Residential Real Estate Transactions - Albania

In Albania, the market segment of Residential Real Estate Transactions market is anticipated to witness significant growth in the coming years.
By 2024, the transaction value is projected to reach US$508.20m.
Looking ahead, the market is expected to showcase a promising annual growth rate of 6.53% from 2024 to 2029, resulting in a substantial market volume of US$697.30m by the end of the forecast period.
The residential real estate market in Albania is experiencing a surge in demand due to the country's growing tourism industry.

Definition:

Residential real estate transactions refer to the buying, selling, or transfer of ownership of residential properties such as single-family homes, condominiums, townhouses, and apartments. These transactions involve a number of steps and parties, including buyers, sellers, real estate agents, attorneys, lenders, and title companies.

Additional information:

The KPIs covered in this market are the real estate transactions revenue and the average revenue transaction value.

Overall revenue generated by residential real estate transactions

Commercial real estate transactions
Revenue of real estate agencies
Revenue of construction companies

The Residential Real Estate Transactions market in Albania has been experiencing significant growth in recent years.

Customer preferences: Customers in Albania have shown a strong preference for investing in residential real estate. This is due to several factors, including the desire for stable and secure investments, the potential for rental income, and the cultural importance placed on owning property. Additionally, many Albanians living abroad are investing in real estate in their home country as a way to maintain a connection and potentially return in the future.

Trends in the market: One of the key trends in the residential real estate market in Albania is the increasing demand for apartments and houses in urban areas. This is driven by the growing urbanization of the population and the desire for modern and convenient living spaces. As a result, developers are focusing on constructing new residential buildings in cities such as Tirana and Durres. Another trend is the rise of the short-term rental market, fueled by the popularity of platforms like Airbnb. Many property owners are choosing to rent out their residential units on a short-term basis to tourists and visitors, which has created additional income opportunities for homeowners.

Local special circumstances: Albania has undergone significant political and economic changes in recent decades, which have had an impact on the residential real estate market. The transition from a communist regime to a market-based economy has opened up opportunities for investment and development. Additionally, the country's accession to the European Union has increased foreign investment and interest in the Albanian real estate market.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the residential real estate market in Albania. The country has experienced steady economic growth in recent years, which has increased disposable income and purchasing power. Additionally, low interest rates and favorable mortgage conditions have made it easier for individuals to finance the purchase of residential properties. In conclusion, the residential real estate transactions market in Albania is developing rapidly due to customer preferences for real estate investment, the increasing demand for urban living spaces, and the rise of the short-term rental market. The country's political and economic changes, as well as favorable macroeconomic factors, have created a conducive environment for growth in the real estate sector.

Data coverage:

Figures are based on total and average revenue of residential real estate transactions (sales).

Modeling approach:

Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, 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:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate Transactions - Albania

Volume

Analyst Opinion

Transaction Value

Living Space

Methodology

Financial

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Residential Real Estate Transactions - Albania

In-Scope

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Real Estate

Related markets:

Residential Real Estate: market data & analysis

Volume

Analyst Opinion

Transaction Value

Living Space

Methodology

Financial

Access more Market Insights on Financial topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Explore more high-quality data on related topic

Residential real estate in India - statistics and facts