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Second in Europe and among the most expensive in the world: In Albania, it is unaffordable to buy a house (in Tirana the price increased 122% in seven years)

2026-08-03 17:50:41Biznes SHKRUAR NGA REDAKSIA VOX

Serbia and Albania are the two most expensive countries in Europe to buy a home in relation to household income and rank among the least affordable markets in the world.

According to a map published by the data unit "Visual Capitalist", which refers to UN-Habitat data, World Cities Report 2026, the price of a house in Albania is equal to a family's income for 15.7 years.

With this indicator, Albania ranks 156th out of 181 countries and territories, with the countries at the bottom of the ranking being those with the least affordable housing.

In Europe, only Serbia has a higher ratio, of 15.9 years of income, while globally Albania ranks among the 26 countries where buying a home is more difficult in relation to income.

The house price-to-income ratio shows how many years of a family's annual income it takes to afford the price of a typical home. The higher this ratio, the less affordable the housing market is.

Albania's indicator is about 40% higher than the global average of 11.2 years of income.

The average price of a house is equivalent to the entire income that a family earns over almost 16 years. In practice, the time it takes to buy a house is much longer, as families cannot save all their income, but must cover expenses for food, energy, transportation, education and other daily needs, but the indicator is used for comparison purposes with other countries.

Albanians must work harder than developed European countries

Globally, Syria has the highest ratio between house prices and income, at 86.7.

It is followed by Sri Lanka, where a house costs 40.8 years of income, China with 34.6 years, Nepal with 32.8 years and Cambodia with 32.5 years.

Other countries where housing is particularly expensive relative to income include the Philippines, with a ratio of 30.1, Nigeria with 28.2, South Korea with 26, Iran with 25.1, Monaco with 25 and Thailand with 24.

Vietnam has a ratio of 23.5 years of income, while Argentina has 22.7, Peru 19, Venezuela 18.9, Indonesia 18.5, and Brazil and Lebanon each have 18.3.

In Europe, after Serbia and Albania, the highest ratios are recorded in the Czech Republic, with 14.9, Hungary with 14.6, Croatia and Slovakia with 13.2 each, Montenegro with 13.1, Lithuania with 12.7 and Portugal with 12.6.

North Macedonia and Poland have a ratio of 13.3 years, while Bosnia and Herzegovina has 11.4. The United Kingdom has a ratio of 8.3, Spain 7.8 and Belgium 6.5.

By comparison, buying a home is more affordable in some of the main countries where Albanians have emigrated. In Greece, the median price of a home is about 12.5 years of family income, in Italy it is 9.7 years, and in Germany it is 10.7 years.

Saudi Arabia and the United Arab Emirates have the lowest ratio between house prices and income, of just 3 years of household income.

They are followed by South Africa, with a ratio of 3.4, North Korea with 3.5 and Oman with 3.6.

The United States also ranks among the most affordable markets, with a ratio of 4.5 years of income.

According to Visual Capitalist, in Gulf countries, relatively high incomes and government-supported housing programs help keep home ownership affordable for a large portion of citizens.

Apartment prices in Tirana increased 122% in seven years

Albania's ranking among the most expensive countries to buy homes comes after a strong increase in property prices in recent years, especially in Tirana.

According to "Keydata" data, published by "Monitor", the average price of apartments in the capital reached around 2,141 euros per square meter in March 2026.

Compared to the first quarter of 2019, when the average price was around 965 euros per square meter, apartments in Tirana have become more expensive by around 122% within seven years.

Over the last year alone, apartment prices in the capital continued to rise, driven by high demand for property, the expansion of new construction and higher prices in central areas and new residential projects, and the channeling of informal money into the economy.

At the average price of March 2026, a 70 square meter apartment in Tirana costs around 150 thousand euros, an unaffordable amount for a family, while the average gross salary in the country is less than 900 euros and the net salary is around 750 euros. (Monitor)


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