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The poorest Albanians in Europe, but apartments are sold for up to 5,000 euros per square meter. Who buys?
Albanians have in their culture and tradition to work all their lives to ensure the ownership of a house. The apartment is often considered as the trophy of life.
Paradoxically, 3 decades of unstoppable exodus of Albanians has not stopped the construction of new buildings at all. On the contrary, in Albania construction remains the only sector that does not know a crisis, but only growth year after year. After agriculture, construction is considered the sector with the highest contribution to the fragile Albanian economy. There, even the money of the underworld floats and is put on clean circulation tracks....
It is interesting to analyze how in Albania, despite the boom in new constructions, prices only know growth and demand does not stop. This is in strong contradiction with depopulation and the impossibility of a normal Albanian family to buy an apartment at prices that are setting new records day by day.
This is explained by experts with 2 factors: the purchase by resident and non-resident foreign citizens, immigrants and the circulation of dirty money.
"The construction and real estate market have always been among the main contributors to the economy. These crises did not produce a crisis in the construction and real estate sectors for several reasons.
The earthquake re-dimensioned the demand for quality construction, residents left the damaged apartments and looked for quality apartments, moving away from rental housing, but started buying. Even the pandemic resized the market. Even the war in Ukraine is not being felt in our market, as there is a demand for real estate from foreigners, from Ukrainian citizens. There are requests for coastal areas and apartments," said Reinaldo Pipiria, Executive Director of NAREA
Referring to the list of national reference prices, in Tirana, where the largest population in the country is concentrated, the most expensive area remains that of Ish Block with 190,000 lek per square meter. But the real sale price often goes much higher than that.
The National Association of Real Estate makes a table of minimum, average and maximum prices by area. For the year 2021, the constructions that were done before 2015 have been sold according to the areas in Tirana at prices from 700-2500 euros per square meter. The new buildings that were built after 2015 were sold last year from 850-3500 euros per square meter.
In the center of Tirana there are also elite buildings that go up to 5000 euros per square meter. Inside Story-TCH