Real Estate Market of Albania 2019

Real Estate Market of Albania 2019

According to data published by the National Statistical Institute of the Republic of Albania (INSTAT), in the first six months of 2019, a total of 205 building permits were issued by the authorities of the Albanian capital Tirana. This is a 25% increase over the same period a year earlier when a total of 164 permits were issued.

Even more significant growth was recorded in the context of such an indicator as the total area of ​​approved construction projects. According to INSTAT, the area of ​​buildings in the capital, the construction of which was allowed by the authorities in the first 6 months of this year, amounted to 753,087 sq.m. This is 136% more compared to the same period last year.

1st quarter statistics

Only in the first quarter of 2019, the area of ​​approved development projects (480,000 sq.m.) was 50% higher than the area of ​​buildings whose construction was approved for the entire first half of 2018. In the second quarter of this year, the indicator decreased slightly: the area of ​​approved projects fell to 273,133 sq.m.

Data from previous periods show more modest results. So, in the first half of 2014 and 2015, the area of ​​approved projects was about 200,000-300,000 sq.m. In the first six months of 2016, the area of ​​development projects, permits for construction work under which were issued by the authorities, decreased significantly compared to 2014-2015 (amounting to about 60,000 sq.m.) due to the introduction of a moratorium on new construction in the country.

Subsequently, construction in Tirana began to flourish. And for the period from January to June 2018, permits were issued for the construction of buildings with an area of ​​almost 320,000 sq.m. The uptrend has not disappeared, and its peak fell in the first half of this year.

2nd quarter statistics

In the second quarter of 2019, Albanian authorities issued 310 building permits throughout the country, which is 14.8% more than in the same period last year. A total of 194 building permits were issued for residential buildings. Most permits (111) were issued in the reporting period in the metropolitan Tirana, followed by the largest port city of Durres (55).

In the second quarter, the total area of ​​buildings under the newly approved projects amounted to 409,548 sq.m., which indicates an increase of 39.8% year on year. The approximate cost of the approved projects amounted to €138 million (16.8 billion leks), which is 47% more than in the second quarter of 2018.


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