Is Tirana becoming expensive to live in? Rising housing prices, difficulties for new buyers
The real estate market in Albania continues to be one of the most discussed topics in the country, especially in Tirana, where apartment prices have increased significantly in recent years. While some citizens consider properties to be overvalued for the level of income in the country, others believe that Albania still remains a relatively cheap market compared to other destinations in the region and Europe.
According to the perception of many residents, apartments in the central areas of Tirana and new projects have become increasingly unaffordable for Albanian families. This is related to the rapid increase in prices, which in some cases has reached 18% to 30% per year in the recent period. At the same time, average salaries in Albania continue to remain relatively low, while apartment prices in the capital have reached up to 2,000–2,700 euros per square meter in some areas.
According to the Investropa study, for many young Albanians, saving for a down payment or buying a house is becoming increasingly difficult. The ratio between income and the cost of apartments is considered high, as an apartment in Tirana can cost up to 15 or 20 times more than the average annual income of an Albanian family.
However, there are those who argue that current prices are justified. Strong tourism growth, with over 11 million foreign visitors by 2025, growing interest from foreign investors and Albania's progress towards European integration are directly influencing the increase in demand for property.
According to the study, one of the most common mistakes made by buyers in Albania continues to be buying apartments “off the shelf”, i.e. based solely on projects and offers, without verifying the construction company’s track record, building permits or contractual terms. This has led to cases of delays in the delivery of apartments or properties that do not meet the buyers’ initial expectations.
At the same time, the property market is also feeling the effects of new regulatory measures. The Bank of Albania has set stricter standards for housing loans, limiting the level of financing and the ratio.
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