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BoA: Housing prices increased by 44.5% in the second half of 2024

2025-04-25 15:36:00, Ekonomi CNA

The Bank of Albania estimates that housing prices returned to rapid growth in the second half of last year.

The Fischer index calculated by the Bank of Albania showed that the average price of apartments sold during the period increased by 23.6% compared to the previous six months, and by 44.5% compared to a year earlier.

The sales price index in Tirana increased by 26.2% compared to the previous period and 56% compared to the level of a year earlier.

The agents' overall assessment of the overall market situation was somewhat more positive compared to the first 6 months.

In response to the question "How do you assess the market situation compared to the previous (six-month) period?", the net balance of responses was positive for about 5%, with particularly optimistic responses for the coastal city area, where the balance value was significantly more positive than the long-term average.

The same indicator assessed only for entities that reported sales resulted significantly more positive during the period, with a net balance of around 17%.

The balance of the indicator of the number of new homes registered by agents has slightly decreased compared to the previous period.

The net balance of those reporting an increase in the number of registered dwellings and those reporting a decrease in their number was -5%.

On the other hand, the number of unsold properties, both residential and commercial, has continued to decline for several consecutive six-month periods.

The average time to sell a home nationwide fell to 9.3 months from 10.5 months in the previous survey. In the case of Tirana, the average time to sell decreased significantly to 7.1 from 9.7 months.

The average time to sale in coastal areas increased, returning to the values ??of a year ago, to 10 months, while for other areas, the duration of sale was slightly lower than in the previous half-year, falling to 11.6 from 12.9 months.

Financing through bank loans has continued to figure in a good portion of property sales.

According to agents, just like in the previous period, half of the residential and commercial properties sold by them were purchased with bank loans. Of these, in 72% of cases, the loan covered up to 60% of the value.

During the second half of 2024, about 18% of housing sold were reported to have been purchased by non-resident citizens.

Of these, around 77% are citizens of EU countries. Overall, the share of transactions in which buyers are non-residents has shown an increasing trend over the last 5 years.

Expectations for the future appear positive. Agents have positive expectations for the market performance in the territory where they operate for the short-term future and for the longer term (up to two years).

According to the information on the survey methodology, information on price performance and the assessment of the situation by agents in the real estate market is obtained through a field survey of a sample consisting of 230 entities, whose main activity is the trading of real estate.

The selected subjects are real estate agents and construction companies whose sales represent about 75%-80% of the turnover of the entire population.

The Bank of Albania carries out the design of the questionnaire, as well as the distribution and processing of the results, while the Institute of Statistics covers the field interviewing, the main sampling processes and the physical control of the completed questionnaires./ Monitor Magazine