Housing Market in Albania; Theoretical and empirical analysis
Abstract
The last decades, the housing market in Albania is experiencing considerable growth and development. Traditionally, customer preferences are towards owning the house rather than renting, leading to an increase in demand for housing. Buying a house is the biggest investment and fixed asset for a household. The factors affecting the housing market are complex and changeable. Fluctuations in this market affect the whole economic system of the country. In recent years, the demand for housing in Albania has been increasing, especially in large cities. This increase in demand has been influenced by urbanization, migration from rural areas to urban areas, as well as the increase in income and standard of living.
The main purpose of this paper is to analyze the main factors that affect the demand for housing and what are the main characteristics that determine the price of the houses. First part of the paper presents a diverse literature dealing with the complexities of the housing market. Next sections will have a combination between theoretical and empirical analysis using different methods. This paper is expected to contribute to the housing market analysis literature, considering that there are few studies in this field in Albania and the demand for such studies is high.
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