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Albanians bought € 3 billion worth of property, only 30% through loans, the rest "cash"

2022-06-24 20:25:09Biznes SHKRUAR NGA REDAKSIA VOX
Albanians bought € 3 billion worth of property, only 30% through loans, the
Illustrative photo, property

Albanians bought 3 billion euros in real estate last year.

Official data of Euronews Albania show that 1/5 of the national production of the country is concentrated in the real estate sales and purchasing sector.

Although the construction investment market has grown to such figures, home equity financing over the past year has only been done in 30% of cases, the rest turns out to be in the form of cash or savings. banking.

The real estate market has been pumped up a lot in recent years both on the supply and demand side. We see a lot of money that has been invested in construction which comes from informal sources.

For expert Zef Preçi, the rise of 'cash' money in property purchases has brought a new social trend: assets are not being bought by the middle class and intellectuals, but by corrupt officials and criminal groups.

"The middle class and those who save are no longer buyers, but officials who benefit, a corrupt part of them, businesses that have grown and the most important part are the members of criminal activities", says Zef Preçi, director of the center for economic research.

The 'cash' cash flows circulating in the Albanian economy reached 3 billion euros at the end of April this year, experiencing an increase on an annual basis to the level of 130 million euros.


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