Investor comparing entry price: Albania, clearly. Budva sits at 2,500–4,200 euro per square metre against Tirana around 1,900–2,000 — that gap is the whole investment thesis.
Buyer near the border: The real trade is Ulcinj against Velipoja and Shëngjin. Ulcinj asks 1,800–2,800 euro per square metre; the Albanian side of the same coast asks under half that.
Buyer testing the discount story: Half true. Albania is twice as cheap as Split and well under Budva, but Thessaloniki is comparable — "cheaper than every neighbour" is no longer accurate.
