IMMOVABLE PROPERTY MARKETS IN METROPOLITAN TIRANA, ALBANIA

This paper uses information from three empirical studies to describe, after seven years of privatization and real estate market transactions, how the physical space of the city of Tirana is presently organized, and how active real estate markets have been. The first empirical study, fielded in December 1997 (completed in January 1998), was based on an "area sample" of the city of Tirana. One-hectare grid squares were overlaid on the city's 3,060 hectares within the municipal boundary, and a random sample was taken of these grids. Eighteen grid squares within the ring roads (an area of 340 hectares) and 14 grid squares between the ring roads and the outer municipal boundary (an area of 2,720 hectares) were randomly selected. Within the selected grid squares of 1 hectare each, research teams visited each property and questioned the holders about its use, who owned it, when it was constructed, and other characteristics of the property. The sample values obtained from the questionnaires were then "expanded" by the sampling ratio to describe the physical space of Tirana within the city's municipal boundaries. The second study of the transactions recorded in the Hipoteka Office of Tirana was done in early 1998. All documents from 1993 through 1997 were classified according to type of property involved, and the number of transactions were tabulated. The third study of real estate prices from 1993 to 1997 was done based on the data of one real estate agency in February 1998. This database represents approximately 70 percent of all offerings of real estate for sale done through real estate agencies in Tirana