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High prices, falling sales of apartments in Tirana. Will prices go down?

2022-10-13 18:43:23Fokus SHKRUAR NGA REDAKSIA VOX

High prices, falling sales of apartments in Tirana. Will prices go down?

The stratospheric prices are scaring Albanians from investing in houses. Data collected unofficially by Vox News show a decline in apartment sales for the month of September.

The office, real estate agents and notaries confirm that there is a strong decrease in both sales and purchase contracts, as well as contracts ordered by citizens from builders before the completion of the building.

The decline is not negligible. Among notaries, the decline has started to be felt since April, when housing prices began to soar, culminating with a 40 percent increase within the year in the capital. Offices and real estate agents, on the other hand, have felt this during the months of August and September.

For September, the confidence index of the Bank of Albania showed pessimism among builders, who are not so enthusiastic about sales and the sector for the coming months.

The risk of a possible construction bubble has also been raised as a concern by the International Monetary Fund in the statement at the end of the delegation's visit to Tirana. The Fund warns that the sector can destabilize the entire country's economy.

Apartment prices in Tirana have increased by 40 percent from year to year. Builders and real estate agents say that the growth has come from demand, but the price level has raised doubts about who is buying the apartments for 2000-3000 euros per square meter.

The average price of one meter in the capital has currently reached 1,600 euros, from 1,100 a year ago. It is precisely these prices that are plunging the builders into collapse, who invest a good part of the money secured from the sales for the completion of the buildings.

The signals are those of a bubble that is going to burst, so whoever intends to buy an apartment, don't panic these days, as prices may decrease.

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