OFFPLAN NEWS

(21.05.2007 )
Albania property Real estate prices in Albania

Albanian real estate prices in the capital seem very high considering that the average salary in the country doesn't exceed $100 a month. Most apartments vary between $300 and $650 per sq.meter (1 sq.meter=10 sq.feet). If you want to rent something, rents for 2-room (not 2BR) apartments go between $200 and $400. 3-room apartment rents can reach $800 and 4-room condos - $1200 a month.

Office rents vary between $5 and $10 per sq.meter a month but they can reach as high as $40 a month in Tirane downtown. Rents for commercial properties are similar. The land, which usually can be purchased for $5-$10 per sq.meter, may reach $100 for the lots to be expropriated around the high-speed interstate road under construction from the Albanian port of Durres to Bulgarian port of Bourgas via Macedonia.

The relatively high prices on the Albanian real estate market can be explained by the fact that more than half of the Albanian males in the active age range (700,000) work abroad, mostly in Italy and Greece. According to the unwritten family code they are obliged to send home part of their salaries, usually $200-$300 a month. These $150-200 million are distributed among the relatives and later are literally thrown on the market which explains the relatively high prices.

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