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Apartment prices in Albania are expected to remain at their current levels in the coming months, despite expectations from some buyers that prices might decline. This is the assessment of Erjon Harizi, Executive Director of the Albanian Constructors Association, who states that rising construction costs, the depreciation of the euro, labor shortages, and the increasing fiscal burden continue to put pressure on the market. According to Harizi, although the pace of price increases has slowed compared to previous years, there are still no factors that would lead to lower apartment prices. He explains that when the market is analyzed in Albanian lek, the increase is not as significant as it is often perceived, while the depreciation of the euro has made it practically impossible to reduce apartment prices denominated in euros. Another key factor affecting the final price of residential properties is the continuous increase in construction costs. Besides higher wages and labor shortages, the sector is also burdened by rising land costs, taxes, stricter technical standards, design expenses, and professional supervision. In some projects, the landowner's share can account for as much as 50% of the overall development value. Mr. Harizi emphasizes that Albania's construction market has stabilized during 2026, although it has not entered a period of decline. He notes that the summer months traditionally bring a slowdown in apartment sales in Tirana, while buyer interest usually rebounds in September. One of the construction sector's greatest challenges remains the shortage of skilled labor. The Albanian Constructors Association states that the lack of engineers, architects, technicians, and qualified workers has forced companies to increase wages, invest more in training, and hire foreign workers, further increasing project costs. Harizi also points out that employing foreign workers has helped prevent project delays, although it generates additional costs related to documentation, accommodation, transportation, and training. At the same time, he stresses that the quality of construction in Albania has improved thanks to the implementation of Eurocodes and European standards, with quality depending on technical supervision and certified building materials rather than workers' nationality. Regarding concerns about a possible oversupply in the housing market, the Executive Director of the Albanian Constructors Association says he sees no concrete signs of such a situation. According to him, Tirana continues to experience strong housing demand, while indicators such as stable prices, rising rental rates, a limited supply of completed apartments for sale, and continued mortgage lending by banks demonstrate that the market remains active. Concluding his interview with Ekofin.al, Harizi states that the construction sector continues to be one of the main drivers of Albania's economy, contributing significantly to GDP, employment, and the development of numerous related industries. In his view, maintaining this contribution will require stable fiscal policies, faster administrative procedures, and stronger legal certainty for investors.
