
This is the best moment for those who are thinking of buying a home. Bank of Albania data show that banks have eased the criteria for citizens to obtain a loan. During the second quarter of the year, the demand for buying apartments has increased, coinciding with the improvement of economic indicators which have removed the insecurity for long-term investments.
The increased demand has put the banking system in a position of a higher competition, which led to easing the requirements, from reducing the demand for a collateral guarantee, to increasing the size of a loan and extending the maturity period.
This means that citizens can retrieve a higher loan with less collateral, and they can pay it over time with a lower interest rate.
The average interest rate has dropped to 3.44% at the end of May, while banks expect the demand to increase even further in the July-September period, which could bring even easier conditions.