Key regions: United States, China, Japan, Germany, United Kingdom
Albania, a small country located in the Balkans, has been experiencing significant developments in its real estate market. Customer preferences in the Albanian real estate market have been shifting towards urban areas, particularly in the capital city of Tirana. This can be attributed to the increasing number of job opportunities and the availability of modern amenities in urban areas. Additionally, there is a rising demand for residential properties, particularly apartments, as more people are looking to invest in real estate for rental income or to secure their own homes. Trends in the market indicate a growing interest in sustainable and energy-efficient properties. This can be attributed to the global push towards environmental sustainability and the rising awareness of the benefits of energy-efficient buildings. Developers in Albania are incorporating green building practices and technologies to meet the demand for sustainable properties. This trend is expected to continue as more buyers prioritize energy efficiency and environmental responsibility. Another notable trend is the increasing popularity of luxury properties in Albania. The country's natural beauty, including its stunning coastline along the Adriatic and Ionian Seas, has attracted high-net-worth individuals who are looking for exclusive and luxurious properties. The demand for luxury villas and beachfront properties has been on the rise, leading to the development of high-end real estate projects in desirable locations. Local special circumstances, such as the country's relatively low property prices compared to other European countries, have contributed to the growth of the real estate market in Albania. This affordability factor has attracted both domestic and international buyers, who see the potential for high returns on their investments. Additionally, the Albanian government has implemented policies to attract foreign investment, including offering tax incentives and simplifying the process of property ownership for non-residents. These factors have further stimulated the real estate market in the country. Underlying macroeconomic factors, such as Albania's stable economic growth and increasing tourism industry, have also played a significant role in the development of the real estate market. The country has experienced steady economic growth in recent years, leading to improved living standards and increased purchasing power. This has translated into higher demand for real estate, both for residential and commercial purposes. Furthermore, the growing tourism industry has created opportunities for property owners to capitalize on the influx of tourists by offering short-term rentals or investing in hospitality projects. Overall, the real estate market in Albania is experiencing positive developments driven by customer preferences for urban areas, sustainable properties, and luxury real estate. The local special circumstances, including affordability and government policies, have further fueled the market's growth. These trends are supported by underlying macroeconomic factors, such as stable economic growth and a thriving tourism industry. As Albania continues to attract investors and buyers, the real estate market is expected to continue its upward trajectory.
Data coverage:
Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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