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| Drone view of Tirana above the Artificial Lake |
For 2023, Albania ranks third in Europe after Russia and Serbia for the most expensive apartment prices relative to income, according to data from Numbeo, the largest global data unit. The index for the affordability of buying an apartment, which is measured by the ratio of the average selling price of houses and the average disposable income of families, expressed as years of income, for Albania is 15.7, from 14.1 which was a year ago.
This means that an Albanian family needs about 16 years of income to buy an apartment. The index is based on the net disposable income of a family, the average price of a square meter in the center and the suburbs, as well as the cost of a loan for 20 years. The lower this ratio, the easier it is for families to buy a house. For Russia, which is rated as the most expensive country for apartment prices, a family needs 16.3 years of income, while Serbia, which ranks second, needs 15.9 years.
In relation to the countries of the region, Montenegro ranks as the cheapest country. The affordability index for buying an apartment in this country is 13.1, while in North Macedonia it is 13.2 and in Kosovo, it has increased reaching 14.1 years.
For 2022, according to Numbeo data, the country with the most expensive apartment prices was classified as Belarus, followed by Serbia and Montenegro.
Albania ranked 5th with 14.1 years.
In relation to the region, the affordability index for buying an apartment in Albania was higher than in Kosovo, which in 2022 was 10.9, and in North Macedonia 12.5 years. While Serbia and Montenegro were positioned among the 3 countries with the most expensive prices. Prices of apartments in the capital for 2022 according to real estate agencies in the yellow construction line were sold above 1,000 euros per square meter, Euronews reports.
How much did the prices increase in Tirana?
According to Numbeo, measured according to purchasing power, an apartment in Tirana is more expensive than Munich in Germany, Rome in Italy, London in the United Kingdom, etc.
Prices in some areas of the capital experienced a strong increase, such as the area of the former Block, where the maximum prices of apartments reached 3,500 to 5,000 euros per square meter.
In the Paris Commune area, the maximum prices reached 2,300 euros from 1,700 - 1,800 euros that were before.