THE GROWTH OF REAL ESTATE MARKET IN ALBANIA
THE GROWTH OF REAL ESTATE MARKET IN ALBANIA

Summary/Abstract: Immovable property market in Albania has taken a major development after 90 years. Economic and demographic developments influenced the real estate market, which in years of the communist regime was almost not existent. Real estate prices have experienced a significant increase in these 20 years, almost doubling. The financial crisis that has included all immigrant-receiving countries has hampered the provision of income from them. Remittances was reduced in 2009 from 11.5% of GDP to 9.5%, which means about 200 million Euro less the income from migrants play an important role in the property market because about 70 percent of buyers potential apartments in our country are immigrants, also the continuous depreciation of local currency against ALL foreign currencies has led to low market demand for immovable property. About 4000 apartments were not sold during 2009.

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