Real estate was the sector attracting the largest volume of the foreign investment in the Albanian economy in the first quarter of 2024, the Bank of Albania said on Tuesday.
Data from central bank showed that investment in Albania’s real estate sector by non-residents in the January-March period amounted to around 84 million euros, registering a 71% year-on-year increase.
Investment in the real estate sector accounted for around 24% of the total value of foreign direct investment (FDI) into Albania.
According to the findings of a regular survey of Albania’s central bank, around 26% of real estate properties sold in the second half of 2023 were purchased by non-residents, with one third of them coming from non-EU countries.
The Bank of Albania estimates that the stock of foreign investment in Albania’s real estate market amounted to 1.66 billion euros in the end of the first quarter of 2024, edging up by 41% compared to a year ago.
The share of foreign investment in real estate has increased by almost 22 times in the last decade.