How long does it take to sell a property? - BoS: Housing prices, "in the stratosphere". Rents are also increasing
The prices of housing sales, or their rental, have increased significantly in the period July-December 2024. According to the Financial Stability Report of the Bank of Albania, the average price of housing sold increased by 23.6% compared to the first half of the year, and by 44.5% compared to the previous year. In Tirana alone, the sales price has increased by 26.2% compared to the January-June period and 56% compared to the previous year.
However, even though we have an increase in price, more properties were sold in the second half of the year. But how long did it take, on average, for a property to sell?
In July-December, it turns out that properties were sold faster from the moment they went on sale. Data from the Central Bank report show that it took an average of 9.3 months for a house to be sold, down from 10.5 months in the first half of the year. From a calculation of the first two half-years of last year, it turns out that the average time to sell a house in 2024 was 9.9 months.
Over a 5-year period, 2024 saw the lowest average sale time, meaning properties were sold faster than ever before.
In the capital, the average time to sell decreased significantly to 7.1 months, while selling properties in coastal areas has become more difficult. The average time to sell on the coast increased, returning to the values of a year ago, at 10 months.
On the other hand, foreigners have been buying fewer properties in Albania. Demand for property purchases from non-residents, i.e. Albanian foreigners or emigrants living in European Union countries, has declined. Properties sold to non-residents accounted for only 18% of total sales, down from 26%-27% in the previous two half-year periods. Meanwhile, demand for properties from Albanians within the country has remained stable.
Half of the residential and commercial properties sold were purchased with bank loans. Of these, in 72% of cases, the loan covered up to 60% of the value.
Even in terms of rent, demand has been high, but prices have also increased.
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