The three-day event was also hailed by U.S. real estate tycoon Donald Trump who addressed the exhibition in a video-conference live from New York
TIRANA, Sept. 8 – Dozens of construction companies from the region joined Albania in the RealEX Tirana 2011, the premier international real estate development and investment exhibition. The three-day event held at the Palace of Congresses from September 6 to 8 was also hailed by U.S. real estate tycoon Donald Trump who addressed the exhibition in a video-conference live from New York. More than 60 Albanian and foreign companies involved in construction or manufacturing and marketing of materials displayed their products in the trade fair called “Construction after the 2008 crisis.” The construction industry, once the main driver of the Albanian economy, says it is experiencing its worst situation in the past 20 years. Maks Muci, the head of the Constructors Association says the situation is a result of global crisis effects but also lack of construction permits, lack of liquidity and failure to get paid for public works which have all influenced on the severe situation the construction sector is undergoing. The situation appears more critical in Tirana where no construction permits have been issued since April 2009, Muci told reporters. A recent World Bank report ranked Tirana the worst city in the region for dealing with construction permits as no permit has been issued since 2009. Latest INSTAT data show the construction sector which had been in crisis since 2008 returned to growth increasing by 4.8 percent compared to the first quarter of 2010 and 11.8 percent compared to the final quarter of 2010. However, confidence in the construction industry registered an 11.2 percent drop in the second quarter of this year. Reports show citizens are becoming more reluctant to buy new apartments because of falling revenues and especially a sharp decrease in immigrant remittances. Apartments prices in Tirana vary from 700 to 2500 euros/m2 in downtown Tirana compared to 400-650 euros/m2 in uptown areas of new ring road and Fresku.
