The price of real estate in the Albanian capital of Tirana has continued to rise during the first quarter of 2022 with the average price at EUR 1,143 per square meter.
Property prices have soared in recent years as developers swoop in to constructed new builds throughout the city.
The cost per square metre increased by 3.2% compared to the end of December 2021. The average price of property inside the main ring of Tirana is EUR 1,300 per square metre, rising to EUR 1,600 in the Blloku area. Outside the main ring, in suburban areas, the price is EUR 1,000 per square metre.
The data was published by Keydata Albania and is a private index of property prices in the country. They looked at average and media prices throughout the city which they split into three divisions; inside ring, outside ring, and Blloku.
Between 2020 and 2022, the average price across the whole city, increased by EUR 100 per square metre, going up EUR 16 in the first quarter of 2022.
An estate agent working for a city-wide broker said demand is high and is continuing to increase. When asked who is buying properties, he explained that they are seeing a lot of interest from investors.
“They are buying property even before it is built, several apartments at once. Then selling when built to make a profit. Others are buying up apartments to rent to foreigners,” he explained.
Much of Tirana’s construction boom however, is believed to be driven by dirty money. The Global Initiative Against Transnational Crime Initiative estimated that between €300-700 million in dirty money enters Albania each year, much of which is destined for the construction sector.
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