“Price increases can be seen not even annually but on a monthly basis.” Who is buying real estate in Albania now, and for what purposes?

Everyone who is somehow connected with the real estate market hears more and more about the real estate market in Albania and its increased activity, especially from investors. Even though we already wrote about Albania's remarkable real estate market in April of this year, we decided to get a professional's opinion again and learn about the most recent developments.

The head of the real estate agency Cactus Real Estate, Tsituk Sergey, told us what factors influence the surge of interest in the Albanian market, how the map of demand from foreigners has changed, and what the situation with real estate prices is at the moment. 

“Now the initiative has passed into the hands of foreigners from Western European countries.”

— Not so long ago, Albania became open to everyone. Due to its favorable location, climate, relief, and the connection of two seas (the Adriatic and the Ionian), a lot of tourists appeared. And life in the country is, in general, relatively cheap—prices for services and restaurants here are pleasant.

Property prices in Albania are also still affordable relative to neighboring countries, which cannot fail to attract customers and investors. In addition, Albania is a candidate to join the EU, and this attracts many real estate buyers from different countries. It is an excellent indicator that global real estate developers (e.g., EMAAR) are entering the market with large projects. 

Of all Albanian cities, foreigners most often choose Durrës, as most clients are interested in walking distance to the beach and developed infrastructure. Durrës is the second-largest city after the capital. Also, its separate advantage is that it is not a resort town—it is bustling with life all year round.

As for the map of buyers, about 1–2 years ago most of the clients were from Ukraine, Russia, and Belarus, but now the initiative has moved to the countries of Western Europe—Poland, Czech Republic.

Poles are very active and most frequently buy Albanian real estate as an investment, as the local market is incredibly fast-growing and developing. Price growth can be observed not even annually but monthly!

For example, a year ago in Durres, the average cost was about €600/m2, now it is about €1000/m2 depending on location, house, renovation, floor, and so on. Real estate in Tirana in a good place starts from €2000/2500/m2.

It is worth noting that, undoubtedly, due to such rapidly rising prices, it has become more difficult for locals to buy real estate in the country.

Looking at neighboring countries, you can determine the order of prices in Albania in 1–2 years. We expect even more growth, as Albania has huge potential and many advantages.

Properties in Albania that you can buy right now 

Large house of 388 m² in Durrës

In the very same Dürres, a charming and unusual house is currently for sale. There is plenty of space both inside and outside—the total area is 388 m². The house itself has eight bedrooms. In the interior of the house, there is a lot of wood, paintings, and flowers.

The cost of such a house is just over $300,000. The authors of the ad write that they are ready to organize an online show of the object. 

2-bedroom apartment in Tirana

In the capital of Albania, Tirana, a spacious apartment of 128 m² is for sale. It includes two bedrooms, a veranda, and two parking spaces.

The photo shows that the interior is decorated in minimalistic colors. As noted, the apartment was recently renovated in a quality and modern way.

The price of the apartment is $275,598.

A three-bedroom in Durrës with a good view

In Durrës, on the 5th floor of a building, a three-bedroom apartment with an excellent sea view is for sale. The apartment has an area of 200 m². It includes a large veranda where you can organize a relaxation zone.

The cost of the apartment is $214,133.