All sources have been thoroughly verified for credibility. Furthermore, a local real estate expert has reviewed and approved the final article.
Yes, the analysis of Durrës' property market is included in our pack
Considering buying real estate in Durrës? You're not alone!
Many people are drawn to Durrës' coastal appeal and dream of owning a beachfront apartment or a stylish condominium in this city.
Is it a wise investment, though? Are property prices increasing in Durrës? Is it expensive? Should I invest in the city center or near the beach? What about the taxes? What yields can I expect?
We've figured it out for you.
The Investropa team knows this market inside and out. As a matter of fact, we have condensed all our findings in a pack. Get it now.
In the lines below, we'll provide you with helpful information.
How is the real estate market in Durrës?
What's happening with the property market? Some say it's going up, others say it's going down. Our approach is distinct—we rely on fresh data and stats to reach the correct conclusions.
Types of properties
In Durrës, you can find a variety of properties for sale to suit different preferences and budgets.
These properties include apartments, houses, villas, and land. Apartments are a popular choice for those looking for a smaller and more manageable living space, often located in residential complexes with amenities. Houses offer more space and independence, suitable for families or those who prefer standalone properties. Villas are luxurious properties with spacious gardens or private pools, ideal for those seeking a high-end lifestyle.
Additionally, you can find land for sale, perfect for building your dream home or investing in future development.
Whether you're a first-time buyer or a seasoned investor, Durrës offers a diverse range of properties to meet your needs.
Better to buy or rent?
(If you're keeping it for yourself and not renting it)
If Durrës is your city of choice, you might be considering whether it's better to buy a property or opt for renting in this coastal city of Albania.
Generally, buying is a better choice than renting in Durrës due to its low property prices and the potential for rental income.
However, if you prefer flexibility, go for renting.
Property prices in Durrës
On average, according to the updated data from Central Bank of Albania, buying a property in Durrës would cost you around $2,200 per square meter.
It's evident that there are significant disparities. The value of a square meter for an apartment in Durrës city center might differ from a beachfront property. We actually offer a more in-depth analysis in our pack for buying property in Durrës and in Albania.
To put things in perspective, it means that, instead of buying an apartment in Paris or London, you can afford 6 properties in Durrës.
Also, housing prices in Durrës are 13% cheaper than in Tirana.
The most expensive neighbourhoods in Durrës are probably those close to the city center, while the cheapest are located in the outskirts of the city.
Trends
First and foremost, it's crucial to mention that Albania currently provides a stable political and economic environment. The last Fragile State Index that has been reported for this place is 56.7.
It is something to have in mind when wondering whether it's a good investment to buy a property in Durrës.
Besides that, if we look at the IMF's GDP forecasts, Albania's economy is expected to soar by 14% in the coming 5 years, resulting in an average GDP growth rate of 2.8%.
If you want to invest in real estate in Durrës it's a good thing because a growing economy means an expanding job market, which attracts more people to seek employment opportunities, leading to increased demand for housing and boosting the real estate market.
Also, in Albania, the average GDP per capita has changed by 16.4% over the last 5 years. Very few countries have achieved superior results.
These are positive signals showing that property prices in Durrës might increase in 2024 and during the coming years.
Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Albania right now.
Buying property in Durrës
It can be difficult to buy property in Durrës due to the lack of reliable and up-to-date information. That's why we have created the pack to buy property in Durrës and in Albania.
Buying process
Within our pack, we've covered the entire buying process extensively. This includes a detailed breakdown of prices and yields based on the area, advice on negotiating prices, and information about obtaining a mortgage.
Now, we're providing you with a simplified version.
This is the step-by-step process to purchase a property in Durrës:
- Research Durrës property market regulations.
- Engage a Durrës-based real estate agent.
- Review property options and visit locations in Durrës.
- Verify property ownership at the Durrës Immovable Property Registration Office.
- Hire a notary in Durrës to draft the sales contract.
- Negotiate the purchase price and terms with the seller in Durrës.
- Obtain a tax number (NIPT) from Durrës tax authorities.
- Sign the sales contract before the Durrës notary.
- Pay a deposit to the seller's Durrës bank account.
- Fulfill any mortgage requirements from Durrës banks if applicable.
- Pay the remaining balance on the property to the seller in Durrës.
- Register the property at the Durrës Immovable Property Registration Office.
Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Albania.
Make a profitable investment in Durrës
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Where to find a property
If you're looking for properties in Durrës, these websites can assist you in your search:
- Indomio - Albania's premier real estate platform, providing personalized property searches, a mobile-friendly design, and connections to local agents.
- Albania Property Group - Offering a wide selection of properties for sale and rent.
- Realting - An international real estate platform in Albania for buying, selling, and renting properties.
- Albania Property Real Estate - Explore a diverse range of real estate properties in Albania's southern region, including apartments, villas, and houses for sale.
- Rightmove - A leading UK property platform offering a variety of services, including property sales, rentals, house prices, and commercial property listings.
Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Albania.
What you can get
As mentioned before, the average price per sqm in Durrës is $2,200. A one-bedroom property with an area of 60 square meters would cost around $132,000, and a two-bedroom property with an area of 85 square meters would be around $187,000.
However, property prices can vary because of their qualities and where they're located.
Property prices in the top areas of Durrës are commonly at a premium. An apartment in Golem might be priced at around $250,000, while a condominium in Lalzit Bay could cost you $230,000.
But, there are cheaper places. You may find a property in Shkozet for $100,000, or an apartment in a remote area priced only at $30,000.
We give more details about property types and areas in our full pack for buying property in Albania.
Common mistakes
Here are the main pitfalls when buying property in Durrës, Albania:
- Ambiguous property ownership claims due to historical land reforms.
- Unforeseen legal restrictions on foreign buyers.
- Hidden property damage from earthquakes, common in the region.
- Unregulated construction practices leading to substandard buildings.
- Limited access to essential utilities like water and electricity in some areas.
- Lack of proper infrastructure and road maintenance.
- Risks of encountering informal settlements or unauthorized construction on the property.
- Vulnerability to coastal erosion and flooding in certain coastal areas.
We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.
Everything you need to know is included in our Albania Property Pack
Living in Durrës
Living in Durrës is a great option for those looking to experience the city's vibrant culture, stunning coastal scenery, and convenient access to the rest of Europe.
Cost of living
The cost of living in Durrës is quite affordable for visitors and residents alike. Groceries and basic services such as utilities are relatively inexpensive, while rent and other housing costs are more expensive than in other parts of Albania.
Here are some examples to better understand the cost of living in Durres, Albania:
- Traditional Albanian Rakia (Grape brandy): $10 for a bottle (500ml) at a local liquor store.
- Rent for a one-bedroom apartment in the Myslym Shyri neighborhood: $350/month.
- Fergese dinner for two at a restaurant near the Durres Amphitheatre: $30.
- 1.5-liter bottle of Birra Durrësi beer: $2 at a supermarket.
- Electricity bill for an 85m² apartment using OSHEE (Electricity Distribution Operator): $55/month.
- Monthly membership at Durrës Fit Gym: $25.
- Ticket to a movie at Millennium Cineplex Durres: $5.
- Turkish coffee (Kafe Turke) at a café along the Durres Beach: $1.50.
Neighbourhoods
We want to show information in a way that is easy to understand. So, we made a table that shows the different neighborhoods in Durrës. For yields, prices and rents, check our property pack.
| Neighborhood | Description | Strengths | Weaknesses |
|---|---|---|---|
City Center | The City Center is the heart of Durrës, bustling with activity, and home to many shops, restaurants, and historical landmarks. | Excellent amenities, rich cultural heritage, and easy access to public transportation. | Can be crowded and noisy, limited parking options. |
Golem | Golem is a popular coastal neighborhood known for its beautiful sandy beaches and resorts, attracting tourists and locals alike. | Stunning coastline, great tourist infrastructure, and a wide range of entertainment options. | Can get overcrowded during peak tourist seasons, limited residential facilities. |
Lalëz | Lalëz is a quieter residential area, offering a peaceful environment and a sense of community. | Tranquil surroundings, family-friendly atmosphere, and proximity to nature. | Limited commercial activities, fewer amenities compared to the city center. |
Shkallnur | Shkallnur is a historic neighborhood with traditional architecture and narrow streets, giving it a charming and nostalgic feel. | Rich cultural heritage, authentic atmosphere, and close-knit community. | Limited parking, some infrastructure may need modernization. |
Currila | Currila is a vibrant waterfront area, known for its lively nightlife, seafood restaurants, and beautiful sea views. | Scenic coastal views, lively atmosphere, and a variety of dining options. | Noise during peak hours, higher property prices. |
Xhamallar | Xhamallar is a residential neighborhood with a mix of apartments and houses, providing a peaceful living environment. | Quiet surroundings, diverse housing options, and local markets. | Limited entertainment venues, some areas may lack green spaces. |
Kodër-Kamëz | Kodër-Kamëz is a hilly neighborhood offering picturesque views of the city and the Adriatic Sea. | Beautiful views, serene environment, and opportunities for outdoor activities. | Challenging terrain for pedestrians, limited public transportation. |
Plepa | Plepa is a rural neighborhood with agricultural land and farms, providing a countryside escape from urban life. | Peaceful countryside setting, fresh produce, and a close-knit farming community. | Limited urban amenities, longer commute to the city center. |
Life in Durrës
Durrës is a rapidly developing city in terms of its economy, with a large port and industrial base, as well as an increasing number of businesses and investments in the tourism sector. The city is also increasingly becoming a hub for services, such as finance, IT and logistics.
What expats usually like the most in Durrës is its vibrant nightlife and its beautiful beaches. They also appreciate the city's convenient location, being close to both Tirana and the Adriatic Sea.
Access to healthcare in Durrës is generally good, with a range of public and private healthcare services available.
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Renting out in Durrës
This section is for those who are looking to purchase a property not to live in themselves, but to rent it out and make an income from the rental.
Long-term
Tenant Profiles in Durrës
If you decide to buy and rent out to long-term tenants, you should target young professionals, students, and families looking for a place to stay in the city. Durrës also has a growing vacation rental market catering to tourists and seasonal visitors.
Here is a little summary table we've made for you.
| Property type and area | Profiles of potential tenants | What they are looking for | Expected monthly rent in $ |
|---|---|---|---|
Apartment in City Center | Professionals, locals | Urban convenience, amenities | $200 - $400 |
Beachfront Villa in Golem | Families, expats | Seaside living, relaxation | $400 - $800 |
Studio in Currila | Students, singles | Proximity to university | $150 - $300 |
Apartment in Shkallnur | Working-class, families | Suburban lifestyle | $150 - $300 |
Apartment in Maminas | Families, locals | Quiet residential area | $200 - $400 |
Apartment in Plepa | Professionals, expats | Modern housing, access to services | $300 - $600 |
Apartment in Currilat | Young couples, locals | Affordable options | $150 - $300 |
Rental yields
Nowadays, the rental yields you get in Durrës are between 5% and 7%. There are some opportunities. So you know, a "good" rental yield is above 7%.
The best rental yields in Durrës are found in properties near the beach and in the city center, as these areas are popular with tourists and tend to have higher demand. Additionally, properties close to local universities are also in high demand, as they provide a convenient living option for students.
For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.
Short-term
You could also decide to rent short-term to beachgoers looking for a vacation spot close to the sea, or to business travelers needing a place to stay while on a work trip in Durrës.
If you decide to go with that option, look for properties in the city center, near the beach, or in the surrounding suburbs such as Kavaja, Shijak, and Golem. These areas have a high demand for short-term rentals and offer good value for money.
Currently, there are approximately 1,965 active Airbnb listings in Durrës, reflecting a highly dynamic and bustling short-term rental market. The average daily rate is at $46.
You have the opportunity to generate some additional income stream then. Based on feedback from online testimonials and data analytics platforms such as AirDNA, Guesty, and Inside Airbnb, people who offer short-term rentals in Durrës can make around $400 per month. Also, the average occupancy rate is estimated at 32%.
Is it worth buying real estate in Durrës then?
Buying a property in Durrës, Albania, is a fantastic idea for those seeking a smart investment opportunity. Here's why:
Durrës offers an affordable entry into the European real estate market. With an average price per square meter that's a fraction of what you'd pay in cities like Paris or London, you can own property without breaking the bank. Plus, property prices in Durrës are 13% cheaper than in the capital city, Tirana.
The potential for rental income is promising, especially with rental yields ranging between 5% and 7%. Whether you target tourists, students, or professionals, Durrës' growing demand for housing provides a steady income stream. Additionally, the stability of Albania's political and economic environment, coupled with expected GDP growth and a rising job market, bodes well for property value appreciation.
So, if you're looking for long-term financial growth and an opportunity to tap into the burgeoning tourism industry, Durrës is the place to invest.
However, there are situations where buying property in Durrës might not be the right move. If you prioritize flexibility and the ability to relocate easily, renting might be a better option, as property ownership ties you down to a specific location.
Moreover, Albania's property market can be somewhat murky, with potential issues related to property ownership, legal restrictions for foreigners, and concerns about building quality and infrastructure. If these uncertainties make you uncomfortable, it's worth considering other investment avenues.
Lastly, if you highly value modern urban amenities and infrastructure, Durrës may not meet your expectations, as it may lack certain conveniences found in larger European cities. In conclusion, Durrës presents a compelling investment opportunity for those looking to capitalize on affordable real estate, rental income potential, and economic stability. However, it's crucial to evaluate your goals, conduct thorough research, and seek expert advice to make an informed decision. If you prioritize flexibility, have concerns about legal issues and coastal risks, or require extensive urban amenities, exploring other options or renting might be more suitable.
Make sure you understand the real estate market in Durrës
Don't rush into buying the wrong property in Albania. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.
The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.