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The number of unsold properties falls. Foreigners bought 26 percent of real estate in Albania

2024-05-06 12:51:51Biznes SHKRUAR NGA REDAKSIA VOX

The number of unsold properties falls. Foreigners bought 26 percent of real

The number of unsold properties has decreased due to lower prices and increased demand from foreigners. Referring to a Bank of Albania survey, 26% of real estate was purchased by foreigners during the second half of last year, 2/3 of which were from EU countries.

The average price of sold housing decreased by 7.6% compared to the first half of 2023, but remained 3.2% higher than the value of the previous year. For properties sold in Tirana, prices recorded a decrease of 10.1% compared to the previous period and a slightly higher value compared to 2022.

In most cases, the purchase price of the property for the completed sales was the same as the seller's asking price. The sales time for the Tirana area has been shortened by 2 months, while that for the coastal areas and other areas is high. Meanwhile, for rental apartments, the increase in demand has been accompanied by an increase in the rental value.

Demand for real estate from individuals and businesses was supported by bank credit, which continued to grow at a rapid pace despite higher interest rate levels. The latter has caused the ratio of non-performing loans to increase by 3.2%. Specifically, 60% of residential and commercial properties were purchased with bank loans. In 60% of cases, the loan covered up to 60% of the value.

At the end of the second half of last year, the surplus of the general credit of individuals reached the value of ALL 180 billion, increasing by 4.7% during the period and by 8.4% compared to a year ago. While the loan received by businesses for real estate by the end of 2023 was about 38% of the overall loan balance of businesses.

The offer for real estate has moved in parallel with the number of building permits. Considering the rapid pace of new construction in recent years, the supply of real estate has continued to grow similar to that of previous periods. In these two years, it is expected that the real estate market will have a positive performance, both in terms of prices and the number of properties sold.


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