Buying an Apartment in Tirana is as Difficult as in Milan or Vienna
September 08, 2021
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According to the Bank of Albania, housing in the capital of Albania has on average risen in price by 43% by 2020 since 2014.
By June 2021, the average cost per square meter in Tirana reached €1,102, according to an index published by the Celesi Media Group. Prices range from €700-800 per sq.m in the suburbs to €4,000 in new buildings in the city center. And if real estate in the capital has risen in price by 43% since 2014, then by 70% since 2005.
Data from the local bureau of statistics show that in the period from 2014 to 2020, wages in the country increased by an average of 18% from €373 to €441 per month. But, taking into account the inflation rate, the real wage growth was 5%.
As a result, purchasing power has significantly decreased: Albanian households have to work harder and harder to buy a house. If in 2014 it took about 50.6 years to save up for your own housing, then in 2020 this figure jumped to 69.3 years, if we talk about a typical apartment with an area of 90 sq.m.
In recent years, the rapid growth of housing prices has somewhat softened due to the devaluation of the local currency and the reduction of bank mortgage rates from 5.5% to 3.6% on average. It is interesting that the share of non-residents in the Albanian real estate market reaches 35%.
What you can buy in Tirana right now:
150 000 €
Apartment in Tirana, Albania
120 sq.m432
Spacious apartment, 4 rooms 2 bathrooms. Apartmnet is facing south and has sun light all day.
Habita International Estates Ltd
135 000 €
Apartment in Tirana, Albania
88 sq.m111
Open space premises with possibility to be used as business or living premises with surface 56.6m square.
Habita International Estates Ltd
165 000 €
Apartment in Tirana, Albania
113 sq.m321
Fully renovated and furnished apartment for sale in Tirana.
VENTURE PARK
City Vilas Residence
The project is composed of 32 Vilas.
Its a very well thought design being built with the highest standarts.
For more info: +355 694 040 723
Polaris Construction
220 000 €
Flat in Tirana, Albania
70 sq.m211
ResidenceRemote TransactionCryptocurrency payment
Turquoise Marina From the boat to the house… The residence of innovations brings for the first time in Albania the residential marina with mooring port & parking place for watercraft. A grand project situated in the coast of albania by the adriatic sea. The flat is located on the ground floor and has an area of 69.9. and has a...
Polaris Construction
199 000 €
Flat in Tirana, Albania
89 sq.m211
ResidenceRemote TransactionCryptocurrency payment
Palladium Residence Located in Tirana, near the "Liqeni Thate", one of the best zones of Tirana. The project is organized as a Residence, with Security, Fitness, SPA, Underground Parking and Social Building. The apartament is organized as 1+1 typology, with living quarters and 1 bedroom. The property comes with 1 underground parking...
According to a report published by the Numbeo database, Tirana is among the most expensive cities in Europe in terms of housing costs. In terms of the ratio of the cost of housing to income, Tirana is in the same place as Milan. Moreover, if you are tied to the purchasing power, apartments in the Albanian capital are more expensive than in Vienna, Madrid, Istanbul, Zagreb, Stockholm. The most expensive cities in this regard are Moscow, Paris and Belgrade.
