Wednesday, March 18, 2009

Albania Real State Shows Signs of Crises

By Gjergj Erebara in Tirana
Commercial tower in TiranaReal estate agents in Albania are seeing a drop in demand for property, forcing a decline in prices as banks tighten their rules on mortgage loans and as demand weakens.

Agencies in Tirana contacted by Balkan Insight say that they are currently flooded with offers to sell luxury apartments and commercial property. “Dozens of luxury apartments that costs at least €150,000, are now available for sale because many owners are eager for cash,” said one real estate agent.

“We have offers for commercial properties that cost up to €1 million”, she added.In Tirana's suburbs prices have declined by 20-30 per cent.

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