How many years does it take to buy a house in Albania and Europe?
In Rome, Munich and London, it takes a family about 16 years to become a home owner. In cities like Vienna or Madrid, it takes 11.1 to 11.3 years.
According to Numbeo data for the ranking of 23 cities selected by "Monitor" for the affordability indicator for buying an apartment, Tirana has the most expensive prices after the capital of Serbia and Paris.
According to this index, in Tirana it takes 18.7 years of income to buy a flat, while in Budapest it takes 14.8 years, in Zurich 12 years, in Vienna, 11.1 years, in Amsterdam 9.5 years and in Brussels, 6.5 years. For cities like Miami in the US it takes 5.3 years and to buy a house in Dubai, 3.7 years.
In Tirana, an apartment with an area of ??100 m² near the center starts at 100,000 euros.
Due to the low income, an Albanian family needs more years to become the owner of a house, compared to the main European cities.
The most expensive in the region is Serbia, where it takes 20 years to become a home owner. In the region, the cities where families need fewer years of income to buy an apartment are Zagreb and Skopje.
In Athens, where prices have fallen significantly since the crisis that threatened the country's exit from the euro, it takes 13.9 years to buy a house and in Thessaloniki, 11.8 years.
In Europe, Paris and Milan are more expensive than Tirana. In Paris it takes a family 19.8 years to buy a house and in Milan, 18.8 years.
While the cheapest European city to buy a house is Udine near Rome.
In this country it takes 5.1 years. But apparently this can only be taken advantage of by locals or Albanians resident in Italy.
The builder Hajredin Fratari, who has been building residential apartments in this city for the last two years, says that the demand from Albanians is zero. According to him, this is not due to the price, but the impossibility of crediting the house from Italian banks.
New constructions in this city close to Rome, according to Fratari, start at 3,500 euros/m².
Even Dritan Leka, from the "Century 21 CPM Smart" real estate agency, says that the non-crediting of foreign banks for the purchase of a property abroad for non-residents is considered an obstacle for many Albanians looking to buy a house abroad.
Mr. Leka adds that the disadvantage of an investment abroad for a certain category of individuals is the impossibility of property management.