Albania’s House Prices Rise 13%, BoA Says

TIRANA, April 21

House prices in Albania are on the rise again. According to the Bank of Albania (BoA), the housing prices increased by 13 percent during July-December 2016.According to representatives from the construction industry, the increased prices are related to infrastructure taxes, the lack of available land and improved quality.

“Starting from the time when Edi Rama was mayor till now some 140 construction permits were issued. This is a small figure for a city like Tirana. Moreover, the restoration of new housing blocks and better building materials increased the value of immobile properties,” member of the Construction Association Arben Dervishi said.
In the meantime, he added that real estate prices are uneven in different areas. On the other hand, buyers are looking for better and luxurious apartments in central areas.
“Given that demand for these apartments is high and the offer is low, the prices are affected. Property prices have not changed in the suburbs,” Dervishi added.
Further on, the low key-rate is another factor that affected the demand for housing demand.Buyers tend to purchase properties and give them on rent.
Currently, the real estate prices vary from Euro 400 per square meter in the suburbs to Euro 2,500-3,000 in the center of Tirana.

News Source: Tch