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Albania came out of the money laundering gray list, the expert tells what will happen to the price of apartments
Written by SOT.COM.AL 14 Nëntor 2023
Reinaldo Pipiria, Executive Director of NAREA (Albanian Real Estate Association) in a television interview commented on the news of Albania's exit from the money laundering gray list.
He said that this development improves Albania's image and increases confidence in foreign investors, mainly in that category who want to be strategic investors in our country.
"We have welcomed the exit from the gray list and have contributed to the entire process as we have completed the entire legal framework related to real estate. This means first, for investors a very good improved image of Albania, a guarantee for their investments even especially for those investors, who can be strategic investors who can be ranked in the international stock exchanges", he said. he.
He spoke about the real estate market, which according to him, has had an increase of 8-9% throughout Albania. Despite this trend, Pipiria said that the change in the basic interest rate by the Bank of Albania will affect the real estate market, but it remains to be seen at what level it will affect.
But, are the prices of apartments in the country expected to increase even further, for this Pipiria took into consideration several indicators, which according to him affect the supply and demand market.
"In all our statistics, in all areas of Albania, the increases are 8-9%. In fact, we will have to follow very carefully how the increase in the base interest rate will be reflected in the stock and loans granted for housing. Then we can make predictions. Almost 1/4 of the real estate market has been powered by foreigners. Dynamics and markets are expanding. Lending for housing, despite the increase in price, has not stopped. Likewise, remittances have not decreased," he said.
