TIRANA, March 18
Housing prices in the market of high-end apartments and condos in central areas of Tirana have skyrocketed. The real estate prices are reaching up to Euro 4,000 per square meter in a new project by the Presidency, hence marking the highest level in the region. Monitor magazine reports that when it comes to luxury real estate, Tirana is more expensive than Belgrade.
Moreover, new projects in central areas of Tirana are expected to deliver around 538,000 square meters in real estate property during the next five years.
Lowest and highest prices of residential properties in central areas in the Balkans
Tirana, €1,100 – €4,000
Podgorica, €900 – €2,200
Belgrade, €1,100 – €3,000
Pristina, €1,100 – €2,500
Skopje, €1,000 – €1,800
There’s a huge gap in the housing prices between the suburbs and the central areas of the Albanian capital. They start at €300 in the city outskirts and reach more than €3,000 per square meters in central areas. The housing prices in Tirana increased up to 30 percent during the last years, following a previous market stagnation due to tax hikes and high supply.
According to Numbeo, Tirana is the tenth most expensive city for house-price-to-income-ratio among 103 other European cities.
Experts say that housing prices and supply don’t match the economy’s capacity.
Source of the study:
Photo credit: Blloku Cube