The increase in real estate prices in Tirana continued in the first quarter of this year. 

In the first quarter of 2022, average prices are estimated at EUR 1,143 / m2, an increase of 3.2% compared to the end of last year. In the area inside the ring, prices are reaching an average of EUR 1,300 / m2. In the former Bllok area, prices have exceeded EUR 1,600 / m2. Even outside the Ring area, on average an apartment costs about EUR 1000 / m2. 

The data were announced by "Keydata Albania", is the first private index in Albania, which comes as a product offered by the company Çelësi sh.p.k with the support of the BAS program (Business Advisory Services) provided by the European Bank for Reconstruction and Development (EBRD). 

Descriptive statistics of average real and median prices of apartments for sale in Tirana are made according to the grouping that Keydata has made of 11 administrative areas of the city of Tirana in 3 major zonal divisions: inside the Small Ring, former Bllok and outside the Small Ring, followed the same presentation line as in previous publications. 

From the first quarter of 2020 to the first quarter of 2022, the level of average real prices in Tirana has moved within the range of EUR 1,030 / m2 - EUR 1,143 / m2, while median prices within the range of EUR 984/ m2 to EUR 1,059/ m2. 

In the first quarter of 2022, average and median prices are estimated at 1,143 Euro / m2 and 1,059 Euro / m2, respectively. Compared to the last quarter of 2021, in this quarter, the average real selling prices of apartments in Tirana have increased by 3.25%, while median prices have increased by 3.62%. 

Average prices, in contrast to the price index, are calculated in proportion to the number of apartments that are for sale in a given period. Thus, an increase or decrease in average prices should not necessarily be interpreted as a phenomenon that may have occurred in the real estate market. It can be interpreted by the fact that at some point, the supply of apartments has increased or decreased. 

In the area within the Small Ring Road for the period 2020-2022, the average real selling price in this area has been increasing, in the range 1,128 - 1,269 Euro / m2. Median prices fluctuate in the range 1,074 - 1,195Euro / m2. 

The upward trend of prices in the area within the Small Ring is observed in the first quarter 2022. In this quarter, the average price is estimated at 1, 269 Euro / m2; the median price is estimated at 1,195 Euro / m2. Compared to the last quarter 2021, in this quarter, average prices increased by 3.27% and median prices by 2.75%. 

In the former Bllok area, average selling prices have fluctuated slightly, compared to the area within the Ring, ranging in the range 1,462 Euro / m2-1,626 Euro / m2 while median prices within the range 1,387 Euro / m2 -1,554 Euro / m2. 

A decrease in the level of average real prices is observed in the second quarter of 2020, 13.7%, followed by a larger increase of 20.7% compared to the previous quarter, a decrease of 3.2% from the fourth quarter of 2020 to the quarter first 2021 followed by an increase of 6.2% and again an increase of 2.9% from the second quarter to the third quarter 2021, with a decrease from the third to the fourth quarter by 1.4%. 

Regarding the current period, in this first quarter 2022, on average an apartment in the former Bllok area is sold at 1,574 Euro / m2, the median price is calculated at 1,484 Euro / m2. Average prices in this quarter compared to the fourth quarter 2021 have decreased by 1.8% while median prices have decreased by 1.24%. 

In the area outside the Small Ring Road, average real prices range from 959 Euro / m2 to 1,056 Euro / m2 in the first quarter of 2021. Median prices range from 930 Euro / m2 - 993 Euro / m2. 
 

The first quarter 2022 is characterized by an increase in average selling prices of apartments in the area. Average real prices are estimated at 1,056 Euro / m2, while median prices at 993 Euro / m2, increasing by 4.55% and 2.48% compared to the fourth quarter 2021. 

(Source: Monitor)