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It takes almost 18 years to buy an apartment in Tirana. With the indicator varying depending on individuals' income, the average time needed to own a home has increased by 2.5 years compared to 2024, according to Numbeo, an international comparative data platform. This is due to the continued increase in real estate prices on the one hand and inflation that is eroding Albanians' incomes on the other.
"We have not seen a decline in demand or a drop in prices ," said Reinaldo Pipiria, Executive Director of NAREA.
The average time to buy an apartment relative to income in Tirana is the longest in the Region. It takes a Montenegrin in Pogdorica 11.3 years to buy an apartment, a Macedonian in Skopje 13.7 years and a Kosovo Albanian 14.4 years in Prishtina. The average time needed to buy an apartment in Sarajevo increases to 15.4 years and in Belgrade to 16.3, but remains below Tirana.
This is not because apartment prices are higher, but because of lower incomes. A square meter in Belgrade, Sarajevo and Podgorica costs more than in Tirana, writes A2 CNN.
"Comparison with other countries in the Region is a bit subjective, as markets differ greatly from each other. Prices, income structure and financing options are not the same, therefore the time needed to buy an apartment must be interpreted in the local context ," said Reinaldo Pipiria, Executive Director of NAREA.
Tirana "competes worthily" with the capitals of the richest countries in Europe and the world in terms of the time needed to buy an apartment. It takes more years to buy an apartment in Tirana than in Bern, Switzerland, Berlin, Germany, New York, United States of America, Sydney, Australia, or Rio de Janeiro, Brazil.
“ This is not necessarily related to absolute prices, which may be lower than in Bern, Berlin, New York, Sydney or Rio de Janeiro, but reflects the lower incomes of our citizens. Therefore, the challenge of providing sustainable housing remains real and sensitive ,” said Reinaldo Pipiria, Executive Director of NAREA.
In this context, buying an apartment in Tirana remains a long-term challenge for most citizens, reflecting not only the rising cost of real estate, but also the reality of low incomes. However, this challenge also prompts a reflection on the need for policies that facilitate access to housing, more flexible financing options, and urban developments that make the capital more affordable for young Albanians and families./ A2CNN
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