The IMF holds Albania accountable for dirty money in construction

 Tirana

 The International Monetary Fund has raised suspicions of money laundering in the real estate market and urges the Albanian government to monitor construction permits, price increases, and the impact this sector has on the economy.

In Tirana and on the coast, real estate prices are rising by 11% per year. Construction permits as well, Eurones Albania reports.

But, these constructions have worried the International Monetary Fund, which through the last monitoring report for Albania, demands explanations.

"Increased market surveillance is needed. Authorities to show the impact on financial stability ", writes the IMF in the last report on the economy in Albania.

The IMF call comes at a time when allegations of corruption and money laundering in the sector have been added to Albanian politics.

The figures also point to a sector that thrives beyond supply and demand.

This year the municipalities have issued 1040 building permits, while last year 665. Lending has increased at the same rate.

Until September, banks have provided ALL 61.7 billion for construction from ALL 50.966 billion that were provided by September 2020.