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The collapse of the Cadastre damaged the lending of citizens for houses

2023-11-30 11:54:42Biznes SHKRUAR NGA REDAKSIA VOX
The collapse of the Cadastre damaged the lending of citizens for houses
Illustrative photo

The collapse that accompanied the Cadastre services after July 1, when all the agency's physical counters were closed and the services went online, burdened both citizens' pockets and the economy as a whole.

For the citizens, the costs of Cadastre services increased, and there were even cases and complaints where many of them were forced to pay the same bill for the same service two or more times due to burning deadlines for receiving the service.

But this seems to have been the obvious side of the financial damage that this collapse caused. The less visible side of this damage is for the economy as a whole and this damage is indirectly revealed by the Bank of Albania in the periodic credit report for citizens and businesses.

The Bank of Albania says that, as a whole, the second level banks eased the general conditions and terms for loans granted to individuals in the third quarter of the year. Pricing conditions were eased by lower margins on normal loans. Non-pricing conditions were eased through lower collateral requirements as well as increased loan sizes.

However, the figures of the Bank of Albania show that despite these reliefs, loans to individuals for housing fell in the third quarter of this year, which coincides with the July-September period, or the first three months that the Cadastre services went completely online.

The bank reports a 2 percent drop in mortgage lending. For the issuance of this loan, banks require as a guarantee the property intended to be purchased by citizens or businesses, or another property of equal or higher value than the requested loan amount.

Among the documents required by the banks are the ownership cards issued by the State Cadastre Agency. But the collapse that followed these services after they went online prevented individuals from meeting the banks' criteria.

Neither the Bank of Albania nor other financial institutions currently have an analysis of the financial cost in the economy of the collapse of the Cadastre. What is certain is that the effects in this case are a chain, starting from citizens, to builders, construction workers and the economy as a whole.

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