Housing loan, the Covid-19 crisis put it in stagnation for Q2

Credit for housing purchase stagnated during the second quarter of the year, indicating that this segment and the real estate market in general have been significantly affected by the effects of the Covid-19 epidemic. According to data from the Bank of Albania, loans for housing purchase by individuals in the middle of this year was ALL 120.9 billion, about ALL 1 billion less compared to the end of March. The loan has fallen despite the fact that during these months the amortization of the portfolio has slowed down, due to the postponement of a large part of the installments.

The closing of the economy seems to have given an immediate blow to the property market, due to the blocking of transactions, influenced first by objective constraints, but also by uncertainty about the future.

However, on an annual basis, the trend of the housing loan portfolio remains positive. Compared to a year ago, the portfolio remains growing by about 7.3%.

Credit for the purchase of real estate by individuals is already the main product of bank credit and accounts for about 21.5% of the entire loan portfolio of the Albanian economy.

SCAN

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