%
- Employees
- 150
- Payroll cost/emp./mo*
- 1,945€
- 6Amma Resort03304337 · PodgoricaRevenue share2.9%
- Revenue
- 6,644,165€
- Revenue change 2024→2025
- -42.5%
- Profit
- -194,327€
- Margin
- -2.9%
- Employees
- 1
- Payroll cost/emp./mo*
- 2,459€
- 7Capital Estate02437643 · PodgoricaRevenue share2.2%
- Revenue
- 5,154,407€
- Revenue change 2024→2025
- +7,408.3%
- Profit
- 3,510,289€
- Margin
- 68.1%
- Employees
- 8
- Payroll cost/emp./mo*
- 1,794€
- 8Verde Village03316670 · PodgoricaRevenue share2.1%
- Revenue
- 4,917,207€
- Revenue change 2024→2025
- -29.1%
- Profit
- -46,671€
- Margin
- -0.9%
- Employees
- 1
- Payroll cost/emp./mo*
- 465€
- 9A Servis02671417 · KotorRevenue share1.9%
- Revenue
- 4,431,468€
- Revenue change 2024→2025
- +54.0%
- Profit
- -14,135€
- Margin
- -0.3%
- Employees
- 1
- Payroll cost/emp./mo*
- 2,544€
- 10Stratex Management02978229 · BudvaRevenue share1.4%
- Revenue
- 3,250,538€
- Revenue change 2024→2025
- +5.5%
- Profit
- 259,717€
- Margin
- 8.0%
- Employees
- 80
- Payroll cost/emp./mo*
- 1,834€
- 11Mbi03676030 · PodgoricaRevenue share1.2%
- Revenue
- 2,810,840€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- 226,901€
- Margin
- 8.1%
- Employees
- 2
- Payroll cost/emp./mo*
- 14,480€
- 12Gradient03174603 · PodgoricaRevenue share1.1%
- Revenue
- 2,532,485€
- Revenue change 2024→2025
- +23.6%
- Profit
- 184,867€
- Margin
- 7.3%
- Employees
- 10
- Payroll cost/emp./mo*
- 1,970€
- 13CG Investment02991837 · TivatRevenue share1.1%
- Revenue
- 2,439,090€
- Revenue change 2024→2025
- -28.7%
- Profit
- 1,902,215€
- Margin
- 78.0%
- Employees
- 1
- Payroll cost/emp./mo*
- 2,571€
- 14TCG Unique Properties03212769 · TivatRevenue share1.0%
- Revenue
- 2,316,424€
- Revenue change 2024→2025
- +16,990.3%
- Profit
- 620,116€
- Margin
- 26.8%
- Employees
- 1
- Payroll cost/emp./mo*
- —
- 15V&V Investment Group02005344 · BudvaRevenue share0.9%
- Revenue
- 2,082,312€
- Revenue change 2024→2025
- +188.1%
- Profit
- 620,591€
- Margin
- 29.8%
- Employees
- 6
- Payroll cost/emp./mo*
- 3,782€
- 16Alpmont02016389 · Herceg NoviRevenue share0.9%
- Revenue
- 2,041,223€
- Revenue change 2024→2025
- +23.9%
- Profit
- 2,279€
- Margin
- 0.1%
- Employees
- 8
- Payroll cost/emp./mo*
- 2,716€
- 17Poslovno Logistički Centar Morača02026406 · PodgoricaRevenue share0.8%
- Revenue
- 1,833,987€
- Revenue change 2024→2025
- +2.8%
- Profit
- 789,131€
- Margin
- 43.0%
- Employees
- 14
- Payroll cost/emp./mo*
- 2,051€
- 18Vilamonte02431262 · PodgoricaRevenue share0.8%
- Revenue
- 1,800,264€
- Revenue change 2024→2025
- -30.8%
- Profit
- 65,971€
- Margin
- 3.7%
- Employees
- 22
- Payroll cost/emp./mo*
- 2,278€
- 19Keywork Estate03177335 · PodgoricaRevenue share0.8%
- Revenue
- 1,728,184€
- Revenue change 2024→2025
- +330.8%
- Profit
- 679,263€
- Margin
- 39.3%
- Employees
- 2
- Payroll cost/emp./mo*
- 2,275€
- 20Extra Retail Park03680177 · PodgoricaRevenue share0.7%
- Revenue
- 1,681,902€
- Revenue change 2024→2025
- +139.7%
- Profit
- 997,272€
- Margin
- 59.3%
- Employees
- 3
- Payroll cost/emp./mo*
- 1,377€
- 21Mješovito02008190 · Herceg NoviRevenue share0.7%
- Revenue
- 1,676,857€
- Revenue change 2024→2025
- +48.3%
- Profit
- 843,931€
- Margin
- 50.3%
- Employees
- 9
- Payroll cost/emp./mo*
- 2,286€
- 22A&A Design and Interior03394611 · TivatRevenue share0.7%
- Revenue
- 1,637,027€
- Revenue change 2024→2025
- +621.1%
- Profit
- -175,971€
- Margin
- -10.7%
- Employees
- 6
- Payroll cost/emp./mo*
- 674€
- 23Tri Palme02682753 · BarRevenue share0.7%
- Revenue
- 1,591,651€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- -499,613€
- Margin
- -31.4%
- Employees
- 1
- Payroll cost/emp./mo*
- 4,841€
- 24Premium Business Montenegro03554716 · PodgoricaRevenue share0.7%
- Revenue
- 1,519,687€
- Revenue change 2024→2025
- -29.2%
- Profit
- -75,871€
- Margin
- -5.0%
- Employees
- 7
- Payroll cost/emp./mo*
- 4,835€
- 25Montenegro Investment & Land Holdings02451247 · TivatRevenue share0.7%
- Revenue
- 1,505,565€
- Revenue change 2024→2025
- +75,278,150.0%
- Profit
- 295,009€
- Margin
- 19.6%
- Employees
- 1
- Payroll cost/emp./mo*
- 464€
- 26Montenegro-Express Group02029707 · BudvaRevenue share0.6%
- Revenue
- 1,448,758€
- Revenue change 2024→2025
- +282.9%
- Profit
- 96,416€
- Margin
- 6.7%
- Employees
- 4
- Payroll cost/emp./mo*
- 3,185€
- 27CMM02742187 · BudvaRevenue share0.6%
- Revenue
- 1,431,014€
- Revenue change 2024→2025
- -7.8%
- Profit
- 53,476€
- Margin
- 3.7%
- Employees
- 42
- Payroll cost/emp./mo*
- 1,259€
- 28Buil'd02850087 · BudvaRevenue share0.6%
- Revenue
- 1,427,041€
- Revenue change 2024→2025
- -10.7%
- Profit
- 234,122€
- Margin
- 16.4%
- Employees
- 7
- Payroll cost/emp./mo*
- 900€
- 29City Mall03442519 · PodgoricaRevenue share0.6%
- Revenue
- 1,384,766€
- Revenue change 2024→2025
- +28.2%
- Profit
- 95,061€
- Margin
- 6.9%
- Employees
- 1
- Payroll cost/emp./mo*
- —
- 30Ak Investments03520757 · PodgoricaRevenue share0.6%
- Revenue
- 1,346,733€
- Revenue change 2024→2025
- +348.9%
- Profit
- 271,920€
- Margin
- 20.2%
- Employees
- 1
- Payroll cost/emp./mo*
- 678€
- 31Naučno - Tehnološki Park Crne Gore03280896 · PodgoricaRevenue share0.6%
- Revenue
- 1,320,554€
- Revenue change 2024→2025
- +150.8%
- Profit
- 248,391€
- Margin
- 18.8%
- Employees
- 9
- Payroll cost/emp./mo*
- 3,544€
- 32Tržni Centar Nikšić03032604 · NikšićRevenue share0.5%
- Revenue
- 1,228,533€
- Revenue change 2024→2025
- +11.6%
- Profit
- 153,028€
- Margin
- 12.5%
- Employees
- 43
- Payroll cost/emp./mo*
- 957€
- 33Lazy03315533 · BudvaRevenue share0.5%
- Revenue
- 1,223,422€
- Revenue change 2024→2025
- -13.4%
- Profit
- 104,762€
- Margin
- 8.6%
- Employees
- 20
- Payroll cost/emp./mo*
- 1,449€
- 34Big Mne03288404 · PodgoricaRevenue share0.5%
- Revenue
- 1,213,039€
- Revenue change 2024→2025
- +6.4%
- Profit
- 52,679€
- Margin
- 4.3%
- Employees
- 10
- Payroll cost/emp./mo*
- 2,661€
- 35NLB Real Estate03031756 · PodgoricaRevenue share0.5%
- Revenue
- 1,209,515€
- Revenue change 2024→2025
- -40.9%
- Profit
- -239,139€
- Margin
- -19.8%
- Employees
- 5
- Payroll cost/emp./mo*
- 6,921€
- 36Skijališta Crne Gore03168816 · MojkovacRevenue share0.5%
- Revenue
- 1,108,394€
- Revenue change 2024→2025
- -5.4%
- Profit
- -493,886€
- Margin
- -44.6%
- Employees
- 74
- Payroll cost/emp./mo*
- 1,075€
- 37Metro Invest03094103 · PodgoricaRevenue share0.5%
- Revenue
- 1,061,703€
- Revenue change 2024→2025
- -28.7%
- Profit
- 72,205€
- Margin
- 6.8%
- Employees
- 2
- Payroll cost/emp./mo*
- 1,403€
- 38Confido Company03265846 · TivatRevenue share0.4%
- Revenue
- 1,020,000€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- 848,526€
- Margin
- 83.2%
- Employees
- 1
- Payroll cost/emp./mo*
- 1,243€
- 39Re Invest03222152 · TivatRevenue share0.4%
- Revenue
- 1,006,677€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- -2,859€
- Margin
- -0.3%
- Employees
- 1
- Payroll cost/emp./mo*
- 678€
- 40Rigger Real Estate Group03533522 · TivatRevenue share0.4%
- Revenue
- 982,883€
- Revenue change 2024→2025
- +140.9%
- Profit
- 24,142€
- Margin
- 2.5%
- Employees
- 1
- Payroll cost/emp./mo*
- 675€
- 41Capital Project02979837 · PodgoricaRevenue share0.4%
- Revenue
- 959,257€
- Revenue change 2024→2025
- +21.0%
- Profit
- 542,397€
- Margin
- 56.5%
- Employees
- 1
- Payroll cost/emp./mo*
- —
- 42Monte Investment Group LLC03249387 · TivatRevenue share0.4%
- Revenue
- 920,201€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- 131,459€
- Margin
- 14.3%
- Employees
- 1
- Payroll cost/emp./mo*
- 678€
- 43Olive Coast03292606 · Herceg NoviRevenue share0.4%
- Revenue
- 913,936€
- Revenue change 2024→2025
- +20.1%
- Profit
- 159,503€
- Margin
- 17.5%
- Employees
- 2
- Payroll cost/emp./mo*
- 25,805€
- 44Mont Way03151018 · PodgoricaRevenue share0.4%
- Revenue
- 868,482€
- Revenue change 2024→2025
- -3.7%
- Profit
- 48,475€
- Margin
- 5.6%
- Employees
- 22
- Payroll cost/emp./mo*
- 1,036€
- 45Wood Properties03678784 · TivatRevenue share0.3%
- Revenue
- 780,924€
- Revenue change 2024→2025
- +2,017.6%
- Profit
- 644,841€
- Margin
- 82.6%
- Employees
- 1
- Payroll cost/emp./mo*
- 740€
- 46C - Vračar02008408 · Herceg NoviRevenue share0.3%
- Revenue
- 769,374€
- Revenue change 2024→2025
- +138.7%
- Profit
- -251,342€
- Margin
- -32.7%
- Employees
- 1
- Payroll cost/emp./mo*
- 15,317€
- 47Luxury Properties03284077 · TivatRevenue share0.3%
- Revenue
- 758,998€
- Revenue change 2024→2025
- +34.6%
- Profit
- 150,746€
- Margin
- 19.9%
- Employees
- 12
- Payroll cost/emp./mo*
- 1,286€
- 48Janina03236854 · UlcinjRevenue share0.3%
- Revenue
- 757,555€
- Revenue change 2024→2025
- +100.6%
- Profit
- 30,740€
- Margin
- 4.1%
- Employees
- 11
- Payroll cost/emp./mo*
- 713€
- 49Refresh Services03029107 · PodgoricaRevenue share0.3%
- Revenue
- 731,417€
- Revenue change 2024→2025
- +17.8%
- Profit
- 136,072€
- Margin
- 18.6%
- Employees
- 28
- Payroll cost/emp./mo*
- 1,199€
- 50Donator Nekretnine03697401 · TuziRevenue share0.3%
- Revenue
- 717,190€
- Revenue change 2024→2025
- +411.8%
- Profit
- 373,835€
- Margin
- 52.1%
- Employees
- 1
- Payroll cost/emp./mo*
- 440€
* Avg payroll cost per employee per month = wages, wage compensation and other personnel expenses from the income statement (AOP 211: net wages, taxes and contributions on wages including the employer's, and other personnel expenses) / employees / 12. It is not an employee's gross or net salary; reporting errors can move it significantly, and values below 300€ a month are not shown. How we calculate →
Totals include 3 sole proprietors: natural persons whose statements are shown only in aggregate, never by name. The company count excludes them. How we calculate →
Real estate companies in Montenegro ranked by revenue 2025 →
Source: Tax Administration / CRPSCurrency: EUR