FLASH
Shkruar nga Pamfleti
Only 15% of properties sold in the first 6 months of the year were purchased by foreigners, which is the lowest figure since the beginning of 2023. However, the Bank of Albania says that the focus of foreign investment continues to be the real estate market. Meanwhile, property prices continue to grow.
In the last 12 months, property prices have experienced the largest increase since 2020, when prices increased on average during the year by 44.3%, while in the first half of this year the increase was 41.7%, according to figures from the Bank of Albania.
Calculations, based on central bank surveys, show that the average property price increase in this 5-year period is almost 25%. So if in 2020, an apartment cost 100 thousand euros, its value today has exceeded 125 thousand euros.
The main factors, according to market experts and the Bank of Albania, are the increased construction costs and the massive introduction of foreign money into the property market.
“Construction costs have increased very slightly. The annual change in the overall index was 1% in the first quarter of 2025,” the Bank says in its financial stability report. In practice, the increased costs are very modest compared to the new apartment prices.
The other factor, most evident in recent years, has to do with the purchases of housing by foreign citizens, supported also by the high value of foreign investments concentrated in this market.
From January of this year to June, foreigners have purchased 253 million euros of property, mainly in Tirana and on the coast, not only for business but also for residence. In 5 years, the value of foreign investments in property reaches 1.5 billion euros.
But even in this respect there is a paradox. The Bank of Albania itself shows that foreigners are buying fewer properties in the country (in terms of number of properties).
"Properties sold to non-residents accounted for less than 15% of total sales, down from a level of 20% in the previous half-year," the report continues.
So, foreigners bought fewer properties in number, but they may have been more expensive, considering the fact that this category prefers the most expensive areas of the country.
The period with the largest number of properties purchased by foreigners was 2020, according to bank data, while on a 5-year average, foreigners purchased 25% of properties sold in Albania./ Report Tv
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