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Will the prices of apartments decrease? What does the Bank of Albania assess and when can there be a softening of them?

2024-05-02 09:56:28Biznes SHKRUAR NGA REDAKSIA VOX

Will the prices of apartments decrease? What does the Bank of Albania assess and

The momentum of apartment price growth stopped in the middle of last year. The Bank of Albania reports that even in the second half of 2023 housing prices softened.

The Fischer index with which the bank analyzes the change in real estate prices by asking about 230 construction companies and brokerage agencies fell by 7.6 percent. The fall in Tirana is even stronger. by over 10 percent.

"There is a discrepancy. It seems in fact as if the figures of the first half of last year were simply corrected", said Reinaldo Pipiria, Executive Director of NAREA.

"Actually, the second half of last year, referring to our work, I can say that prices did not change. We can say that in some property categories there was even an increase in prices", said Ervin Demirxhiu, real estate expert.

The decrease in demand from citizens who are moving towards rental houses has also had an impact on this drop in prices. Meanwhile, the weight of sold properties that are bought by Albanians living abroad or foreigners has increased.

About 26 percent of apartments in the second half of last year were bought by foreigners.

"Foreigners continue to show interest as they see investing in real estate as safe and with satisfactory returns," added Pipiria.

Meanwhile, according to the estimates of the Central Bank, in the second half of last year, the average time of selling apartments in the country increased slightly, reaching almost 11 months. The opposite happened in Tirana.

"There is some decline in the stock of apartments as many of the entrances are sold from the pit. That's why there is a lot of offer", underlined Demirxhiu.

Actors from the real estate market estimate that apartment prices are expected to remain unchanged in the future.


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