The year 2020 is expected to be challenging for the real estate sector in the country as well. Market players expect that a revaluation return at a favorable rate of 3% may make some apartments more accessible due to fiscal cost reductions, as individuals seeking to sell will save a significant amount of money on this process.
However, market players say real estate performance in 2020 will be influenced by a number of factors, where in addition to revaluation; they expect the demand for quality apartments to rise after the November 26 earthquake.
The year 2019 again saw a boom in building permits especially during the first 9 months. The performance of new construction is expected to affect supply growth during 2020. However, actors say the boom in construction needs to be carefully looked at how demand will respond at a time when demographic changes related to falling birth rates and immigration are expected to bring the demand for homes.
On the other hand, market players assess the economic climate as difficult, thus being a direct factor in the decision-making of those who want to buy a home in 2020.
Even by 2020 the favorite areas are expected to have the same trend. The most sought-after areas remain within the Little Ring Road of Tirana, while the most preferred business areas are Myslym Shyri Street, Block area, Albanian Radio and Television area.