While Albania is still not part of the EU, and property prices remain low, foreign investors are showing increasing interest. Buyers from Germany, the UK, Norway, as well as from neighboring Greece and Italy are becoming more active, according to ee24.com citing gdeinvestirati.com.
Albania is one of the poorest countries in Europe. The average salary is about €260. According to the 2001 census (the latest statistical data available) there are 4.4 persons living in one household, and each resident has only 7.5 sq.m of living space, which is much less than in most European countries .
Until recently, the main buyers of real estate were Albanians themselves, including those who worked abroad. Today, Europeans are eyeing up the new market. The population growth in Tirana, and the development of tourism are contribute to Albania investment attractiveness.
Today, the cost of a high-quality residential property in Tirana is from €1,100 to €2,000 per sq.m, the cost of average quality apartments is from €500 to €700 per sq.m. Thus, the one-bedroom apartment goes for about €40 thousand, two-bedroom apartment goes for about €55 thousand.