Uncertainties created by the Covid 19 situation and the aftermath of the earthquake in late November last year, have hit the real estate market in Albania.
This is confirmed by the data of the Bank of Albania, as property sales fell sharply by 37%.
“Real estate experts show that not only the demand for sale, but also that for rented residences have decreased significantly as a result of the pandemic”.
The lack of students due to the closure of universities and foreign nationals due to restrictive measures, are identified as two key factors that have curbed the demand for rental housing during this period, which has seen an increase of about 15%.
“The demand for rent has decreased, fewer transactions have been made. At the same time, due to the situation, the demand for rent has decreased. The lack of students because universities are already working online, and the lack of foreign nationals have significantly reduced the demand for units for rent, mainly in the central Bllok area, the lake park or near ART”.
The situation of the pandemic has also changed the demand of customers because according to experts since the beginning of the pandemic there is an increased demand for apartments away from urban centers.
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