Montenegro's construction sector contracts 16.3% y/y in 2010.

By bne IntelliNews November 30, 2011
Montenegro's construction sector, measured in terms of value of performed construction works, contracted by 16.3% y/y to EUR 303mn in 2010, statistics office data showed. The contraction accelerated from 12.1% y/y in 2009 when the negative effects from the crisis were first felt in the sector. The construction of residential buildings accounted for 44.9% of total works performed during the year and dropped 26% y/y, compared to just less than 1 % annual rise in 2009. Construction of non-residential buildings had a share of 11% in 2010 and plunged even more - by 42.7% y/y. The largest contraction was reported in the construction of commercial, transport and communication and industrial buildings, while the performed works of hotels and business buildings actually expanded y/y in 2010. The average price of new dwellings in Montenegro (comprising any residential construction unit intended for habitation, consisting of one or more rooms) returned to growth in 2010, rising by 1.8% y/y to EUR 1,272 per square metre. The average price of newly built dwellings dropped 18.3% y/y in 2009, after rising by 14.9% and by 22.5% in 2009 and 2008, respectively.
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