FLASH
Shkruar nga Pamfleti
A region in speculative fever: who is gaining and who is being excluded from the right to housing?
Figures that shock the market: from extreme luxury to real housing impossibility
The real estate market in the Balkans is no longer a housing market, it has turned into a capital arena, where the figures speak of a reality that is becoming more and more disconnected from the daily lives of citizens.
The record of 15,000 euros per square meter in the elite 'Belgrade on the Water' area in Belgrade is just the tip of the iceberg.
In Serbia, the total value of the real estate market reached 8.1 billion euros in 2025, a growth that does not match the pace of the real economy. The most expensive apartment registered was sold for around 1.8 million euros, while a house reached 3.8 million euros. Even the suburban segments are following the same speculative logic: a parking space in Belgrade has reached up to 66,000 euros, a figure that in many cases exceeds the value of an apartment in small towns in the region.
In Montenegro, average prices have reached 2,910 euros/m², while in Budva they exceed 3,300 euros/m². In Podgorica, annual growth has reached 17%, a typical pace of overheating markets.
Key element: up to 2/3 of purchases are made by foreigners, distorting the natural ratio of demand and supply.
In Croatia, the national average is around 2,587 euros/m², but the luxury segment on the coast reaches over 4,400 euros/m². Although the number of transactions has fallen, prices have not corrected, a clear indication that demand does not come from local residents, but from investment capital and tourism.
But the picture becomes even more poignant when Albania , especially Tirana , comes into focus .
In a few years, the Albanian capital has gone from a modest market to one of the most dynamic, and volatile, in the region.
Today:
· In central areas and new towers, prices range from 2,500 to 4,000 euros/m²
· In elite projects and luxury residences, they go even higher, reaching levels comparable to some EU cities.
· Meanwhile, the average salary remains several times lower than that of countries where these prices are considered "normal"
This means that the ratio between income and the price of housing in Tirana is among the most unfavorable in Europe. In practice, an average family must work for decades to afford a standard apartment.
Across the region, a common pattern is becoming apparent: prices are being driven not by the need for housing, but by speculative capital, foreign investment, and the lack of other financial alternatives.
In Belgrade, politically influential urban projects are attracting international capital; in Budva and the Croatian coast, tourism and foreign purchases dominate the market; in Tirana, massive construction and informal capital are keeping prices artificially high.
Essentially, the Balkans are moving from a market based on social needs to one oriented towards financial profit. And this transition has a direct cost: the exclusion of the middle class from the housing market.
If these rates continue, the scenario is clear: cities will be filled with empty apartments purchased for investment, while citizens will be pushed towards the suburbs or emigration.
From Belgrade to Zagreb and all the way to Tirana, property is losing its basic function, being a right, and is turning into a luxury for the few.
In this reality, the figure of 15 thousand euros/m² is not just a record. It is a warning./ Pamphlet
Një krahasim pa kurrfar logjike,por vezëm me një qëllim për të lartësuar Beogradin që në realitet nuk është ashtu si shkruhet.