Prices of apartments and properties continue to experience growth in Albania.

According to data from real estate agencies, the highest increase this year is seen in properties located in coastal areas.

“I can say that there is an increase of around 35-40%, especially in these apartments with a sea view, apartments closer to the coastal line. This has happened as a consequence of the increasing demand,” real estate agent Sokol Çili told Euronews Albania.

Asked about the influencing factors, Çili explains that the high demand and low supply have increased the prices per square meter, and the fluctuations of the euro in recent months have also had an impact.

“The first factor is demand; the more demand, the higher the prices go. I can also mention the crisis that occurred after the pandemic, where material prices increased, and the euro exchange rate had quite an impact, especially in the last year, it’s about 15-20% higher than it used to be.”

According to data, seafront apartments have increased on average by 300 euros per square meter.

The highest prices are to be found in Vlora, while properties in Durrës and Qerret have become 15% more expensive.

Added interest of foreigners has also influenced the rapid change in prices.

“Buyers are diverse. We have seen a considerable increase in foreigners in our country [Albania], mainly from Poland, the Czech Republic, the Nordic countries, Italians, and they have had significant demand, as well as the locals,” Çili told Euronews Albania.

Currently, the price per square meter in the southern areas ranges from 2,000 to 3,500 euros on average.