Revenue
60.0% of sector revenue
579 companies earned 137.89m€ in 2025, 60.0% of Real estate sector revenue. Revenue has grown 6.3× since 2015.
60.0% of sector revenue
456 with at most one employee
Largest employer: Portonovi Resort Management Company (150)
Median company -28.7% · 24% profitable
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
Revenue change vs 2024, companies with at least 1m€ that year
Ranked by total revenue · Showing 1–50 of 579
* 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 →
Profit excludes 2 filings with an implausible profit.
The activity title is the code's title in the KD 2010 classification (NACE Rev. 2), which applies to every year shown. The registry now shows titles from the new classification for the same codes, so titles can differ.
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 21,787,739€ | 96 |
| 2016 | 21,855,192€ | 113 |
| 2017 | 31,747,558€ | 142 |
| 2018 | 27,965,481€ | 186 |
| 2019 | 29,904,652€ | 231 |
| 2020 | 36,880,060€ | 259 |
| 2021 | 48,737,793€ | 331 |
| 2022 | 134,598,434€ | 469 |
| 2023 | 120,053,953€ | 538 |
| 2024 | 136,621,734€ | 566 |
| 2025 (Preliminary) | 137,888,393€ | 579 |
The number of companies jumped most in 2022: from 331 to 469.
Employees and payroll cost per employee per month*
9.5% |
| 13,041,384€ |
| +3.2% |
| 3,535,484€ |
| 27.1% |
| 1 |
| 3,361€ |
| 3 | Capital Plaza02458691 · Podgorica | 5.8% | 8,057,271€ | +37.2% | 2,228,681€ | 27.7% | 1 | 4,460€ |
| 4 | Portonovi Resort Management Company03067637 · Herceg Novi | 5.3% | 7,244,660€ | -0.4% | 858,374€ | 11.8% | 150 | 1,945€ |
| 5 | Amma Resort03304337 · Podgorica | 4.8% | 6,644,165€ | -42.5% | -194,327€ | -2.9% | 1 | 2,459€ |
| 6 | Mbi03676030 · Podgorica | 2.0% | 2,810,840€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 226,901€ | 8.1% | 2 | 14,480€ |
| 7 | CG Investment02991837 · Tivat | 1.8% | 2,439,090€ | -28.7% | 1,902,215€ | 78.0% | 1 | 2,571€ |
| 8 | TCG Unique Properties03212769 · Tivat | 1.7% | 2,316,424€ | +16,990.3% | 620,116€ | 26.8% | 1 | — |
| 9 | V&V Investment Group02005344 · Budva | 1.5% | 2,082,312€ | +188.1% | 620,591€ | 29.8% | 6 | 3,782€ |
| 10 | Alpmont02016389 · Herceg Novi | 1.5% | 2,041,223€ | +23.9% | 2,279€ | 0.1% | 8 | 2,716€ |
| 11 | Poslovno Logistički Centar Morača02026406 · Podgorica | 1.3% | 1,833,987€ | +2.8% | 789,131€ | 43.0% | 14 | 2,051€ |
| 12 | Keywork Estate03177335 · Podgorica | 1.3% | 1,728,184€ | +330.8% | 679,263€ | 39.3% | 2 | 2,275€ |
| 13 | Extra Retail Park03680177 · Podgorica | 1.2% | 1,681,902€ | +139.7% | 997,272€ | 59.3% | 3 | 1,377€ |
| 14 | Mješovito02008190 · Herceg Novi | 1.2% | 1,676,857€ | +48.3% | 843,931€ | 50.3% | 9 | 2,286€ |
| 15 | A&A Design and Interior03394611 · Tivat | 1.2% | 1,637,027€ | +621.1% | -175,971€ | -10.7% | 6 | 674€ |
| 16 | Montenegro-Express Group02029707 · Budva | 1.1% | 1,448,758€ | +282.9% | 96,416€ | 6.7% | 4 | 3,185€ |
| 17 | City Mall03442519 · Podgorica | 1.0% | 1,384,766€ | +28.2% | 95,061€ | 6.9% | 1 | — |
| 18 | Naučno - Tehnološki Park Crne Gore03280896 · Podgorica | 1.0% | 1,320,554€ | +150.8% | 248,391€ | 18.8% | 9 | 3,544€ |
| 19 | Tržni Centar Nikšić03032604 · Nikšić | 0.9% | 1,228,533€ | +11.6% | 153,028€ | 12.5% | 43 | 957€ |
| 20 | Lazy03315533 · Budva | 0.9% | 1,223,422€ | -13.4% | 104,762€ | 8.6% | 20 | 1,449€ |
| 21 | Big Mne03288404 · Podgorica | 0.9% | 1,213,039€ | +6.4% | 52,679€ | 4.3% | 10 | 2,661€ |
| 22 | Skijališta Crne Gore03168816 · Mojkovac | 0.8% | 1,108,394€ | -5.4% | -493,886€ | -44.6% | 74 | 1,075€ |
| 23 | Metro Invest03094103 · Podgorica | 0.8% | 1,061,703€ | -28.7% | 72,205€ | 6.8% | 2 | 1,403€ |
| 24 | Re Invest03222152 · Tivat | 0.7% | 1,006,677€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -2,859€ | -0.3% | 1 | 678€ |
| 25 | Monte Investment Group LLC03249387 · Tivat | 0.7% | 920,201€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 131,459€ | 14.3% | 1 | 678€ |
| 26 | Mont Way03151018 · Podgorica | 0.6% | 868,482€ | -3.7% | 48,475€ | 5.6% | 22 | 1,036€ |
| 27 | Wood Properties03678784 · Tivat | 0.6% | 780,924€ | +2,017.6% | 644,841€ | 82.6% | 1 | 740€ |
| 28 | C - Vračar02008408 · Herceg Novi | 0.6% | 769,374€ | +138.7% | -251,342€ | -32.7% | 1 | 15,317€ |
| 29 | Janina03236854 · Ulcinj | 0.5% | 757,555€ | +100.6% | 30,740€ | 4.1% | 11 | 713€ |
| 30 | Donator Nekretnine03697401 · Tuzi | 0.5% | 717,190€ | +411.8% | 373,835€ | 52.1% | 1 | 440€ |
| 31 | Turistički Centar Durmitor02959798 · Žabljak | 0.5% | 711,842€ | +26.2% | -213,389€ | -30.0% | 24 | 1,484€ |
| 32 | Taube03035778 · Podgorica | 0.5% | 699,500€ | -28.3% | 519,012€ | 74.2% | 1 | 1,873€ |
| 33 | Ena Capital03403858 · Tivat | 0.5% | 686,136€ | +273,261.0% | 68,941€ | 10.0% | 1 | 10,032€ |
| 34 | Centar Novi03067360 · Herceg Novi | 0.5% | 640,007€ | +2.8% | 2,128€ | 0.3% | 14 | 930€ |
| 35 | Rest Land03377130 · Tivat | 0.5% | 623,121€ | +1,574.2% | -16,716€ | -2.7% | 1 | 926€ |
| 36 | Akademija Znanja02764121 · Budva | 0.4% | 583,347€ | +68.1% | 75,353€ | 12.9% | 18 | 1,192€ |
| 37 | Athos Real Estate and Investment03668860 · Podgorica | 0.4% | 557,240€ | +467.2% | -147,240€ | -26.4% | 13 | 824€ |
| 38 | Novi Građevinar03653145 · Podgorica | 0.4% | 543,257€ | -26.9% | 188,314€ | 34.7% | 2 | 4,246€ |
| 39 | Real Estate Development03678857 · Herceg Novi | 0.4% | 513,957€ | -36.8% | -2,849,783€ | Margin not shown: the profit cannot be reconciled with revenue and payroll (likely a revaluation or a misread filing). | 1 | — |
| 40 | High Life Construction03382885 · Tivat | 0.4% | 509,132€ | +50.7% | 28,137€ | 5.5% | 1 | 932€ |
| 41 | Kallini03330982 · Tivat | 0.3% | 470,785€ | -5.3% | -124,167€ | -26.4% | 10 | 775€ |
| 42 | Čelebić Rent02840359 · Podgorica | 0.3% | 463,766€ | +10.5% | 110,024€ | 23.7% | 6 | 589€ |
| 43 | Amais03445771 · Podgorica | 0.3% | 455,906€ | +45,590,500.0% | -10,505€ | -2.3% | 1 | 314€ |
| 44 | Casa Al Mare03185109 · Budva | 0.3% | 433,126€ | -34.7% | 1,621€ | 0.4% | 4 | 1,154€ |
| 45 | Farmarent02997649 · Podgorica | 0.3% | 426,111€ | +0.3% | 254,282€ | 59.7% | 1 | — |
| 46 | A3 Medical03414663 · Bar | 0.3% | 401,022€ | +132.4% | -368,475€ | -91.9% | 7 | 894€ |
| 47 | Cinque Cubetti03339394 · Tivat | 0.3% | 377,470€ | -9.7% | -17,320€ | -4.6% | 1 | 846€ |
| 48 | Remontni Centar HN03396622 · Herceg Novi | 0.3% | 376,337€ | -8.6% | 175,204€ | 46.6% | 5 | 901€ |
| 49 | Artista03634213 · Budva | 0.3% | 357,776€ | -18.1% | 2,971€ | 0.8% | 11 | 954€ |
| 50 | Baia 50303475654 · Tivat | 0.3% | 344,729€ | +1,641,466.7% | 40,966€ | 11.9% | 1 | 1,409€ |