Albania’s natural beauty, cultural heritage and 476km of coastline stretching from the Adriatic Sea to the Ionian leads international proponents to declare that it is “Europe’s last secret” or an “undiscovered beauty”.
But staying mired in the realm of secrecy has taken its toll on the country in terms of real estate prices. In terms of seafront properties, Albania is the cheapest. According to British properties website rightmove, an apartment costs from 660 to 1300 euros per square metre.
Durres and its surrounding areas are the cheapest, with prices not exceeding 1,000 euros per square metre even in the most exclusive parts. Further south, prices are slightly higher with the coastal city of Vlora costing between 700 and 1,300 euros. Saranda, the most southern coastal city has a stable price of around 1,000 euros per square metre when it comes to apartments by the sea. Saranda is a stable market when it comes to investment in vacation houses.
Meanwhile, seafront apartments in the Montenegrin cities of Budva and Kotor have an average price of 2,500 euros per square metre, while prices in the more exclusive Porto Montenegro area can go for up to 10,000 euros per square metre.
Dalmatia in Croatia is also much more expensive compared to the Albanian coast. In the Dubrovnik area, the medium price is around 3,500 euros for apartments by the sea, while in Split and on the island around, it goes down to 2,000 euros. Coastal Albanian real estate is the cheapest in the region, yet is in very low demand despite the beauty of the surroundings attached to it.