Ekonomia

Bank of Albania report: Apartment prices have increased by 40% compared to 2021

Bank of Albania report: Apartment prices have increased by 40% compared to 2021

Inflation and increased demand have led to an increase in apartment prices and, in parallel, rents. The Bank of Albania reports on stratospheric prices in the first six months of the year. From January to June, there was an increase in prices by 39% at the national level and only in Tirana they increased by 40%.

"Increased demand and construction costs have caused real estate agents to report higher sales prices compared to the previous six months. According to the Fischer12 index, the average price of apartments sold during the period has increased by 28.4% compared to the last six months and by 39% compared to a year ago. This progress was determined especially by the increase in the volume of sales made in the area of ??Tirana, which includes the center, the suburbs and the areas outside the city. The price index for sales in the capital registered an increase of 28.5% compared to the previous period and about 40% compared to a year ago. Based on survey data on the state of the real estate market and housing price trends, data reported by banks and other administrative data, it is estimated that during the period, demand, supply and construction costs in the real estate market have increased significantly. The increase in demand is evidenced by the increase in the volume of sales, the decrease in the number of unsold properties and the increase in loans for the purchase of housing. The increase in supply is related to the steady increase in the number of building permits, accompanied this time by the apparent increase in construction costs. The performance of the latter has reflected the strong growth in spending on energy, construction materials and machinery," the report states. The increase in supply is related to the steady increase in the number of building permits, accompanied this time by the apparent increase in construction costs. The performance of the latter has reflected the strong growth in spending on energy, construction materials and machinery," the report states. The increase in supply is related to the steady increase in the number of building permits, accompanied this time by the apparent increase in construction costs. The performance of the latter has reflected the strong growth in spending on energy, construction materials and machinery," the report states.