Housing loans at 22 mln euro for the first two months of 2017: BoA data
The banking system in Albania lend three billion ALL or 22 million euro of loans in the first two months of 2017 for the purchase of properties by individuals.
According to data from the Bank of Albania, the mortgage loan market is growing.
The new lending figure for this purpose results in an increase of 11% compared with the first two months of last year.
Lending growth for properties, especially housing, reflects the aggressive policies of banks in this segment, made possible especially by a drastic lowering of interest rates.
Lower interest rates and a loosened offer is luring more families to buy a house, boosting the real estate market.
Prices were corrected in recent years especially in suburban areas of Tirana, at a time when the property market felt the effects of the crisis.
The combination of lower prices with favorable funding conditions have led to an upturn in the housing market during 2016, a trend expected to continue this year.
According to experts, buying a property now can be a very profitable investment, not only because of lower interest rates, but also expectations for price increases in the coming years.
Agents believe prices will rise by at least 10% in Tirana, while in areas close to the center of the price hike will be even higher.
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