TIRANA, July 16
Albanian capital Tirana is one of the cheapest cities for property investment for international citizens, but it highly expensive for the Albanian middle class. According to the current house price to income ratio, houses in Amsterdam, Berlin, Stockholm, Brussels, and Athens are cheaper compared to Tirana. Based on Numbeo’s data, Albania ranks seventh out of 31 European cities regarding the housing prices for the first half of 2018.
Therefore, it takes 17.65 years to buy a house in Tirana with the current ratio of a house price to the yearly income of Albanian households.
The most expensive European city where you can buy a house in Belgrade, where a citizen needs 21.2 years to pay for a house. The list follows with Rome, London, Moscow, Split, Paris, and Tirana.
Housing in Tirana is getting expensive, while income doesn’t increase.
An ongoing hike in the apartments’ prices was noticed in given areas of the Albanian capital during the last year. Prices within the small ring road area vary between Euro 1,200 to Euro 3,000 per square meter in downtown area and near the Public Radio Television, currently, the most expensive district.
Based on Number’s Property Investment index, Tirana ranked 49th in 2012 and 12th in 2017. Hence, over the last six years, house prices increased by 30-40 percent. On the other hand, income remained at the same level. The Albanian Institute of Statistics (INSTAT) confirmed that average income in 2017 has seen an increase of three percent, while the housing price increased by 10-20 percent for the same period.
News Source: Numbeo
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