Real estate loans dominated in 2024 - BoA: Increased by 11.5% compared to 2023
Real estate loan demand continued to dominate in 2024. In December, loans taken for real estate by individuals and businesses reached 252 billion lek. The latest data from the Bank of Albania on assets in the banking sector show an increase of 11.5% in this loan compared to 2023. Despite this balance, the increase was significantly lower than in the previous year. Since 2020, the largest increase in real estate loans was recorded in 2023, specifically by 41.3%.
Real estate loans account for 31.1% of the total loan portfolio for individuals and businesses. The increasing figures for real estate loans are also a reflection of the construction boom that has taken place in recent years. Also, the fact that apartment prices for sale are now very high, has made it unaffordable to buy a home with personal savings.
But what were the other most popular types of loans in 2024, besides real estate?
Long-term loans continue to be the most popular among citizens and the private sector, reaching 277 billion lek in December. Short-term loans are next with 169 billion lek and medium-term loans with only 101 billion lek.
About 34.2% of the total value of the loan granted is long-term, while short-term loans account for only 12.5% and medium-term loans account for 20.9%. The lower interest rate as a result of the distribution of the loan over a longer period and the lower installment that must be paid each month is one of the reasons why this type of loan is preferred.
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