Saranda Real Estate Market in 2024: Prices, Investment, and Opportunities

Considering buying an apartment in Saranda? At GlobiHome, we present the latest prices, the best locations, and the real investment potential of the Albanian Riviera in 2024. In this article, we will explain why Saranda is attracting more and more savvy investors from across Europe.

The real estate market in Saranda is experiencing its golden decade. Average prices have increased by 12% compared to 2023. Moreover, in the very center of Saranda, apartments for sale range from 1400 to 1800 EUR per square meter, while sea-view apartments in Saranda cost around 2000-3000 EUR/m².

Why is investing in an apartment in Saranda worthwhile?

• Albania is preparing to join the European Union, which will increase property values.
• Property prices in Albania are increasing by 10%-15% annually.
• Profitability from short-term rentals is at a level of 8-10%
• An international airport is being built in Saranda, which will increase tourist traffic in this country.

A key factor driving the increase in real estate value in Saranda is the planned construction of a new airport in 2025 and Albania's status as a candidate recognized by the European Commission to join the European Union. This will not only facilitate access to the region but also significantly affect the value of nearby properties. At GlobiHome, we already see the effects - apartments in the center of Saranda, which could be purchased for 1200 EUR per square meter two years ago, currently fetch much higher prices.

However, prices are not everything. The true magnet for investors is the potential return on investment. Apartment owners have noted profitability levels of 8-10% annually. In practice, this means that an apartment worth 100,000 EUR can generate income of around 8,000-10,000 EUR annually from short-term rentals alone. The costs of property management by various agencies are 10-30% of the income. The net profit from rentals in Saranda, depending on location, view, and finishing standard, is about 7300 EUR annually.

Apartment Prices in Saranda 2024 - Current Market Analysis

The real estate market in Saranda is undergoing a fascinating transformation. In the city center, new turnkey apartments reach prices of 1400 to 1800 EUR per square meter. This is still significantly less than similar coastal locations in Croatia or Greece, where similar properties cost even twice as much.

An important aspect is that the price of the apartment includes turnkey completion, which means the kitchen installation, bathroom, floor tiles, doors, and painted walls are all included. This is a big advantage if you are buying a property abroad.

To purchase an interesting property in Saranda, you should have a minimum budget of 100,000 EUR. There are also opportunities on the secondary market at lower prices, but it is worth carefully checking the legal aspects of such properties.

Saranda First-Line Seafront Apartments - Offers and Prices

The real investment gems are properties with direct views of the Ionian Sea. On the first line of the coast, premium apartments reach prices between 2000 and 3000 EUR per square meter. High finishing standards, private beaches, and breathtaking views make these properties particularly popular among investors seeking stable value growth.

To buy a sea-view apartment in Saranda in 2024, you need to have a minimum budget of 120,000 EUR.

Saranda Seaside Properties - Value Increase

A key factor driving the increase in property values in Saranda is the planned construction of a new international airport in 2025. History shows that similar infrastructure investments in the region have led to spectacular price increases. In Montenegro's Tivat, after the airport opened, apartment values increased by 40% within just two years.

The tourism indicators are equally impressive. An increase in the number of tourists by 22% year on year and the extension of the tourist season from three to six months form a solid basis for investing in the short-term rental market.

Real Estate in Saranda - Primary and Secondary Markets 2024

New Apartments in Saranda - Primary Market

New apartments in Saranda offer modern solutions, high-quality workmanship, and often additional infrastructure like pools or fitness areas. Developers in Saranda focus on energy-efficient technologies and well-thought-out apartment layouts. When buying a property from the primary market in Saranda, you get a developer guarantee, the ability to choose the finishing standard, and often flexible payment schedules. Particularly popular are new investments on the first line of the coast and in the dynamically developing Ksamil district. New apartments in Saranda also feature modern elevators, underground parking, and 24-hour security, significantly enhancing residents' comfort.

Installment plans for buying property on the primary market in Saranda 2024 are usually as follows:

• 5% during reservation,
• 60% upon signing the notarial deed,
• 15% in line with construction progress,
• 15% in line with construction progress,
• 5% after receiving the ownership certificate.

Second-hand Apartments in Saranda - Secondary Market

Second-hand properties in Saranda often offer more competitive prices, and the payment distribution is as follows:

• 5% during reservation
• 95% upon signing the notarial deed and receiving ownership certificate

It is important that when buying a second-hand apartment, the legal aspects of the property are thoroughly analyzed. It is best to do this with the cooperation of a local agent, lawyer, or notary.

Buying an Apartment in Saranda or Tirana - What's the Best Choice?

Choosing between investing in Saranda or Tirana is a decision faced by many investors considering purchasing property in Albania. Each of these locations offers unique benefits and investment opportunities.

Saranda stands out with its tourist potential and dynamic price growth:

• Average return from short-term rental: 8-10% annually
• Increase in property values: 12% in 2023
• Prices from 1400 EUR/m² with growth potential
• 300 sunny days a year
• Planned international airport (2025)

Tirana, on the other hand, offers the stability of a capital city and a long-term rental market:

• Steady rental income year-round
• Prices from 1800 EUR/m² in the center
• Developed business infrastructure
• Larger rental market for local residents

For investors focused on tourism profit and dynamic value growth, Saranda currently represents a more promising choice. Especially since it is at a similar development stage as Dubrovnik or Budva 15 years ago, which we will discuss further on our GlobiHome portal.

Albania Real Estate Saranda or Montenegro - 2024 Price Comparison

Investors often consider choosing between Saranda and popular Montenegrin resorts. Comparing these markets in 2024, Saranda offers more attractive entry prices and higher growth potential.

In Saranda, a sea-view apartment costs 2000-3000 EUR/m², whereas similar properties in Montenegrin Budva or Kotor cost 3500-4500 EUR/m². Simultaneously, the development of infrastructure in Albania, including a new airport, suggests that Saranda is on a similar development path as Montenegrin resorts a decade ago.

Saranda Weather and Tourist Season - When is the Best Time to Rent?

Saranda boasts 300 sunny days a year, which translates into an exceptionally long tourist season. The highest rental rates are achieved during the peak season (July-August), when the daily income from a two-room apartment can be 85-150 EUR. In June and September, rates remain at 60-100 EUR per day.

The mid-season (May, October) brings revenues of 40-70 EUR per day. Even in winter, apartments find tenants, especially among remote workers and long-term residents who appreciate the mild climate and lower costs of living.

Annual Temperatures in Albania:

• Summer (June-August): Air temperature: 25-35°C Water temperature: 23-26°C Precipitation: minimal Sunny days: 28-30 days per month
• Spring (March-May): Air temperature: 15-25°C Water temperature: 17-21°C Precipitation: moderate Sunny days: 20-25 days per month
• Autumn (September-November): Air temperature: 15-28°C Water temperature: 19-24°C Precipitation: occasional Sunny days: 22-26 days per month
• Winter (December-February): Air temperature: 8-15°C Water temperature: 15-17°C Precipitation: increased Sunny days: 15-20 days per month

How to Get to Saranda? All Travel Options [Guide 2024]

Planning a trip to Saranda, you have several convenient transport options. Each has its advantages and allows you to tailor your approach to reaching your destination based on personal preferences.

Flying to Saranda - Nearest Airports

The nearest airports are currently:

• Corfu (Greece) - the most popular option
• Tirana (Albania)
• Ioannina (Greece)

Corfu Airport is the most convenient choice:

• Direct flights from many European cities
• Short ferry transfer to Saranda (30-60 minutes)
• Regular ferry connections
• Ferry ticket prices: 19-23 EUR/person
• Several sailings per day in the season

Ferry from Corfu to Saranda

Taking the ferry from Corfu is a popular way to reach:

• Journey time: 30-60 minutes
• Frequent connections in the season
• Ferries depart from the new port in Corfu
• Tickets can be purchased on-site or online

Tickets can be purchased on the Finikas Lines website.

Transfers from Tirana Airport

From Tirana International Airport, you can choose:

• Private transport (2.5-3 hours)
• Bus (4-5 hours)
• Car rental

The route runs through a picturesque road along the coast, offering beautiful views of the Albanian Riviera.

Apartments in Albania Saranda - Buying Process Step by Step

The process of buying property in Saranda is simpler than you might think. The whole process usually takes 2-3 weeks and includes:

• Selection of property and preliminary reservation
• Due diligence and legal verification
• Signing of the preliminary agreement
• Preparation of documentation and translations
• Finalization at a notary
• Handing over keys and registration of ownership

It is also possible to buy property without traveling to Albania. Simply grant power of attorney to your real estate agent, who will sign the notarial deed for you. This is a safe and straightforward process, which is worth discussing with the property owner or real estate agent if you cannot come to Saranda. The power of attorney requires an Apostille, which is a certification of a document prepared in one country that enables its legal use in another country.

Costs of Buying an Apartment in Saranda - All Fees 2024

When planning to buy an apartment in Saranda, in addition to the property's price, you must account for additional costs. One of the main benefits of investing in Albania is the absence of property purchase tax, which significantly reduces the total transaction costs compared to other European countries.

Key purchasing costs when buying an apartment in Saranda are:

• Notary: 150-450 EUR
• Interpreter: 60-150 EUR
• Transfer of ownership and utilities: 100-200 EUR
• Necessary certificates: 100 EUR
• Property purchase tax: 0%

Buying property in Saranda only requires an ID or passport and additional purchasing costs up to a maximum of 1200 EUR.

Maintenance Costs for an Apartment in Saranda 2024 - Fees and Utilities

The good news is that property maintenance costs in Saranda are significantly lower than most European seaside resorts, positively affecting investment profitability. Necessary fees are as follows

• Rent: 300-400 EUR annually
• Electricity: 30-50 EUR monthly (higher usage in summer due to air conditioning)
• Water: 10-13 EUR monthly
• Internet: 20 EUR monthly
• Property insurance: 300-800 EUR annually depending on coverage

If you want to use an agency to manage renting your apartment on the spot, their cost is between 10% and 30% of rental income. The price depends on the scope of management services, with 30% covering a full service including Google Ads promotions.

Renting an Apartment in Saranda - Profitability and Investment Return 2024

Foreign clients most often buy properties in Saranda to use them several times a year and generate income from renting them out the rest of the time. Below we present calculations from our experience at GlobiHome.

Short-Term Rental in Saranda:

High season (July-August):

• 1-room apartment: 45-65 EUR/night
• 2-room apartment: 65-85 EUR/night
• Sea-view apartment: 85-150 EUR/night
• Penthouse with terrace: 150-200 EUR/night

Mid-season (May-June, September):

• 1-room apartment: 35-45 EUR/night
• 2-room apartment: 45-65 EUR/night
• Sea-view apartment: 65-100 EUR/night
• Penthouse with terrace: 100-150 EUR/night

Example Profitability Calculation:

Let's assume a 2-room apartment in central Saranda:

• Average annual occupancy: 180 days
• Average daily rate: 70 EUR
• Potential annual income: 12,600 EUR

Annual expenses:

• Utilities and maintenance: 2200 EUR
• Rental management: 3150 EUR (25%)
• Total expenses: 5350 EUR

Annual profit: 7250 EUR

Factors Affecting Rental Profitability in Saranda:

• Location of the apartment
• Finishing standard
• View from the windows
• Additional amenities (pool, parking)

Market Trends:

• Lengthening tourist season
• Increasing popularity of Albania
• Development of tourist infrastructure
• Increasing demand for premium apartments
• More and more tourists from Western Europe

FAQ - Frequently Asked Questions about Saranda Real Estate

How much does an apartment in Saranda cost?

Apartment prices in Saranda start from 1400 EUR/m² in the city center, reaching up to 3000 EUR/m² for luxury apartments with sea views in the first line of the coast.

What is the return on investment for an apartment in Saranda?

The average annual return on investment is 7-8% for standard apartments, and for prestigious locations, it can reach up to 8-10%.

Which districts of Saranda are best for investment?

The best locations are the city center, the first line of the coast, and the developing Ksamil, which records the highest property value increases.

Summary: Saranda Investment Prospects 2024

In 2024, Saranda is at a similar point of development as Croatia's Dubrovnik or Montenegro's Budva were years ago. Planned infrastructure investments, growing tourist traffic, and still attractive prices create a unique window of opportunity for savvy investors.

With an average short-term rental return rate of 8-10% annually and a projected property value growth of 10-15% annually, investing in Saranda can provide the ideal balance between safety and growth potential.

Data are from the Albanian Real Estate Association reports and our own market analyses from the first quarter of 2024