In the last 6 months, the average price of housing in the country has increased by 16.9%, only in Tirana the prices have increased by 23%, where properties in the capital account for the largest share of real estate transactions.

The average house price has increased by 16.9% during the first six months of 2024.

According to data from the Bank of Albania, the largest increase was reflected in the average price for properties in the capital, which also account for the largest share of demand in the country. In Tirana, the average housing price increased 23.5% compared to 6 months ago, as well as 11% compared to the second 6 months of 2023.

The Fischer index, which determines the average property price level, has also increased due to the general increase in prices, although when looking at the difference of real estate properties in other cities outside of Tirana, they do not present a significant difference in price, thus making the double-digit volatility of the growth percentage to be concentrated only for properties in Tirana.

The bank’s data points to a revival of the real estate industry. However, it is emphasized that the increase in the average price may have been influenced by the high price of transactions for properties in more spacious areas, such as the central ones in the capital.

In fact, properties in the central area accounted for 46% of sales volume for the observed period, and this share is higher than that of previous periods.

Also, the total number of properties sold was 928, lower than the first half of the year.

The increase in prices also coincides with the increase in housing loans. In the first 7 months of the year, the latter reached a record figure of 31.6 billion ALL, which is 17% higher than the same period a year ago.