Insanity in Tirana, apartment prices in Dubai

In one of the residential areas in the town of Marina Dubai, apartment prices start at 5,100 euros per square metre, while in the maritime area near the port of Rasid, apartment prices start at 4,900 euros per square metre. A narrow price gap is also noted for apartments in luxury resorts that are rising in the south.

According to data from one of the real estate agencies “Continental Investments LLC” in Dubai at the residential complex “Marina Living” in the town of Marina Dubai the cheapest property of 71 square metre costs at the value of 365,755 euros. The price per square metre is estimated at around 5,100 euros. While the maximum value of a 90 square metre apartment is 512,942 euros. The price per square metre is estimated at the value of 5,700 euros. The residential area “Marina Living” offers services, such as gyms, golf courses, use of the pool on rooftops, children's environments, etc.

Last year, the price of apartments in one of Tirana's luxury constructions “Book Building”, which is starting to build after the clock reached the value of 5,000 euros per square metre, according to the Monitor-bound sales office. The sales office also claimed that even in Rainbow Center on the former Block, which is a 7-story building (from which two floors are shopping malls), apartments sold at 5,000 euros per square metre.

There is a debate about prices declared by sales offices for luxury properties in Tirana and the final price from sales transactions. NARAA claims that property prices sold in Tirana do not exceed the value of 3,500 euros per square metre. According to NAREA data from Imobiliare agencies, the average price of selling luxury property in the capital is 3,300 euros per square metre. “Mby this level of retail price is unaffordable by buyers”, NARENA claimed.

We stress that most apartments in the capital towers are sold through construction company sales offices. Imobiliare agencies are involved in the sale for a very low number of property in these buildings, mainly in apartments belonging to landowners or cases of resuscitation by the first buyer.

Will prices in Tirana be more expensive?

The prices of apartments in the capital have reached their peak. In new constructions like the former Block area, apartment prices are offered 3,500 euros per square metre. In the new constructions at the entrance of the Paris municipality, the price has reached 2,200 euros per square metre.

For real estate agencies agents, apartments in Tirana for a short term are not expected to have price hikes, excluding the centre.

Ilda Zalosnja from the Imobiliare agency “The Point” confirmed to “Monitor” that the highest increase in apartment prices was registered last year.

For the first 6 months of 2022 in Tirana, the price of real estate resulted in 28.4% more expensive than the previous 6 months. In the report in 2021, property prices for the January-June 2022 period were 39% more expensive, according to the Bank of Albania's financial stability report.

Zalosnja predicts that the growth trend this year will be only in the elite areas of Tirana, while in other residential areas there will be price stagnation.

“Apartment prices have reached their peak, where the highest growth was marked last year. We do not anticipate this year's next expensive price, except for some construction in elite areas, such as the Paris municipality or the area of the former Block where there may be an increase of 100 or 300 euros per square metre in the final phase of new objects in relation to what is the price is declared in the initial phase of the object. This is projected to happen for objects with a highly favourable location”, it claims.

Jonian Anthony administrator of agency “CENTURY 21 Albania” confirmed to the Monitor that for the short term, there will be no more expensive property prices for the next 2 to 3 years.

Dritan Leka of the autobilary Agency “Century 21 CPM Smart” adds that in the short term, as well as the consequence of the economic crisis is affecting many countries in the world, but also as a result of rapid growth of bank interests or inflation will not have further property growth.

Coastary Prices

On the Albanian coast, property prices in new resorts that have begun to develop have reached the level of 3,500 euros per square metre. Concretically, two new resorts that are being held in Orikum are the prices of 2,500 to 3,000 euros per square metre, while in Saranda apartment prices in one of the area's resorts are 3,000 to 3,500 euros per square metre.

The prices of flats in southern Albania have no big difference with Dubai's, currently returned to destination “brand”, such as construction and quality of living.

At “Dubai Maritime City” maritime area near port, airport, public transportation prices of apartments on the front line start at 4,900 euros per square metre.

Concretically, the price of a 74 square metre apartment amounts to the value of around 32,000 euros. The price per square meter of 4,890 euros.

For apartments with abundant porch prices start at 5,000 euros per square metre. The total value of a 94 square metre (68 square metre flat) is 469,111 euros.

While an apartment of 120 square metres costs 720,376 euros per square meter.

The 195 m2 area costs 1,163,000 euros or 5,900 euros per square metre. The apartment includes residential area of 132 square metres and 63 square metres of balcony. This is the highest price rate for simple apartments. While the highest price rate for dublex apartments amounts to the value of 1,398,669 totals of 212 square metres at the price of 6,600 euros per square metre.