Komunikim- Shtypi

Real estate industry in Albania after Covid-19: Three questions with Eglent Bici/Mei Realty

28 prill 2020

Interview: Three questions with Eglent Bici / MEI Realty

CCIFA: How do you think the real estate market will fluctuate after the COVID-19 pandemic situation?

E.B: The Real Estate market in Albania and all over the world has taken a hit another time after the Earthquake in November 2019. It is not a question of what has happened because as i am writing this article we are only around 2 months into the pandemic but the question is what will happen in the near and the long term future.The world will never be the same again after this in every aspect. We are changing the way we interact with each other; we are changing the way we shop; we are changing the way we communicate; we are changing the way we meet; we are changing in a lot of ways. Real Estate is no different to it.

I predict that there will be at least a one year of huge change in these aspects:

1) There are going to be released lots of spacing in ground floor that were designated to bars and restaurants so in the mid term we will have another price correction/reduction of those spaces followed by the casinos situation a couple of years ago.

2) There are going to be a lot less of apartments being bought even by people who have been thinking of buying for a while and they are putting it on halt because of lots of uncertainties and fear about what will happen in the near future, about prices going down.

3) There will be a bigger demand for land in the outskirts of the town and private houses or villas.The main factor that will drive the decision of most people during these times is fear and that fear will not go away in one or two years but it will be there for a long time.Said that, It is a good time for coldblooded long term investors who are ready to find good deal in prime location properties or projects. Instead of building huge buildings in Tirana for which there is a market anyway, there will be a huge opportunity for residences around Tirana, the seaside and villages who have got good access to the road everywhere in Albania because we are such a small country and we have the sea, the lake, the mountain very near to each other. The road Infrastructure is the only key.If the government approves the law about legalizing the undeclared money, that will bring a lot of cash in our economy and the economy will not be damaged that much.Still, Real Estate is KING and if you get the right advice, there are opportunities to be taken during 2020 that i believe will give the investor from 10% to 20% of value appreciation withing the first year.

CCIFA: What do you think will be the impact of COVID-19 pandemic on employees and customers?

E.B: As afar as Real Estate professionals, agents or offices is concerned; 2020 is a difficult year. Most of the real estate agents havent made and will not make any money for a little while so it is very difficult for them. It is very difficult for the brokers and the offices as well but if we look on the bright side this is a good time for everyone to search with themselves and decide what is that they really want to do. It has been a good time to learn and study systems and to start implementing them. Everything is going online and the employs have had time to learn how to have a better presence online, how to be in continuous contact with their clients and with their future potential clients. In general it has been a bad time financially for the Real Estate staff during these times but it will be like that for a while now, at least until this time next year so we have to be prepared and get the best out of it. Yes, there will be people who will find a steady job with a steady wage but there is going to be a shift in that sector as well because with a lot of well educated and hard working Albanians who have been laid off or that will be laid off from their jobs in Europe will return to work in Albania. The market will correct itself anyhow but yes, it is a difficult time for Real Estate professionals.

CCIFA: A message for CCI France-Albanie members

E.B: This shall pass too and we will have to search inside of us that what is it that really matters to us and we will soon find out that what really really matters to us are some very simple things which we take for granted: Health, Family, Friends and Spirit.It is a very good time for us to organize ourselves and our businesses ready for another era of the human kind. We have to have a very good presence online with our products or services because we will never go back to where we were and the way we do business will definitely change. I have found that meditation, Gratefulness and Forgiveness work for me. I believe they can work for you too. Try them! You will definitely feel a lot better.I wish to each an everyone of them to be healthy, safe and positive wherever they are. It will be a fantastic idea if we can find ways to cooperate and add value to each other because there are some tough times ahead and let us do more business with each other so when the waters will calm down, we will all be stronger and ready to rock the worlds.

With Lots of love from the beautiful Tirana, Albania