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Prices for APARTMENTS in the towers in Tirana reach 10 thousand EURO/m2!

2025-04-28 09:01:26Biznes SHKRUAR NGA REDAKSIA VOX

Prices for APARTMENTS in the towers in Tirana reach 10 thousand EURO/m2!

In recent years, Tirana has been experiencing a profound urban transformation with a construction boom, where attention has shifted to the development of multi-story towers.

Now, not only areas like the former Blloku or near the historic center of the capital, but also state property of the Paris Municipality, the Faculty of Civil Engineering and transferred public buildings like the former Telegraph News Agency (ATAH) or the area near the Artificial Lake are expected to be transformed into construction sites for structures that will reach up to 40 floors.

According to real estate agencies, the sale prices of apartments in one of the luxury projects that is expected to be launched, in the area near the Artificial Lake, have reached 10,000 euros per square meter, an absolute record for the Albanian market.

According to developers contacted by Monitor, the prices reflect the high standard of these units, which are intended for a very select group of elite buyers, such as foreign investors and individuals with strong economic potential in the global market.

According to them, the apartments in these towers are no longer simply residential units, but are conceived as residential suites, large and sophisticated environments, designed with modern architecture, and first-class construction materials.

These projects offer not only panoramic views and modern construction technology, high security against natural disasters, but also "premium" services, including the most famous hotel brands in Europe, modern stores for the sale of luxury goods and clothing, as well as elevators dedicated to fire emergencies, floor heights of up to 4 meters, and common spaces calculated with international standards.

Acceleration of the price growth trend

The increase in the prices of residences in the towers has been progressive. Before the sale price of 10,000 euros per square meter, the highest for sale in the capital, in the first phases of tower development were marked in the years 2022-2023.

In the "Book Building" tower behind the Tirana Clock, in 2022–2023, apartments were sold at prices starting at 5,000 euros per square meter, according to data from the sales office for Monitor.

At the facility near the Presidency, initial prices ranged from 4,000 to 4,800 euros per square meter.

At the "Rainbow Center" (a 7-story building, where its first two floors function as a shopping center), in the former Bllok, prices reached 5,000 euros per square meter.

At "Eyes of Tirana", in the first phase of construction, prices for residences were sold at over 3,500 euros per square meter, while for commercial premises at over 6,000 euros -8,000 euros per square meter.

According to data for 2025, among the most expensive areas remains "Brigada" street, in the former Blloku area, where the price of apartments goes up to 5,000 euros per square meter, for one of the buildings that is in the development phase.

How does Tirana compare to the capitals of the Western Balkans?

For the sale of luxury properties, Tirana has already surpassed the average prices of the main capital of the Western Balkans, being compared only to rare transactions in the region.

A record sale of 11,811 euros per square meter was recorded in Belgrade, according to the report "Real Estate Prices in Serbia 2025: Forecasts".

The report highlights that the historic center of Belgrade remains the most expensive area, with average prices per square meter in new developments reaching 3,941 euros, while the average for older buildings was 3,349 euros.

While in Croatia alone, prices in luxury coastal residences go up to 8,000 euros per square meter, according to Stela Dhami from "Colliers International Albania".

In Montenegro, prices before the financial crisis and the war in Ukraine reached as high as 10,000 euros per square meter, but then fell significantly with the loss of the Russian market.

Currently, prices have dropped to 5,000–7,000 euros per square meter.

"Market prices reflect demand, economic development and purchasing power. Albania, along with Bosnia, traditionally offered more affordable prices, but in Tirana we are seeing an exception due to demand focused on elite projects," Ms. Dhami underlines.

Is Tirana moving away from the reality of the domestic market?

Real estate market experts point out that this price level in a market with an average income still lower than the region opens up valuable discussions on affordability for local buyers and on the potential to orient urban development in ways that take advantage of new demand and new market dynamics.

With luxury constructions that go beyond residential function, Tirana seems to be focusing on super high-end developments, with a focus on elite buyers and foreign investors, while the demand for housing is only being met in suburban areas.

Sales prices in some of the suburban areas from Paskuqan to Shkoza range from 900 to 1,400 euros per square meter.

For 3-4 years, according to real estate agents, apartments within the yellow construction zone have been offered at sale prices over 1,500 euros per square meter.

While in the downtown areas and within the Small Ring Road, you will no longer find apartments with prices below 2,000 euros per square meter.

Also, according to the Fischer Index calculated by the Bank of Albania, housing prices returned to rapid growth in the second half of 2024.

The Fischer index showed that the average price of homes sold during the period increased by 23.6% compared to the previous six months, and by 44.5% compared to a year earlier.

During the second half of 2024, about 18% of housing sold were reported to have been purchased by non-resident citizens.

Of these, about 77% are citizens of EU countries.

Overall, the share of transactions in which buyers are non-residents has shown an increasing trend over the last 5 years./ Monitor


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