House Prices in Tirana, Among Europe's Most Expensive
Albanian Daily News
Published November 8, 2017
An Albanian family need approximately 18.3 years to buy an apartment on view of the population’s relatively incomes.
Meanwhile a family in Paris would be able to purchase an apartment within 16.4 years while in Vienna 12.9 years would be needed to a family in Vienna, making Albania among Europe's most expensive countries to buy a house.
The Albanian capital, Tirana, ranks at 241th place among 267 cities in the world regarding to the affordability of an apartment’s purchase, measured by acquiring capacity, being one of the most expensive in the world and the fourth most expensive in Europe. This fact is confirmed by the latest data made public by Numbeo on Wednesday. This report lists 267 cities in the world, according to the revenue ratio, which is the best indicator to measure affordability of an apartment’s purchase.
Although the value of an average apartment in Tirana varies from EUR 70.000 to EUR 100.000 given the low income, it takes a long time to become its owner, compared to an apartment in Vienna, Paris, New York York, Milan, Florence, Lisbon, Barcelona, Istanbul, Geneva, etc.
The time needed for an apartment purchase by a family in Tirana is much higher even compared to 5 years ago. According to Numbeo the incomes of only 12.5 years would enable an Albanian family to buy an apartment in 2012. The rapid increase of the houses prices compared to the slow rate of incomes growth in Albania is making every day the purchase of an apartment by a family in Tirana.