According to Serbian Economist, the Albanian real estate market is showing the first signs of cooling after several years of sharp price increases. In June, the construction confidence index fell by 0.8 points, and developers revised their forecasts for future orders and prices downward, according to the Bank of Albania’s business and consumer confidence survey.
The key signal is the decline in expectations for new contracts. The balance indicator for construction orders fell to minus 26.2 points, meaning that the number of companies expecting a decline in orders significantly exceeds the share of optimists. At the same time, current construction activity remains roughly at the same level.
Prices have not yet entered a sustained decline, but developers’ expectations have weakened sharply. The price expectations index remains positive at 14 points—meaning that part of the market still expects growth—but in May the figure was 22 points, and in the spring it hovered around 30 points. This suggests not so much an immediate drop in prices as a rapid slowdown in the market.
The Bank of Albania also reports a slowdown in housing price growth. According to the Fisher Index, average prices of completed transactions rose by 11.7% compared to the previous half-year and by 28% year-over-year, but this is already lower than the rates seen in the first half of 2025, when annual growth reached 41.7%.
The cooling trend is particularly noticeable in Tirana. In the capital, the price index has remained unchanged over the past six months, and annual growth stood at only 4.4%, whereas in the first half of 2025, prices in Tirana rose by 32.6% year-over-year. According to market data, half of all transactions in the capital are now being concluded at a discount to the originally asking price.
At the same time, the coast is so far preventing the market from slowing down even further. Price growth in resort areas, including Vlora, Saranda, and Durres, is driven by foreign demand for seaside apartments and new tourist complexes. The Bank of Albania notes that coastal regions were the main contributors to the overall growth of the price index.
The paradox of the market is that demand is weakening, yet construction continues at a rapid pace. Albanian media, citing indirect tax data, report that permits for approximately 2 million square meters of construction may have been approved in the first five months of the year—a figure close to the record levels seen in 2024.
The practical conclusion for investors is simple: Albania no longer appears to be a market where prices are rising at the same rapid pace everywhere. Tirana has already approached its price ceiling, and further growth increasingly depends on project quality, location, and foreign demand. The coast remains stronger than the capital, but even there, the risk of overheating is increasing.
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Norway is now providing an additional 3 billion Norwegian kroner to strengthen Ukraine’s air defense systems, according to the Norwegian government.
“Ukraine has been successful in intercepting most drones and cruise missiles, but it needs to strengthen its defenses against ballistic missiles. This is one of Ukraine’s most urgent priorities. That is why Norway is now allocating 3 billion Norwegian kroner for air defense,” said Prime Minister Jonas Gar Støre.
On Tuesday, the prime minister met with Ukrainian President Volodymyr Zelenskyy at the NATO summit in Ankara, Turkey.
“Russia is sending hundreds of drones and missiles into Ukraine day and night. The Patriot air defense system is highly effective and can counter a wide range of threats, including ballistic missiles,” said Defense Minister Tore O. Sandvik.
Together with Denmark, Germany, and Canada, Norway will order new Patriot air defense missiles directly from the manufacturer in the United States. Norway will continue to support the U.S.-led PURL program. PURL is a NATO program for coordinating the funding and donation of advanced U.S. military equipment to Ukraine, including air defense systems. Given the long lead times for some of these missiles, Norway also plans to procure Patriot missiles from countries that already possess them to facilitate rapid donations to Ukraine.
According to the Norwegian government, Ukraine has asked its European partners to participate in the development of a specialized missile defense system. This could also be significant for the defense of Norway and other Alliance member countries. Norway is allocating funding to be able to contribute to this initiative.
“In the future, ballistic missiles could also pose a serious threat to Norway and its allies. Therefore, the Ukrainian initiative is of interest in terms of strengthening Norway’s defense capabilities,” Sandvik said.
The government noted that between 2023 and 2025, Norway provided Ukraine with air defense support totaling 30 billion Norwegian kroner. Norway is also providing significant funding to strengthen Ukraine’s air defense in 2026.
On July 7, the Paris Court of Appeals reduced the sentence of Marine Le Pen, leader of France’s National Rally, in a case involving the misuse of European Parliament funds, effectively paving the way for her to run in the 2027 French presidential election.
The court upheld the guilty verdict in the case involving the misuse of EU funds but reduced the ban on holding elected office from five years to 45 months, 30 of which are suspended. The remaining 15 months are considered to have already been served, so Le Pen regains the right to run for office.
The court also sentenced her to three years in prison, two of which are suspended, and one year to be served under house arrest with an electronic ankle monitor. Additionally, according to Le Monde, she was fined 100,000 euros.
Following the court’s decision, Le Pen stated that she would run in the 2027 presidential election and appeal the verdict to the French Court of Cassation. According to Reuters and AP, the appeal could suspend the portion of the sentence involving electronic monitoring, allowing her to campaign without immediate restrictions of this kind.
The case concerns the use of European Parliament funds between 2004 and 2016. Investigators alleged that money intended to pay for the work of European Parliament members’ assistants was used to fund party staff in France. Le Pen denies any wrongdoing and calls the case politically motivated.
The initial verdict, handed down in March 2025, threatened her participation in the presidential campaign, as the five-year ban on holding elected office effectively excluded her from the race. The National Rally had considered nominating Jordan Bardella as a contingency plan, but following the appeals court’s decision, Le Pen remains the party’s lead candidate.
The French presidential election is scheduled for 2027. Incumbent President Emmanuel Macron will not be able to run for another term, so the campaign is already being viewed as one of the most wide-open in recent years. Le Pen’s participation ensures that the National Rally retains its status as one of the key players in the upcoming race.
In the “Medium- and Long-Term Market” section of the UEB, trading continued for July, August, and November 2026. In total, eight companies placed bids to buy or sell natural gas: Ukrnafta, GPK Naftogaz Trading, MTM Concern, the Ukrainian Gas Transmission System Operator, Ukrzaliznytsia, and others. In total, 11,530 thousand cubic meters of natural gas—July 2026 volumes in the GTS and UGS facilities—were sold in this section.
On the UEB’s short-term natural gas market, participants submitted bids on the intraday market and the “day-ahead” market. A total of 86 trades were concluded, with a combined volume of 1,622 thousand cubic meters.
Last week, the European market once again began to price in a risk premium, though without returning to June’s peaks. The M+1 gas contract briefly reached its highest level since the signing of the memorandum of understanding between the U.S. and Iran, with the Winter 26 and Summer 27 contracts following a similar trajectory. Maritime traffic through the Strait of Hormuz, while having improved somewhat, remains significantly below pre-war levels: in the six months leading up to the war, an average of just under 90 tankers passed through the strait each month. Following last weekend’s strikes, LNG transit was close to zero. Gas storage in Europe remains one of the most closely monitored fundamental factors. As of July 2, the current storage fill rate stood at 49.2%, compared to a five-year average of approximately 62%.
Natural gas imports from Europe ranged from 0.8 to 1.6 million cubic meters per day.
According to Relocation, the Estonian government has approved a bill prohibiting citizens of Russia and Belarus from purchasing real estate if they do not have long-term resident status or the right of permanent residence in the country. If the bill is passed by parliament (the Riigikogu), the new rules will take effect on January 1, 2027.
The ban will apply throughout Estonia and will affect not only individuals but also companies from Russia and Belarus, as well as legal entities from other countries if their ultimate beneficial owner falls under the restrictions. The ban will cover apartments, land plots, building rights, and shares in real estate properties.
Tallinn cites national security concerns as the rationale for this initiative. The goal of the bill is to reduce the risks of real estate being used for intelligence activities, preparing sabotage operations, exerting influence, or establishing strongholds near strategic facilities. Interior Minister Igor Taro stated that the ban must not remain merely “on paper” and must not allow the restrictions to be circumvented through companies in Estonia or other EU countries.
However, the law will not be retroactive. Russians and Belarusians who already own real estate in Estonia will retain their property rights. Renting residential and commercial properties will also remain permitted. In certain cases, the government may issue a special permit for a purchase if the transaction does not conflict with the law’s objectives.
According to data from the Estonian Ministry of the Interior, as of January 9, 2026, there were 7,797 Russian citizens and 1,476 Belarusian citizens in the country with temporary residence permits—a total of 9,273 people. It is this group, if they do not have long-term resident status or permanent residence rights, that may be directly affected by the ban. At the same time, 70,237 Russian citizens and 1,190 Belarusian citizens held long-term residence permits and are to be exempt from the restrictions.
There is another aspect to consider—existing property owners. As of April 2025, there were 36,952 Russian citizens and 896 Belarusian citizens among real estate owners in Estonia. However, their current properties will not be seized, so the ban primarily concerns new transactions.
