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Housing costs are not increasing, apartment prices are

Politiko 2025-06-04 14:39:07

Housing costs are not increasing, apartment prices are

 

The growth of construction costs has slowed significantly in recent months, according to data reported by INSTAT in the Housing Construction Expenditure Index.

The Construction Expenditure Index in the first quarter of 2025 reached 113.1, compared to the fourth quarter of 2021 as the base period. The annual change in the Construction Expenditure Index in the first quarter of 2025 is 1.0%, a year earlier this change was 3.4%.

INSTAT's chart data shows that in the second half of 2024 and the first quarter of 2025, the increase in costs was minimal, compared to the second half of 2022, when costs increased by over 7% due to the increase in the cost of materials from the consequences of the Russia-Ukraine war.

In contrast, apartment prices have been rising rapidly. The Bank of Albania reported that the average price of apartments sold during the second half of 2024 increased by 23.6% compared to the previous half, and by 44.5% compared to a year earlier.

Compared to the same quarter of the previous year, the largest price increase is observed in the group "Salary expenses" with 5.2%, followed by the groups "Machine expenses" with 2.4%, "Other costs" with 2.0%, "Transport expenses" with 1.7%, and "Energy expenses" with 0.6%.

On the other hand, the group "Material Expenditures" recorded a decrease of 1.1%.

Within the "Material Expenditures" group, the index of the subgroup "Electrical and Communication Materials" marked the highest decrease of 2.2%, followed by the groups "Construction Materials" and "Hydro-Sanitary and Ventilation Materials" with 0.8% each, respectively.

Quarterly changes in the main groups: The Construction Cost Index increased by 0.4%, compared to the fourth quarter of 2024. The largest price increase is observed in the "Wage Expenditures" group with 1.7%, followed by the "Other Costs" groups with 1.1%, "Machinery Expenditures" with 0.6% and "Transportation Expenditures" with 0.2%.

On the other hand, the group "Material expenses" recorded a decrease of 0.2%. The largest decrease was observed in the groups "Electrical and communication materials" and "Hydro-sanitary and ventilation materials" respectively with 0.4% each, followed by the group "Construction materials" with 0.1%./ Monitor

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