Report: Current building stock lower than demand - Rapid growth in tourism has increased the need for accommodation units
In Albania, the construction sector has experienced rapid growth, contributing significantly to the country's economic development. But with the increasing number of tourists in Albania, is the current capacity of apartments enough to meet demand, or is a new wave of construction needed?
The Altax report compares the current apartment stock capacity with demand. According to Altax data, 12-15 million tourists per year, with an average stay of about 5 days and an average space of 22 m2 per tourist, translates into a high need for accommodation space, which exceeds the empty apartment stock on the market.
But what is the solution that can handle tourist flows without new construction?
One of the solutions is to include the housing of resident Albanians, the diaspora, and foreigners who have invested in real estate in Albania, which will enable the demand for housing to be met without the need for a new construction boom.
But is the current construction stock sufficient for an average monthly influx of up to 1 million visitors?
Altax assesses whether the current building stock is sufficient to support an expected monthly influx of more than 1 million visitors, taking into account several key factors, including accommodation capacities, infrastructure and the demands for services that will occur as a result of this influx.
Thus, the current building stock may be a useful base to support a large influx of visitors, but it will be insufficient without rapid investment and development to create more accommodation and infrastructure capacity. For a monthly influx of up to 1 million visitors, construction and infrastructure will need to be expanded, more accommodation options created, and the necessary resources provided to support such a high tourist influx.
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