Buyers with different profiles
Real estate agents describe different types of buyers when asked to profile the potential clients from the two main countries inhabited by Albanians. To date, more active in our coast have been the Kosovars, whose buying is focused mostly on the coastal area of Durres. According to executive officers of the real estate agencies,[ad#ad-1] most of them have bought cheap construction in the coastal areas. “To date, they have bought cheap and small constructions, mostly 1+1 apartments. In most of the cases they are concentrated Shkembi i Kavajes area and near the Railway area, “said Elsa Zoto from “Koral” agency.
“Potential buyer of the real estate in Albania, in principle are people that have a living standard above the average, i.e. the group of people that do not depend on their salary for living, but they have other revenue sources, including our emigrants (whose number is highly reduced as a result of the global economic crisis) men who have above average living standard, namely, the category of people who depend not only wages but also have other sources of income, but not excluding the migrants our (whose number is dwindling too, as a result of the global economic crisis)”, said Agron Beka, owner of consulting company” Immobilia” in Pristine, who does not see that high demand from the Kosovar market. “ It cannot be denied that the Kosovars have interest in buying apartments on the Albanian coast, in particular in Durres, but at that extent that the Albanian constructors claim”, Beka said.
“The profile of buyers from Macedonia is different, which have more pretensions not only for the constructions quality, but also for the location of the objects and the distance from the sea. They have always have more pretensions that the Kosovars in terms of the apartment quality, as well as their location. They are ready to pay higher prices in order the apartments to meet their demands”, Elsa Zoto told.
But according to the constructors, the profile of buyers from Kosovo has changed in the last years. According to Hajredin Fratari, recently Kosovars have increased their demand on construction quality, as well as about their location, distance from the sea and infrastructure-related conditions.
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“It is true that in the previous years many small and cheap apartments were bought. But now we are facing mostly with an increase of the apartments density in the areas they have bought them, which in fact has made the situation difficult in general. Also, they pay a proper attention to the purity of sea water”, Fratari said.
Agencies outside the play
Both the real estate agencies and the constructors accept that the way how the Albanian market is structured makes difficult to reach to an accurate conclusion on the demand in general in the Albanian market. Hajredin Fratari explained the perception on low demand by the Kosovar real estate agencies with the fact that those interested come in person in Albania to receive information on prices, location and apartments’ quality.
It seems that this is the case for the Albanian agencies as well. According to Elsa Zoto, for her agency is very difficult to come to an accurate conclusion related to the demand coming not only from Macedonia and Kosovo, but also from other potential buyers due to the lack of cooperation with the constructors. “In the Albanian real estate market it is not worked like all over the world. Constructors do not leave the real estate agencies to manage the objects. Presently, they work through making the publicity of the object on their own through boards with phone numbers and contact address. Such behavior places us outside the game and it makes for none to have any accurate info on the demand and supply in the market”, Zoto said.
Demand from Kosovo still poor
How true is the statement made by the Albanian constructors, that there is a higher demand by the Kosovars for apartments in Albanian coastal areas?
It is partially accurate. It cannot be denied that the Kosovars have interest in buying apartments on the Albanian coast, in particular in Durres, but at that extent that the Albanian constructors deem.
What is the impact of the construction of Durres-Kukes road in the number of Kosovars looking for buying a house in the Albanian coastal areas?
Road is of importance in particular in national long-term plan, but this road will increase furthermore the number of tourist in the Albanian coast rather than the growth of the number of apartments buyers in the coastal areas. Therefore, we do not have any significant growth in terms of buyer as a result of the fact that Durres-Kukes road is operational.
What is the level of the citizens contacting your company for buying houses on Albanian coast (or even apartments in Tirana or land)? Is there any high demand?
Although my company “Immobilia” is in market for 18 years, the number of demands for buying real estates in Albania is still low.
How do you collect the information related to the houses on coastal areas in Albania? Do you cooperate with Albanian agencies to provide to the customers the proper information?
We obtain almost any information on real estate in Albania through our Albanian cooperators, which deal with real estate circulation. Thus, they are the main providers for such information, including also other ways of receiving information.
What social stratum do those individuals looking for apartment on coastal areas belong to?
Potential buyer of the real estate in Albania, in principle are people that have a living standard above the average, i.e. the group of people that do not depend on their salary for living, but they have other revenue sources, including our emigrants (whose number is highly reduced as a result of the global economic crisis).
What kind of apartments do they look for mostly and in what areas of the Albanian coast? At what prices? At what size?
In principle Kosovars do have interest for average size apartment i.e. two bedrooms. Durresi remains the city where the Kosovars interest is higher and look for having real estate there. There are many reasons for that e.g. Durresi is the nearest coastal area to Kosovo; Durresi in general has a better infrastructure compared to the other cities in Albania (excluding some other coastal cities). Due to the higher concentration of Kosovars in Durres, the potential buyers fell more secure in terms of investment because Durresi is also closer to Tirana, etc. But Kosovars have their complaints about the coast in Durres, mostly related to the dirtiness in the beach, high noises after 24:00, urban chaos, and others.
Is there any high number of Kosovars that have bought real estate to date? Do you think that their number will increase in the coming years? Do you expect any demand growth in the future about the second house at the Albanian coast by the Kosovars?
Compared to the opportunities, the number is not high. To date the Kosovars have concentrated 90% of their investing capital only in Durres considering the fact that Albania has much more attractive coastal areas for the Kosovars holidaymakers. I deem that the buyers number in the future (following the global economic crisis and other specific economic and political problems of Kosovo, no doubt that there would be an increase, but not at enormous rate. Traveling through Kukës-Durrës highway makes a Kosovars that within the weekend to come to Durres and on Monday to be back at work. Therefore, there is a question: is it necessary to buy an apartment? When someone has an apartment in Durres, there is a dominance of the psychological factor that you should go there more frequently, and therefore, there is no any interest to visit other coastal countries, etc. thus, today in general the people need to change as much as possible the relaxing environment. In shortly, I would say that we, Albanians, have a culture of work, but not yet that of holidays.