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Albanian Housing Trade Market
Annual growth of 15-20% and prices from €400 sqm
Whole purchase before construction
New houses do not pay VAT
Near 700.000 people live on the capital city with the government, on one side, and the citizens and companies, on the other side, which means the housing trade market develops fast. For the last 2 years as a group of architects and the Urbanistic Planification Department have been working in order to create adequate regulations.
They want to design maps that make the city bigger, by developing the connection with the periphery areas. The aim of this process is to define an urbanistic regulation that substitutes the current one, which was designed in 1989. They intend to change the current model, as it is a huge city with disjointed inhabited areas.
In the new model companies will play a very relevant role. The suburbs will experience many changes. They are projecting to build new boulevards with a lot of park and garden areas and new transport that connect the suburban areas with the city centre.
Albania offers many possibilities due to its excellent green landscapes surrounded by lakes and the Adriatic and Jonic coasts. In 2007 tourism made 3.370,5 million Euros and a 5,6% increase in income is expected between 2008 and 2017. Visitor entrances in the period 2000-2005 reached from 150.000 to 450.000 people.
Additionally, the high demand of quality housings in metropolitan areas and coastal places has pushed up the property residential market, which nowadays represents 60% of all construction activity; in some areas, the price of the properties has increased by 200%.
There are multiple reasons for investing in the Albanian property market. The mortgage market for residents and non-residents covers 70% of the housing cost, to be paid over 20 to 30 years.
The prices of housing properties are much lower than the European average, as the average wage in Albania is no higher than 350 Euros per month and the majority of the flats cost between 450 and 975 per square metre.
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Real Estate Guide Albania
Real Estate Investment Guide Tirana
Discover all the keys to investing in Tirana: real estate trade market, financial information, keys for a successful investment, etc.
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