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Almost 1/3 of Albanian families have at least one debt to repay.
These are the findings of the Bank of Albania survey, according to which over half of them do not turn to banks, but borrow money from family or relatives to buy a car or to cover other expenses in daily life.
The rest turn to banks or other non-bank institutions to get loans, debts that they use mainly for house purchase, renovation or home furnishing.
In addition, Albanians take out loans to buy a car, to get an education, to pay off other debts or for unexpected expenses, such as those for health in case of costly treatments or interventions that they have to perform.
The strict rules that banks apply and the fear that their application may be rejected make Albanians reluctant to turn to them for a loan.
In fact, the bank survey confirms that half of the households that have applied for bank loans in the last three years, have received their rejection in response.
The main reasons are related to the low income of individuals seeking to get a loan, the work they do or the lack of a property or apartment in their name to leave as collateral in the bank.
Income from work is the main source for an Albanian family and after them come the remittances that together have the main weight that directly affect not only consumption, but also the savings of Albanian families.
In addition to liabilities, the Bank of Albania survey also reflects on the wealth that Albanians have, which according to her for a family is estimated at an average of ALL 8.5 million.
The house is the main property of Albanians. The survey shows that over 90% of Albanian households are full or partial owners of their apartment, more than half of them state that they have benefited from it after 1996.
But how did the Albanians secure an apartment to live in? Nearly half have built it themselves, while the rest say they bought or inherited it and only 1% of them received that gift.
Among other things, the survey reveals that Albanian families live for a long time in their apartment without changing it, on average 27 years.
In addition to the main apartment, more than 1/3 of Albanians own at least one other real estate property, which they use mainly for business purposes, rent it out or use it in other forms, such as an agricultural farm.
Other important assets for Albanians are vehicles, as 40% of them own a car or other means.
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