Tirana, an attractive alternative for investors/ Among the best capitals for real estate investments
The property market is among the fastest-growing sectors in the country, due to high investment and continued price increases, especially after the pandemic. Investments and innovations in the real estate sector, especially in the capital, have taken a huge leap thanks to rapid urban developments and the growth of tourism. This has increasingly attracted the attention of foreign investors, who are seeing the Albanian market as a promising opportunity for long-term profits.
According to one of the largest European property portals, “Your Overseas Home”, Albania is ranked among the most affordable countries for real estate investments. The study analyzed the markets of European capitals and concluded that properties in Eastern Europe offer more value for money compared to those in Western and Central Europe.
The list of the ten most valuable capitals to buy a property includes Pristina, Yerevan, Sofia, Zagreb, Podgorica, Tirana, Skopje, Baku and Sarajevo, positioning the region as an attractive alternative for investors.
Meanwhile, according to Deloitte's Property Index report, the real estate market in Europe is experiencing a new wave of growth. Poland leads the way with the largest increase in new home prices, 19.3% between 2023 and 2024, driven by a government subsidy scheme that significantly increased demand.
In this panorama, Albania ranks immediately after Poland, with a 16.6% increase in average prices of new homes. It is followed by Bosnia and Herzegovina and Israel (+12.7%), Hungary (+11.9%), Croatia and Romania (+11.5%), as well as Italy (+11.2%) and Greece (+10.2%). These data show a clear upward trend in the region, closely linked to strong demand and infrastructure developments.
Among the cities with the highest price increases are Krakow (+28.1%) and Jerusalem (+25.2%), while Tirana and Vlora are immediately behind them with an increase of 25% each. The high interest of local and foreign buyers, especially in Vlora, has increased significantly due to major developments in tourism and infrastructure investments such as the Vlora International Airport, the Bypass and the Llogara Tunnel.
According to the Bank of Albania survey for the second half of 2024, about 50% of housing purchases were financed through mortgage loans, covering up to 60% of the property value.
The average time to sell a house is 9.3 months nationally, compared to 10.5 months previously. In Tirana, this period has decreased significantly to 7.1 months, indicating an increase in active demand.
The interest of foreign buyers is also growing, 18% of sales in the second half of 2024 belong to non-residents, mainly citizens of the European Union. This has directly influenced the maintenance of high demand and the increase in prices.
In conclusion, the data shows that Albania is among the most affordable, but also most promising countries for foreign investors, even though prices have increased. In addition to prices still competitive for Europe, the country will benefit significantly from the process of integration into the European Union, which is expected to increase the value of the market and promote sustainable development in the real estate sector.
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