Albania is located on the shores of the Adriatic and Ionian Seas. The country is separated from its other Balkan neighbors by a powerful system of mountain ranges. The diversity of landscapes and mild Mediterranean climate attract foreign investors to the Albanian new building market, including an affordable standard of living compared to neighbors.
Features of new buildings in Albania
The main feature of residential complex in Albania is the cost: prices here are on average 30-40% lower than in neighboring Montenegro. This is due to the fact that earthquakes are not uncommon in the country, for example, the last one occurred in 2019. New buildings are built taking this factor into account, and therefore are safe.
Local developers pay special attention to the energy efficiency of the building, that is, how, due to design features, it is possible to save energy consumption in an apartment. This desire is due to the high cost of electricity in the country, which is why even a microwave oven is rarely used in Albanian homes.
According to modern construction standards, almost every residential complex in Albania includes parking, swimming pools, recreation areas and commercial premises. If the entire range of necessary infrastructure is not available, it is built before the start of construction or in parallel with it.
Prices for new buildings in Albania
Prices for real estate in Albania from the developer is highest in the capital of the country - Tirana. There, the average cost per square meter varies from €900 to €1500 per sq.m. But you can find more expensive properties, especially from the premium segment: for example, in the prestigious resort of Saranda, prices can reach €1800-€2200 per square meter, although they usually range from €1000 to €1800. In coastal cities, prices for new housing in Albania vary from €700 to €1300 per sq.m.
Nuances of buying real estate in a new building in Albania
The first thing you need to clarify when buying a new building is whether the connection of utilities (electricity, water, gas, Internet) is included in the total cost. The fact is that they are not always connected by default, and you will need to pay an additional €100 to €500 for connecting electricity, €100-€300 for water and €20 to €100 for Internet/TV.
You also need to find out if the house has an operating permit (Hipoteka), since there are cases when the house is already built and occupied, but there is no permit. This means that the apartment is not formally included in the state register of real estate and the buyer will not be able to obtain a cadastral number for his apartment.
Popular cities in Albania for purchasing real estate from a developer
The most popular city in Albania is Tirana. It mainly builds business-class properties, which, given the moderate cost of new housing in Albania, are suitable for long-term investment. Among other popular cities, we can highlight:
- Durres. A coastal resort town, popular with tourists and interesting for investment with subsequent rental.
- Vlora. A city with a developed port and picturesque bays. New buildings in this port city are built in a modern design and with panoramic windows overlooking the adjacent sea.
- Saranda. A prestigious resort near the Greek island of Corfu. Like Durres, it is interesting for investment in rental housing.
- Shkoder. A historical city in the north of the country with high demand for real estate due to its cultural and tourist significance.
Guides on Buying New Builds in Albania
Frequently asked questions about new buildings in Albania
What documents are required to purchase an apartment in a new building in Albania?
Is it possible for foreigners to purchase real estate in Albania from a developer?
Is a residence permit issued for the purchase of property in new buildings in Albania?
In which Albanian cities are new properties purchased most often?
The best areas for buying a new building in Albania are also resort areas - Saranda, Vlora, Durres. Apartments and houses near the coast are actively being purchased here.
