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The Bank of Albania signaled that in the second quarter of this year real estate prices had a slowdown, while their growth has returned to the normal average of 11.6% from 30% in 2022.
Also in October, the builders on the indicator of the economic feeling expressed that they expect a decrease in the sales and prices they will have. Market agents say that a number of factors have influenced this
"These crises have been of two types, they have been in price reduction as in 2008 and there was also the crisis of 2022 with price increase. Given that historically there have also been fluctuations in the real estate market precisely because of the effect of crises, I also think that there will soon be a bubble. In 2024, I start from the fact that there are many construction permits, many new buildings are starting, the lack of specialists is noticeable, the income of Albanians is not increasing and I think that prices will not increase in 2024. but there will also be an inhibition of transactions", said the real estate agent, Lefter Sila.
In its survey, BSH said that in the first six months of this year, 60% of property purchase transactions were made with cash, while 40% with credit. The slowdown in purchases is coming precisely from the informal market, according to experts, also influenced by SPAK's operations for the seizure of illegal assets
"Oversaturation is the first reason because no matter what, a higher quantity of apartments is offered than there is demand. Also, money laundering itself can have a moment of stagnation, because there is a lot of pressure and the whole process that is happening with fiscal purity with most businesses and individuals somehow stops those initiatives that they try and there may be a deviation regarding money laundering, not only in Albania, but also in the surrounding countries", said Eduart Gjokutaj, an economic expert.
In the survey made with BSH real estate agents, it is stated that prices increased in the central areas of the capital, while in other areas of Tirana they suffered a slight decrease. In the meantime, they appeared unchanged on the coast. During this year, the government also increased the reference prices for the capital area, which directly affected the price. / TCH
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