Albania Property Market Outlook: Statistics For Tirana, Durres and Sarandë

This Property Weekly is a special issue, in which we introduce our upcoming Albania Property Market Outlook, a comprehensive e-book covering everything an investor should know about the country’s property market, price development, purchasing process and potential pitfalls when buying property. The Property Market Outlook will be sent to all subscribers to Albania Property Weekly as soon as it’s published. If you haven’t subscribed, feel free to do so now – it’s free of charge and you can unsubscribe at any time.

In today’s preview, we would like to provide a clearer picture of the property prices in the three most popular cities for expats in Albania: Tirana, Sarande and Durres. We embarked on an extensive review of almost 7,000 properties for sale these cities, categorising them by number of bedrooms and distinguishing between those situated within the city centre and those on the outskirts. Given the lack of objective property market data in Albania, we hope you will appreciate the significant effort that went into this!

The findings presented below offer a snapshot of property prices in March 2024. Drawing from publicly available data, we’ve analysed properties actively marketed to understand the variance in sales and rental prices across different cities. To convey this information, we’ve employed the Box Plot (or Box and Whisker Plot), which serves to depict the distribution of prices within each city. Look at the captions under each graph to understand the data better.

Tirana Property Market Overview

1 Bedroom Apartments: In the Tirana city centre, the asking prices for 1 bedroom apartments range from €60,000 to €120,000, with an average price of €95,000. For those located outside the city centre, the range tightens slightly from €64,000 to €108,000, with the average slightly lower at €93,000.

2 Bedroom Apartments: The price range for 2 bedroom apartments in the city centre is broader, from €105,000 to €200,000, with an average asking price of €165,000. Outside the city centre, the prices also show a broad range but with a slightly lower average of €163,000, spanning from €110,000 to €200,000.

3 Bedroom Apartments: The largest apartments, with 3 bedrooms in the city centre, show a range from €130,000 to €270,000, with an average price of €225,000. Interestingly, 3 bedroom apartments outside the city centre command a higher average asking price of €232,000, with the range being €125,000 to €240,000

Overall, the data reveals that the asking prices for apartments in Tirana vary significantly based on the number of bedrooms and location. While 1 bedroom apartments have somewhat similar average prices regardless of location, larger apartments show more variation. Notably, the average asking price for 3 bedroom apartments is higher outside the city centre than within it, suggesting a premium for more spacious living quarters in less central areas.

The price ranges indicate a diverse market, with options available for various budgets, though the largest spread in prices is seen in 2 and 3 bedroom apartments, especially within the city centre. This summary highlights the dynamic nature of Tirana’s property market, with significant choices for potential buyers in terms of both price and location. So let’s us move on to the next City, Durres.

Durres Property Market Overview

1 Bedroom Apartments: The average asking price for 1 bedroom apartments in Durrës is approximately €100,000 in the city centre and €102,000 outside the city centre. In both areas, prices range from approximately €65,000 to €140,000. For both locations, the red dot indicating the midpoint of asking prices tends to be closer to the lower end of the range.

Sarandë Property Market Overview

1 Bedroom Apartments: The average asking price for 1 bedroom apartments in Sarandë is approximately €105,000 in the city centre and €106,000 outside the city centre. Prices range from approximately €60,000 to €135,500. Notably, the red dot indicating the midpoint of asking prices tends to be closer to the lower end of the range in both locations.

2 Bedroom Apartments: In the city centre, 2 bedroom apartments have an average asking price of approximately €170,000, while outside the city centre, the average is significantly higher at approximately €227,000. Prices range from approximately €95,000 to €245,000 in the city centre and from approximately €210,000 to €245,000 outside the city centre. Interestingly, the red dot suggests that the midpoint of asking prices tends to be closer to the lower end of the range in the city centre and closer to the higher end outside the city centre.

3 Bedroom Apartments: In the city centre, 3 bedroom apartments are cheaper with an average price of about €182,500, while outside the city centre they cost around €260,000. Data for 3-bedroom apartments outside the centre was lacking, so no detailed analysis is available for that area. Prices in the city centre vary between €160,000 to €210,000, but are consistently around €260,000 outside it. The red dot indicates city centre properties are generally more affordable, with prices outside the centre being more stable.

In Sarandë, apartment prices differ notably by size and location. One-bedroom flats have stable prices across areas, but two-bedroom ones are pricier outside the city centre, hinting at unique demand or features. Three-bedroom apartments are cheaper in the city centre but maintain uniform prices in outer areas.

Comparing the Difference Between each Apartment Size and Asking Price amongst these Three Cities

City Comparison of 1 Bedroom Apartment Sale Advertised Cost

City Comparison of 2 Bedroom Apartment Sale Advertised Cost

City Comparison of 3 Bedroom Apartment Sale Advertised Cost

Comparative Analysis Across Cities

When comparing these figures across the three cities, we see Tirana offering the most affordable entry point for one-bedroom properties, while Sarandë demands a higher premium, likely due to its popularity as a tourist destination. Durrës strikes a balance, showing more expensive one-bedroom properties than Tirana but generally more affordable options than Sarandë. For larger properties, Sarandë leads in price, potentially due to the demand for spacious holiday homes with stunning views.

Albania Property Market: Sign Up For The Full E-book

These averages serve as a barometer for the current state of the property market in Albania’s most sought-after cities by expats. They reveal the diversity of options available, catering to different lifestyles and budgets. Whether you’re drawn to Tirana’s vibrancy, Durrës’s coastal living, or Sarandë’s holiday atmosphere, these figures provide a starting point for your property search.

But the insights don’t end here. Magic Towns offers far more detailed information on these markets, including rents and yields for different areas within Albania, all of which are available in our comprehensive eBook, “Purchasing Property in Albania Guide.” This step-by-step guide is crucial for anyone considering a property purchase in Albania. Register on this page to receive your free copy and gain an in-depth understanding of the Albanian real estate market. Please register here for your free copy.

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