Universal Journal of Accounting and Finance Vol. 9(3), pp. 275 - 284
DOI: 10.13189/ujaf.2021.090301
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Anomalies of the Housing Market in Albania


Bitila Shosha 1,*, Armela Anamali 1, Alma Zisi 2
1 Department of Finance and Accounting, "Aleksander Moisiu" University, Business Faculty, Durrës, Albania
2 Department of Economic Sciences, "Aleksander Moisiu" University, Business Faculty, Durrës, Albania

ABSTRACT

The real estate sector is one of the most important sectors of the economy for developing countries. The housing market is directly related to the performance of economy. The impact of this market is measured through the volume of various transactions, such as real estate sales, lease contracts, construction contracts, import transactions, foreign exchange, transactions of financial intermediaries and real estate agencies, employment contracts, etc. The real estate market is directly influenced by housing policies, the level of financial system development, visible additional costs (tax rates and credit costs) and its invisible costs (which is informality and information asymmetry). Hypotheses: The housing market operates according the rules of the supply-demand and the factors that affect the fluctuation of housing prices. The purpose of the article is to evaluate the demand factors in the performance of house prices in Albania. Methodology: The study employs an exploratory analysis based on the literature review, the secondary data and empirical analysis. The authors make a comparison between the factors identified by the literature review, the analysis of the secondary data for the Albanian real estate market, and statistical relationships of individual factors as well: GDP/capita, Exchange rate, Interest rates in ALL, Interest rates EURO, Remittances and the level of mortgage loans in EURO. In the conclusions of the paper, some of the factors that have directly influenced the fluctuations in real estate prices in Albania are: the demand and the supply of real estate; the change in the value of the functional currency; state intervention through fiscal policies and urban planning; credit financing to businesses and individuals, etc.

KEYWORDS
Housing Market, Interest Rate, Exchange Rate, Mortgage Loan, Remittances, Real Estate, Prices, Albania, Fiscal Policy, Anomalies

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Bitila Shosha , Armela Anamali , Alma Zisi , "Anomalies of the Housing Market in Albania," Universal Journal of Accounting and Finance, Vol. 9, No. 3, pp. 275 - 284, 2021. DOI: 10.13189/ujaf.2021.090301.

(b). APA Format:
Bitila Shosha , Armela Anamali , Alma Zisi (2021). Anomalies of the Housing Market in Albania. Universal Journal of Accounting and Finance, 9(3), 275 - 284. DOI: 10.13189/ujaf.2021.090301.