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Construction slows down the price increase/ Buyers are getting hurt by the increase in loan interest

2023-04-29 21:32:17Biznes SHKRUAR NGA REDAKSIA VOX
Construction slows down the price increase/ Buyers are getting hurt by the
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After a long marathon of rising prices, the real estate market has reached the finish line.

The indicators measured by the Bank of Albania show that in the second half of 2022 the market has "cooled", while property prices have fallen by 9% from one half-month to the next.

The Bank of Albania informs that the increase in the cost of living as well as interest rates for loans have hit the demand of individuals and businesses. Meanwhile, on the supply side, the increase in the cost of materials and labor costs have reduced the number of building permits by 14% from a year ago.

Market agents say that prices are stabilizing.

"We had a decrease even in the last six months, it is true that compared to a year ago the market has slowed down considering the increased loan rates, considering how many apartments are on the market today. We also feel a decline in customers, especially the middle class, who are not buying anymore, but hesitate a little more, as the loan costs more," says Dorian Spahiu, real estate agent.

According to the Bank, agents reported a positive attitude regarding the performance of the housing market in the short term, and remain optimistic about its performance in the longer term, albeit at lower values ​​than the historical average./Tch


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