Buying an apartment is becoming more and more expensive for an Albanian family, in relation to income, especially in the capital. 

For 2023, Albania ranks third in Europe after Russia and Serbia for the most expensive apartment prices relative to income, according to data from Numbeo, the largest global data unit. 

The index for the affordability of buying an apartment, which is measured by the ratio of the average selling price of houses and the average disposable income of families, expressed as years of income, for Albania is 15.7, from 14.1 that was a year ago . 

This means that an Albanian family needs about 16 years of income to buy an apartment. 

The index takes as a basis the net disposable income of a family, the average price of a square meter of the center and the suburbs, as well as the cost of a loan for 20 years. 

The lower this ratio, the easier it is for families to buy a house. 

For Russia, which is rated as the most expensive country for apartment prices, a family needs 16.3 years of income, while Serbia, which ranks second, needs 15.9 years. 

In relation to the countries of the region, Montenegro ranks as the cheapest country. 

The affordability index for buying an apartment in this country is 13.1, while in North Macedonia it is 13.2 and in Kosovo it has increased reaching 14.1 years. 

For 2022, according to Numbeo data, the country with the most expensive apartment prices was classified as Belarus, followed by Serbia and Montenegro. 

Albania ranked 5th after Russia with 14.1 years it took Albanians to buy an apartment. 

In relation to the region, the affordability index for buying an apartment in Albania was higher than Kosovo, which in 2022 was 10.9 and in North Macedonia 12.5 years. While Serbia and Montenegro were positioned among the 3 countries with the most expensive prices. 

Prices of apartments in the capital for 2022 according to real estate agencies in the yellow construction line were sold above 1,000 euros per square meter. 

According to Numbeo, measured according to purchasing power, an apartment in Tirana is more expensive than Munich in Germany, Rome in Italy, London in the United Kingdom, etc. 

Prices in some areas of the capital experienced a strong increase, such as the area of the former Block, where the maximum prices of apartments reached 3,500 to 5,000 euros per square meter. 

In the Paris Commune area, the maximum prices reached 2,300 euros from 1,700 - 1,800 euros that were before. 

There was also an increase in prices in peripheral areas such as the former Kinostudio where the prices of apartments from 900 euros reached 1,100 euros or in Astir where the maximum price reached 900 euros. 

Fresku remains the cheapest area with a maximum apartment price of 700 euros per square meter. 

There was also an increase in the prices of some of the tower buildings being built in the capital. The prices of the "Book Building" residential apartments, which began to be built after Sahat years, were 5,000 euros per square meter. 

"Rainboë Center" building with 7 floors (of which two floors are shopping centers) in the area of the former Block, the same investor sold the apartments for 5,000 euros per square meter. 

According to representatives of the sales office, there are no more free apartments for sale in this building. 

Even the construction in progress on the plot of the former villa Ferdinand sold the apartments years ago at a price of 3,500 euros per square meter. 

Builders and managers of real estate agencies predict that apartment prices for 2023 will continue to remain at high levels. 

The builders claimed that the high level came from the high cost of building materials and high demand. 

But the possible approval of the fiscal amnesty law is expected to further increase the demand for expensive properties. Market experts claim that in this situation builders will not hesitate to raise prices. 

(Source: Monitor)