The still high demand to buy apartments in Tirana is increasing construction permits for real estate.
Data from the Institute of Statistics shows that last year, 494 construction permits were issued, up from 411 in 2023.
"This means that the need for investment and construction is as high as it has been in the last 10 years. According to what we predict, it will be the same in the next 10-15 years," says Reinaldo Pipiria, Executive Director of NAREA.
INSTAT data shows that, meanwhile, nationwide, construction permits were issued last year for an area of almost 2.5 million m2, an increase of 18.1 percent compared to 2023.
"We have felt the increase in construction costs in every area, not only in construction. Due to the increase in raw material costs, fuel has increased. In regional and wider markets, there is an increase in costs," adds Pipiria.
What message does the increase in construction and the increase in costs convey in terms of apartment prices? Will houses continue to become more expensive?
"I think they have reached a saturation point. Of course, they are a little above the means of those who want to buy. Since the market maintains this price, these are the prices. I think we will not have further growth. We will not have significant changes from what has happened in the last 5 years," says the expert.
The majority of construction permits issued between January and March, almost 70 percent, were for residential buildings. (A2 Televizion)
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