House rents have grown significantly over the last five years, an analysis by the Bank of Albania has revealed.
The survey has studied over 34,000 listed homes and observed the average price movements in different geographic areas in the country.
In the capital Tirana, the increase in five years is an average of 30%, in the coastal areas 56%, while in the central areas of the country about 32%.
In five years, the coastal areas experienced the highest increase in rents, surpassing the central areas of the country. On the other hand, the rent difference in the capital and the coast has narrowed, while it has increased in relation to the central areas. Thus, living for rent in a non-coastal city and away from the capital, becomes cheaper.
According to the study, the rental market in real estate has had its own fluctuations, while at the end of 2019 and during the pandemic there was a stagnation of prices due to the crisis, but in the last two years the growth has been almost unstoppable with around 13% per year in Tirana and 24% per year for the Albanian coast.
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