Over the past three years, a third of buyers of apartments, houses and commercial properties in Albania have been foreigners, according to the Central Bank of Albania. This is one of the reasons why real estate has become more expensive.
The second reason is an increase in the interest rate and an increase in the cost of loans for businesses.
According to the analysis conducted by the regulator, Albanian housing has steadily increased in price since 2017, both before and after the pandemic. At the same time, prices for apartments and houses in the country have increased by almost 24.5% in the last 4 years alone.
The main influence on prices is exerted by large foreign investors, usually from the EU.
Foreigners prefer facilities on the coast. They purchase real estate in order to use it for business, renting or their own vacation.
In the capital Tirana, housing prices reach 4,000 euros per square meter. m in the center and do not fall below 1000 euros per square meter. m in other areas.
The Central Bank believes that the trend of rising real estate prices in Albania will continue.
Source: Albania News