House prices increased by 13.5% in Q3 – BoA: We need to monitor the price performance in the real estate market
The house price index for the third quarter of 2020 has increased by 13.5% compared to the previous period, according to data recently published by the Bank of Albania. The growth seems to be significantly above the annual average of the previous quarters, since 2002, which is fixed at 4.8%. The significant rise in the price of housing at the national level comes at a time when the country is in a deep recession as a result of the pandemic.
Moreover, the indicators of the Bank of Albania speak of an increase in house rent by 11.9% during the third quarter of the year. Bank loans for real estate also increased by 5.9% during this period. “It is important that the performance of these two indicators, which tend to reinforce each other’s performance, be monitored on an ongoing basis.
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