Tirana Real Estate Prices are Falling, BoA Confirms

Tirana Real Estate Prices are Falling, BoA Confirms

TIRANA, February 16

The Albanian capital was among the cities that saw house prices falling during the last quarter (Q4) of 2017. The survey on the real estate market conducted by the Bank of Albania (BoA) confirmed that the house prices in Tirana saw a 1.4 percent drop. This trend in property values continued during the entire year.
Even though the dip was lower compared to the previous quarter, the trend is in contrast to the perception of builders and realtors, who reported improvements in the real estate market during 2017.
BoA’s experts say that their survey is based only on the prices provided by the prices included in announcements in the main newspaper in Tirana. Moreover, they say that the property index reflects the exchange rate performance.
The property index is calculated based on prices in Albanian Lek, in the meantime, the real estate market applies Euro currency.
Given that the Albanian Lek has risen slightly, this affected the real price of immovable properties for buyers that have their income in Albanian currency.

News Source: Scan TV

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