The sale and purchase of properties in Korçë is blocked/ the prices of apartments are increasing

2024-09-24 12:10:00, Ekonomi CNA

In recent years, Korça has changed completely in terms of new constructions, investments within the city, to turn it into a favorite destination for visitors.

This year, in Korça, the sale and purchase of apartments seems to have come to a standstill , a situation that, if we compare it with a year ago, is currently at a standstill. The increase in the prices of apartments and new properties, together with other factors such as the departure of the population or changes in the economy, have led to a decrease in sales.

Ardit Meta, real estate broker in Korça, tells CNA TV the current situation, highlighting the rising trend of apartment prices.

"At the moment we are talking, a stoppage of sales has been noticed, compared to the same period last year. This has come about for several reasons, among the most important we mention the increase in apartment prices, especially for new properties, but we have also noticed an upward trend in old properties. This, together with a number of other factors, such as the departure of a part of the population, but also the cyclical rates of the economy, have led to a halt in sales at the moment, not at an alarming level, but the trend has been noticed towards stability and decline. The recent news about a reopening of the revaluation of properties that is now expected at the end of September, we believe that after that we will have a movement of some properties that have been suspended due to procedures."

Regarding the prices, Arditi says that they have undergone a significant increase, singling out two of the main reasons such as the increase in the price of raw materials as well as the increase in the workforce. For the standard of living, this increase of 60-70% is very significant.

The sale and purchase of properties in Korçë is blocked/ the prices

Ardit Meta

"The prices have undergone a significant increase, which was influenced by the increase in the prices of raw materials, but also of the labor force. As we speak, raw material prices have normalized. These prices are now not real, they are also based on the growth of the workforce and their pay, but there is a slight inflation. The increase is over 60-70%, for the standard of living it is considerable. This is also noticeable in the prices of old properties, which, seeing the general increase in prices, tend to take advantage of the situation, which is against demand and buyers.

The new constructions that belong to the year 2023-2024, start the price per square meter from €800 to €1500, but this price is influenced by the typology of the apartment as well as the area where it is built in the city or in the suburbs.

"If we talk about the new constructions of 2023-2024, a 1+1 apartment ranges at €800 per square meter, or with the surfaces that are sold today at around €60,000. For the same typology, for the villas that are often being built in Korça, especially in the characteristic neighborhoods, construction with three floors, in these areas it goes for close to €1,200-1,500 per square meter, with 1+1 apartments up to €75,000."

In addition to the increase in the price of apartments for sale, rent prices in Korça have also increased significantly. For old properties, the rent starts at €200, while for new ones it starts at €300. Arditi's advice for this situation, considering the prices, for families who have thought about renting a house, it would be better to apply for a loan and have the house become their property.

"This is also true, there has been significant growth, not everyone has the luxury or the opportunity to have a new house, and normally they choose to rent houses. Demands for rent have increased and normally the price also increases, which have gone from €300-350 per month. The price is affected by the furnishings, but also by the age of the property. Even in old properties, an increase has been noticed, ranging from €200-250 per month. At the moment with these prices it would be more advisable from my side for families who have thought about renting an apartment, it is better to get a loan and make the property their own and not pay for something that tomorrow has no return .”

It seems that the trend of increasing rental prices and apartments for sale does not only happen in the city of Korça, but also in other cities of Albania, where a number of new villas or buildings are being built. After the completion of the revaluation of the properties, which is expected to happen within September, even the situation with the sale and purchase of apartments may change for the properties that have remained suspended due to the procedures./ CNA TV