How affordable is it to buy a home? Albania ranks 33rd globally, maintaining an almost average ratio
The property index provides some important data regarding the affordability of purchasing real estate. One of the key indicators in this index is the Price to Income ratio, which represents a basic measure for assessing the affordability of purchasing apartments. A lower ratio and ranking indicates better affordability, while a higher ratio indicates greater difficulties for buyers.
This ratio is usually calculated by comparing average apartment prices to average disposable household income and is expressed in years of income needed to purchase a property.
But how does Albania fare in this index from Numbeo? According to the latest data, Albania ranks 33rd, reflecting an almost average level of affordability in terms of real estate prices in relation to income. However, when compared to countries in the region, Albania ranks first as the country where it is most difficult to buy, although not with any profound difference from the countries in the region.
Albania is followed by Serbia, which ranks 35th in the index, being very close to Albania in terms of the possibility of purchasing a property. The fact that Albania and Serbia top the list in the region is related to the increase in new investments in these two countries, which has also brought prices above the market average. The ranking continues with Kosovo in 42nd place and Montenegro in 50th place. Meanwhile, Bosnia & Herzegovina ranks last in the region, emerging as the country where it is easiest to buy real estate in relation to income.
But how does this ranking change globally? Among the top five countries where it is most difficult to buy a property compared to income level is Nigeria, followed by Sri Lanka, Ghana, Cuba and Cameroon, countries that do not present high levels of economic development. In contrast, South Africa appears as the country where it is easiest to buy a home, followed by the United States of America and the United Arab Emirates.
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