The number of real estate sales transactions decreased last year, according to data from the State Cadastre Agency (ASHK).

Based on the figures of ASHK, a total of 35,690 real estate sales transactions were registered last year, down 5.8% compared to the previous year. Such a figure proves that the property market suffered a slowdown last year, Monitor reported.

ASHK figures prove that the property market reached maximum growth in 2021, with an annual expansion of transactions of 44%. The very high growth may also have been influenced by the comparative base effect because the first year of the pandemic and the imposed closures brought some restrictions to this market as well.

However, the year 2021 brought rapid market growth. The growth continued at a double-digit rate also in 2022, with 14%. This year also marked the peak in the number of transactions, with 37,900.

The year 2023 brought a kind of restraint, but the number of transactions remains high and significantly above the levels of the period 2020-2021.

However, it should be noticed that a significant part of transactions in the real estate market are also carried out through commission contracts.

This happens in cases where the properties are bought before completion or before their registration in the Cadastre, while the sales contract is concluded at a second moment, after the registration of the property.

Considering the considerable volume of new constructions in recent years, it can be concluded that contract sales also occupy an important part. However, the performance of sales and purchases gives an overview of market trends.

These trends show that, while the real estate market remains dynamic and healthy, the slowdown began to show last year.

Meanwhile, the figures in the capital's largest real estate market show a different trend. The number of real estate sales transactions in Tirana decreased for the second year in a row in 2023.

At ASHK, 20,959 sales were recorded, down 20%, compared to 2022. Also in Tirana, market growth reached its highest point in 2021, with 29,355, with an increase of 43.5% compared to 2020.

But, after 2021, the number of transactions appears to have a noticeable decrease and for 2022, the number of transactions has dropped close to the level of 2020.