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The crisis hits Albanian property market
The crisis hits Albanian property market
March 19, 2009Local realtors and developers notice a significant reduction of demand and a declination of prices for residential and commercial property.
According to representatives of Albanian realtor agencies, the market suffers from an oversupply of commercial and residential real estate priced at 150 thousand euro and up. The number of the latter has reached 4 000 units, said Mr. Maksim Muçi, the CEO of Albania's Construction Association. Property prices in suburbs of the capital, Tirana, have declined by 20-30%.
The main attribute of the crisis on the property market is a tremendous quantity of advertisements offering discounts and more flexible terms of payment.
This February, the Construction Association has requested the governmental assistance, but the Albanian authorities have demanded the developers to lower the profitability coefficients, reports.
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