Over the past five years, Albania has experienced significant urban growth, transforming its cities and real estate landscape. This period has seen a surge in both residential and commercial developments, reshaping the urban environment.
Economic growth and urban expansion
Albania's economy has grown steadily over the past few years, driven by sectors such as tourism, construction, and manufacturing. The economic progress has driven urban expansion, leading to increased demand for housing and commercial spaces.
Balfin Real Estate's role in urban development
Balfin Real Estate has been instrumental in this transformation, undertaking several key projects:
- Riverside Residences: A modern residential and business complex in a prime Tirana location, offering a blend of premium living, service spaces, and green recreational areas for a balanced lifestyle.
- Ambasador 1: A modern 14-story residential building in the heart of Tirana, offering high living standards, commercial units, and convenient parking, perfect for an urban lifestyle.
- Uzina Tirana: A contemporary residential development built in two phases, with the first phase completed in 2020 featuring a European-standard mixed-use building of 7 and 9 floors, including 8 residential levels, 1 commercial floor, and 2 underground parking levels with 96 apartments and 115 parking spaces, while the second phase will add four more residential buildings to further enhance the urban landscape.
Impact on Tirana's real estate market
In Tirana, the capital city, urban development has been particularly pronounced. The demand for Tirana apartments has increased, with new residential complexes and commercial buildings emerging to meet the needs of a growing population. Balfin's projects in Tirana exemplify this trend, offering modern living spaces that cater to diverse preferences. As the demand for property in Albania rises, Albanian real estate continues to attract local and international investors, creating new opportunities in urban development.