Tirana continues to rank among the most expensive cities in Europe when it comes to purchasing an apartment. According to data from Numbeo for 2024, a family in the Albanian capital would need to work for 15 years and 3 months to afford a home. This estimate takes into account the combination of average property prices per square meter and average family income.
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| You can see the terrace of the municipality of Tirana |
In a global list of 293 cities, Tirana ranks fifth in Europe, following Lisbon, where it would take a family 19 years and 5 months to buy an apartment. Other cities in the region that follow are Paris and Split, each with an estimated 17.8 years, while Milan requires 16.3 years for a family to complete their home purchase.
The data also shows an increasing trend in the time needed to afford a property in Tirana. In 2023, citizens needed 17.5 years, and in 2022, this number was 15.7 years. This points to a continued rise in real estate prices and demand for apartments in the capital, where construction has also been on the rise in recent years.
In 2023, Paris was the most expensive city in Europe to purchase property, requiring 20.2 years, with Tirana ranking sixth in the list.
However, many experts argue that these property prices are somewhat artificial. A significant portion of apartments in Tirana remains unoccupied, with the prices often serving as a form of clearinghouse for businesses, services, or political dealings, particularly among oligarchs. Moreover, a conspiracy theory circulating in Tirana suggests that these empty apartments may soon be occupied by Israelis fleeing the ongoing conflict in Israel. It is even speculated that an enclave of Israelis will be created in southern Albania, where a new "Israeli state" might form, taking advantage of Albania's existing infrastructure.
This theory, though speculative, reflects broader concerns about the political and economic dynamics shaping the real estate market in Tirana and beyond.