The effect of natural blue space on subjective well‐being and self‐perceived stress among residents of Përmet, Albania ( N = 203), with 80.3 per cent of whom reside within 1 km of the Vjosa River was examined. Three exposure indicators – visit frequency, proximity and time spent in the river surroundings – were focused on using the PYER framework (PY = physical activity; E = exposure; R = years of residence). Moderation models and structural equation modelling with Emotional Attachment to the River (EAR) as a mediator were included in the analyses. It was indicated by the results that physical activity near the river is strongly associated with stress reduction, whereas the benefits for well‐being depend on interactions among activity, visit frequency and residency duration. Stress reduction was partially mediated by EAR, with visit frequency identified as the strongest predictor. The findings also indicate that frequent and high‐quality interaction with wild rivers are enhanced for mental health, particularly among long‐term residents, by whom stronger emotional bonds are developed through repeated use.