A parking lot the size of a house, the "golden" business in Tirana

Parking a vehicle has not only become an impossible mission, but it is also very expensive in Tirana. Expenses are high, both for purchasing underground parking spaces, but also for daily and monthly parking of the vehicle.

Prices for purchasing underground parking spaces in residential complexes start at 13 thousand euros and reach up to 60 - 80 thousand euros.

The President of the Builders Association of Albania, Erjon Harizi, claims that sales prices are closely linked to the geographical position and urban development of the area.

"In suburban areas like Kinostudio or near Bardhyl Street, prices range from 15,000 to 25,000 euros for a standard parking spot in new construction. In Unaza e Vogël and areas slightly closer to the center, prices range from 20,000 to 30,000 euros."

While in central areas such as the former Blloku, Paris Municipality, 'Selman Stërmasi' Stadium and 'Kosovars' Street, prices increase significantly, reaching from 25,000 to 35,000 euros, with rare cases exceeding 50,000 - 80,000 euros for places with limited access or in luxury buildings.

In 'Astir', where construction is dense but newer, prices average around 13,000 to 18,000 euros.

In new residential buildings, builders no longer offer proper garages, closed with shutters, but rather parking spaces or posts. Being underground, they are not allowed to be closed, due to the risks of fire.

High sales prices for parking spaces are also being offered in other areas of the capital.

In residential buildings in Kashar, the selling price of parking spaces ranges from 8,000 euros, 10,000, 12,000 to 15,000 euros, the maximum price, according to builder Hajredin Fratari.

In the new constructions expected to start in the Liqeni i Thatë area, garage sales prices will be offered from 25,000 euros.

For the two new buildings, the residential area will occupy 5,000 square meters and the parking area 4,300 square meters, designing two parking spaces for each apartment.

Selling prices for other areas

From the observation of "Monitor", the sale prices of parking spaces in various areas of the capital start from 13,000 euros in the suburb of Paskuqan to 60,000 euros in the new construction at the former Exhibition Center.

In new constructions in Paskuqan, underground parking spaces are offered at prices of 13,000 euros.

In one of the new buildings being built on “Kokonozëve” Street, the selling price for underground parking spaces is 20,000 euros, according to the sales office. The offer is limited.

At Kinostudio, in the "Arlis" complex, according to the sales office, the selling price for a parking space is 25,000 euros.

In the OXA residence, on the front line of construction on the New Boulevard, the price offered for a 40 square meter parking space, according to the sales office, reaches 35,000 euros (the facility has just begun construction).

In the residential complex “SanPaolo Bulevard”, which is being built, according to the sales office, prices range from 23,000 to 25,000 euros. The facility is on the second line of construction and in the carbine phase. In the pit phase, parking spaces were sold for 17,000 euros. The increase is from 32 to 35%.

In the towers, parking prices reach 60 thousand euros

In the “Exhibition Building” tower, which is being built in the area of ??the former “Shqipëria Sot” exhibition, the selling prices of parking spaces are 60,000 euros. Real estate agents from the “Future Home” agency (the agency that is selling parking spaces in this building given through clearing) claimed that the surface area of ??the parking spaces is about 43 square meters.

Meanwhile, the sales office for “West Residence,” a building built near the Presidency, claimed that sales have been completed, both for parking spaces and residential apartments. According to real estate agencies, sales prices in this building reached up to 60,000 euros.

Price increase, influenced by demand

For builders, the price increase has been driven by high demand, due to the increase in car users and the lack of public spaces.

"With this high increase in the number of cars in Tirana, purchasing parking is necessary, as even public spaces are limited and there is nowhere to leave your vehicle."

Public parking lots are few in number, while getting fines costs twice as much as parking.

"As a result, the demand for parking is high, leading to an increase in the sales price, but also in the daily parking fees," says builder Hajredin Fratari.

After 2022, the demand for purchasing parking spaces in residential buildings in Tirana has increased, especially in areas where their shortage is high. The growing interest in purchasing parking spaces for builders is the main reason for the increase in sales prices.

"In the years 2010-2022, there was a large stock for sale in relation to parking lots, as a result of investments being made only for housing and purchasing a parking lot was simply an added cost for the buyer.

After these years, the demand for parking purchases continued to increase, especially in areas with shortages.

In neighborhoods such as: Paris Commune and the former Block, where traffic and daily flow are high, apartment owners are increasingly seeking garages for personal convenience and to increase property value.

Meanwhile, investors have begun to see parking spaces as valuable assets, due to the possibility of stable rents,” claims Mr. Harizi, from the Builders Association.

In Tirana, it is estimated that two residents own a car.

In Tirana, at the end of 2024, there were about 330 thousand active cars, according to data from the General Directorate of Road Services.

For a population of 600 thousand inhabitants in the Municipality of Tirana, according to the latest INSTAT Census (750 thousand for the entire Tirana prefecture), it turns out that there are 500-550 vehicles, or one car for every two inhabitants.

This figure is much higher than the country's average of about 300 vehicles per 1,000 inhabitants (among the lowest in Europe) and in line with the European Union average.

The highest number of road vehicles is concentrated in Tirana, accounting for about 35% of the total number of road vehicles circulating in Albania.

In 2024 alone, according to the DPSHTRR, 41.1 thousand vehicles were registered for the first time in Tirana, or 41% of all vehicles registered in the country (99.4 thousand in total).

In addition to vehicles registered in Tirana, cars from other districts also enter the capital, adding to traffic congestion every day.

By June 2024, 914 thousand vehicles were registered in the country (of which 738 thousand were cars).

In the last two years, the number of vehicles registered in the country has increased significantly due to massive imports from South Korea, which sells vehicles at economical prices.

According to the DPSHTRR, in 2024, 18.8 thousand vehicles originating from South Korea were registered for the first time, becoming the largest importing country, with 19% of the total.

Albanians have fewer cars than Europeans in relation to population

Albanians continue to own less than half the cars compared to the European Union average of 570 vehicles per 1,000 inhabitants.

According to Eurostat data, in 2023, Albania had 253 passenger cars per 1,000 inhabitants, continuing to rank third, leaving behind Kosovo, which had 205 vehicles per 1,000 inhabitants, and Turkey, with 178 cars per 1,000 inhabitants.

In 2024, this indicator, revised with the new census population and the number of new registered cars, has reached around 300, but still remains among the lowest in Europe.

Among the countries in the region with the highest number of vehicles per 1,000 inhabitants is Montenegro, with 393 cars, and Serbia, with 362 cars.

In 2023, the average number of passenger cars per 1,000 inhabitants in the EU was 570. Compared to 2022, the average number of passenger cars in EU countries increased by 1.2%.

In Europe, Italy had the highest number of passenger cars, with 694 vehicles, followed by Cyprus, with 665 vehicles, Finland, 664, and Iceland, 642./Monitor

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