Emigrants and foreigners show less interest to buy properties and shops in Albania

Emigrants and foreigners show less interest to buy properties and shops in Albania

Tirana, September 9, 2013

What could be considered as a “boom” in the last decade, is now acting in the opposite direction, because the interest of foreigners and emigrants to buy homes and shops has significantly fallen.

Real estate agents say that this year is the same as last year, where there’s a considerable fall of the demand to buy apartments, villas or businesses.

Foreigners have reduced in number in the recent years and are progressively leaving, thus significantly showing less interest in renting apartments or villas.

But, real estate agents say that there is not a significant drop in the rental prices and the same thing also goes for the purchase of properties and shops.

They say that here we have to deal with speculation. Many people who have interests on these businesses, in order not to reduce their profits, do not reduce prices, although the delays on sales or rentals of properties have been constant.

Meanwhile, the price of lands is falling. This is explained by the fact that there’s a tendency of a growing interest of people who want to have their own villa and on the other hand, businessmen with a lot of money who want to build in little populated areas, which will then turn into important urban areas.

Real estate agents say that the majority of foreign investors are from Germany, Great Britain or Nordic countries such as Norway, but there are also investors from Italy and Greece. Meanwhile, no accurate figure for the number of foreign investors is given by any institutions.

Nonetheless what’s known is that the most preferred areas are mainly those in the south such as in Vlore, Himara, Orikum, Saranda, but also in Durres, Shengjin, Velipoje and Korce and Pogradec.

As far as Tirana (photo) is concerned, there have also been sales of properties and shops by foreigners. But Association of Builders claims that there are over 6 thousand unsold apartments, the majority of which are in the process of completion. /ibna/