The Ministry of Economic Development and Tourism adopted the Draft Law on Real Estate Brokerage. The adoption of this law is motivated primarily by the need to suppress the grey economy that is flourishing in the field of real estate brokerage. The second, equally important motive is the protection of participants and the prevention of abuses and fraud in real estate sales.

The Work Program of the Government of Montenegro for 2023 envisages the preparation of a set of draft laws that are in final phase.

If one were to glance over the website of the Montenegrin Agency for Protection of Competition (Agency), one may reach what will turn out to be a premature conclusion that the Agency is not an overly active enforcer, especially when it comes to merger control-related infringements. One will also not be able to learn much about the Agency’s fining practices. To gain a more realistic picture of its track record with gun-jumping cases, a deeper dive into publicly available data is required. Reasons for this lie mostly with how the Montenegrin legal system for the levying of competition fines is set up.

Montenegro intends to implement a profound shift in its spatial planning and construction regulations with the pending adoption of three distinct legal acts that will regulate the country’s spatial planning, the construction of facilities, and legalisation procedures.

On 10 July 2023, the Agency for the Protection of Competition of Montenegro initiated a proceeding against the Association of Tourist Agencies of Montenegro for an alleged breach of the Competition Law.

For many years, we have witnessed how the laws of England and Wales were introduced in the Montenegrin financial legal system by the application of Loan and Market Association (LMA) templates in financing transactions. It was usually the lenders insisting on having the LMA standards in the loan agreement and for the laws of England and Wales to govern the loan agreement.

Komnenic & Partners has advised Novi Volvox, Leitner, and Zicara Kotor-Lovcen DOO on the financing for the Kotor-Lovcen cable car project from OTP Bank. Karanovic & Partners advised OTP Bank through its CKB Bank subsidiary.

With a new president and parliament – and a new Bar Association President and Management Body – the elections' results still hold the front page for lawyers in Montenegro, while the country plays to its strengths with energy, tourism, and real estate all thriving, according to Law Office Vujacic Partner Jelena Vujisic.

Harrisons, working with DLA Piper UK, has advised the EBRD on its EUR 82 million loan to state-owned electricity company Elektroprivreda Crne Gore and Green Gvozd – a special-purpose vehicle to be fully acquired by EPCG – for the construction of a new 55-megawatt onshore wind farm in Montenegro.

Komnenic & Partners has advised MEnergy on the grid connection agreement with the Montenegrin transmission system operator for a 385-megawatt solar power plant in Cevo.

Several updates vie for the front page in Montenegro, from politics, tax reforms, and the influx of high-skilled professionals to vibrant renewable energy sector activity and a booming M&A market, according to Komnenic & Partners Partner Nemanja Radovic.

Harrisons has advised the EBRD on its EUR 4 million loan to Montenegrin retailer and supermarket operator Voli for the installation of solar panels and electric vehicle charging stations.

Montenegro is still considered a rising star in the Balkan peninsula, attracting the attention of potential investors worldwide, and that’s especially the case with the country’s real estate market.

The energy development strategy of the Republic of Serbia until 2025 with projections until 2030, as well as the Integrated National Energy and Climate Plan, which is
currently being developed and adopted, foresee an increase in the share of energy obtained from renewable energy sources in the energy balance of the Republic of Serbia
as a strategic goal.

BDK Advokati has advised Fortenova and Mercator-CG on their acquisition of the Franca retail business in Montenegro from the Franca family. Komnenic & Associates advised the sellers.

The political landscape in Montenegro is dominated by the upcoming elections and the formation of a new government – sometimes leading to populist measures that may negatively affect certain industries – yet sectors like energy, tourism, and IT keep experiencing growth, according to BDK Advokati Senior Partner Luka Popovic.

BDK Advokati has advised the Abu Dhabi Capital Group on its sale of The Capital Plaza in Podgorica to BIG Shopping Centers. Karanovic & Partners advised the buyer.

Political turmoil and contentious policy changes could cloud the investment climate in Montenegro, but the economy is still performing well – primarily driven by the IT, energy, and tourism sectors – according to Pejovic Legal Partner Milena Roncevic Pejovic.