Apartments increase in price by 44%, 20% were bought by foreigners - BoA: Demand for properties increasing. Interest rates may increase
The year 2024 has closed with an increase in the price of apartments, both for purchase and rental. According to the latest survey by the Bank of Albania, housing prices across the country in the second half of 2024 increased by 44%, with the largest increase recorded in Tirana.
The Bank of Albania announced in the Financial Stability Report published this weekend that, based on Fischer index estimates, the average price of homes sold increased by 23.6% compared to the previous six months, and by 44.5% compared to a year earlier.
The sales price index in Tirana increased by 26.2% compared to the previous period and 56% compared to the level of a year ago.
To support this high demand for property, bank credit has increased for both businesses and citizens to purchase real estate. This has led to an increase in the debt burden of businesses and households. At the end of 2024, credit provided to this segment was 210 billion lek, increasing by 6%. The Bank of Albania says that demand for property is increasing, while the average time to sell a real estate asset is decreasing.
According to the Bank of Albania, foreigners purchased about 20% of the properties sold in the second half of last year.
Apartments increase in price by 44%, 20% were purchased by foreigners
The increase in real estate prices is unstoppable. The survey conducted by the Bank of Albania shows that in the second half of 2024, housing prices increased by 23.6% compared to the first half. While compared to 2023, property prices increased by 44.5%
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