TIRANA, April 29 /ATA/ The Bank of Albania announced that the price of housing increased by 8.4% in the second half of 2021, compared to the first half of the year and by 9% on an annual basis.
According to the BoA, the tendency of housing price hike is higher in the real estate market in Tirana, where prices increased by 8.5% compared to the second half of 2020 and by 12.3% compared to the same period of one year before.
BoA information on price performance and assessment of the situation in the real estate market is obtained through field surveys of 230 entities, whose main activity is the sale of real estate and construction, whose sales account for about 75% – 80% of market turnover.
In the perception of market players, bank credit remains an important factor in supporting demand. About 30% of the properties sold were purchased on bank loans, which for the most part covered up to 60% of the value.
In terms of supply, the Bank of Albania notes that construction credit marked high growth rates, expanding by 27% compared to 2020. Another indicator of supply, the number of construction permits, increased rapidly last year.
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