Real estate crediting reaches record levels

TIRANA, Nov.29- In order to finance real estate purchases individuals in Albania has loaned out of the banking system no less than $ 700 million, which clearly indicates that the banking and construction system in Albania are closely interlinked. Individual loans reached a total of $ 1.12 billion, increasing the relative weight in the total loan portfolio to 36.5 percent out of the previous 35 percent. One year ago the figure was 33 percent. The annual growth rate of individual loans is around 68 percent and real estate financing makes up 62.4 percent of it. Increasing level of loans to finance real estate has driven the percentage of loans to 9.6 percent of the GDP. Credit stock at the end of the three quarters of this year was 255 billion lek.