Apartments in Sarandë are becoming more expensive, the prices are higher than last year

In Saranda this tourist season, another increase in apartment prices is being noted.

In the coastal city, a number of new residential buildings are being developed and completed, which are expected to be put on the real estate sales market very soon.

Evaluating the booking prices so far, according to Eron Çumani, the manager of the real estate agency "Saranda Property", the properties are being sold at higher prices than last year.

Çumani says that new properties continue to appear at prices from 1,500 to 2,500 euros per square meter, although it is about objects located 500 to 1,000 meters from the sea.

"The prices of new properties this year are certainly more expensive than last year, as new properties under development have been booked for purchase at prices of 1,500 to 2,500 euros per square meter. Meanwhile, these facilities are up to 1,000 meters from the sea. So in Saranda there is no more price differentiation depending on the location of the property. The prices of new apartments are coming out at the same levels, regardless of the first, second and further generations". According to him, the increase in prices is being influenced by the increase in demand for property from foreigners.

Last year, according to data from real estate agencies, the minimum sales values ​​of apartments ranged from 1,500 to 2,500 euros per square meter from 1,200 to 1,700 euros per square meter that were sold in 2022. Prices increased by 25 to 47%.

While the maximum value for the sale of properties throughout the year 2023 continued to be 3,000 to 3,500 euros per square meter. Rather, they are properties close to the sea and with large verandas.

So many foreigners who previously preferred to have a residential house in Saranda due to the high prices, according to Eron Çumani from the real estate agency "Saranda Property", are rather oriented towards obtaining long-term rental properties for a period of several years. Čumani claims that the increase in demand is expected to increase the price of long-term rentals in Saranda.

So in Saranda, due to the high and unaffordable prices for locals, the main buyers of properties continue to be foreigners. Compared to the coastal areas of Montenegro, including Budva or Kotor, in the city of Saranda property prices are lower.

The head of the real estate agency "Saranda Property" says 90% of the properties sold last season in Saranda were bought by foreigners. "Most of the buyers are from the countries of the European Union, such as: Germany, Switzerland, Austria, Italy, and then the purchases from the Czechs and Poles follow. Most of them buy apartments for residential and investment purposes.

But the increase in prices, according to Eron Çumani, has reduced the demand for property purchases from foreigners, who are now more oriented towards acquiring properties for long-term rent for a period of 1 or several years. Čumani claims that the increase in demand is expected to increase the price of long-term rentals in Saranda.

Last year there was an increase in prices in all coastal areas. Referring to the data of real estate agencies in the first line of construction in the Lungomare area, apartment prices reached 2,700-2,800 euros per square meter, from 1,700 to 1,800 euros that were sold in 2022. The increase is 55 to 58%.

While elite villas overlooking the sea in Palasa areas were sold at a price of 1.6 million euros from 1.2 million euros, which was their price in 2022.

On the coast of Durrës and Qerret, property prices on the front line increased by 15%. Real estate agencies claimed that the increase in prices came from high demand from foreigners and increased costs from construction materials.

/Monitor.al/