Real estate prices in Tirana declined by 15% y/y in 2013, local daily Shqiptarja reported, citing data from real estate agencies. The drop has been affected by weak demand, unable to match the large stock. In addition, the initiative launched by Tirana municipality to grant soft loans for the homeless also contributed for lowering the prices, according to the agencies. In line with the lower prices, rent charges also followed a downward trend. According to the Albanian central bank, the index of house prices in Tirana dropped by 13% y/y, 12.7% y/y and 1.2% y/y in the first three quarters of 2013.
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