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How the Pandemic Impacted Real-Estate in Albania
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How the Pandemic Impacted Real-Estate in Albania

TIRANA, October 21 With a global health crisis wreaking havoc on industries, economic sectors, and personal finances, the Bank of Albania took the temperature of the Albanian real-estate market to define if and to what extent the pandemic has sickened it. The findings give insights on the performance of construction companies and realtors, and the...

€1.6 billion Laundered in Real-Estate in Albania during 2017-2019
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€1.6 billion Laundered in Real-Estate in Albania during 2017-2019

TIRANA, August 28 The laundering of illicit money through real-estate and construction in Albania was estimated at Euro 1.6 billion during 2017-2019, the recent report on Illicit Financial Flows in Albania, Kosovo, and North Macedonia, by Global Initiative confirms. According to the report, which follows a model provided by the United Nations on Financing Development,...

New Bill to Tackle Money Laundering in Real Estate Transactions
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New Bill to Tackle Money Laundering in Real Estate Transactions

TIRANA, July 16 Real estate is considered one of the most fertile sectors for money laundering in Albania. Not only it provides an opportunity for laundering illicit funds, but also has a huge impact on the real estate market. Hence, Albanian authorities are consulting a new bill on the regulation of real estate brokerage. The...

Property Revaluation Deadline Extended due to COVID-19
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Property Revaluation Deadline Extended due to COVID-19

TIRANA, July 9 Albanian authorities have extended the deadline for the revaluation of properties for taxation purposes to December 31st. Based on the new draft law, all the citizens, physical and legal persons, who own a real-property in Albania are granted the right to evaluate it until the end of the year by paying a...

Real Estate Prices Up by 13.8% in Second Half of 2019
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Real Estate Prices Up by 13.8% in Second Half of 2019

TIRANA, April 16 The real estate market in Albania seems to be offering properties at ridiculously high prices compared to customer buying power. The recent Report on Financial Stability published by the Bank of Albania (BoA) confirms that y-o-y house prices (calculated according to the Fischer Index) during the second half of 2019 increased by...

House Construction Costs Down in Q4 While Prices Up
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House Construction Costs Down in Q4 While Prices Up

TIRANA, March 4 Rising construction prices mean rising house prices. Although official data from the Institute of Statistics confirm a decline in the house construction index, prices in the housing market continue rising. According to INSTAT, the house construction index reached a rate of 104.1 during the fourth quarter (Q4) of 2019, down to 0/1...

How to Get Albanian Residence Permit through Real Estate Purchase
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How to Get Albanian Residence Permit through Real Estate Purchase

TIRANA, February 19 Numerous international citizens ask if it’s true that they can obtain an Albanian residence permit through real property purchase. The answer is yes. First, Albania provides international citizens the right to invest in real estate of any value, with some exceptions on land acquisition. (Read at the end of the page what...

Albania Property Revaluation, How Will it Affect Your Taxes?
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Albania Property Revaluation, How Will it Affect Your Taxes?

TIRANA, February 4 All the citizens, physical and legal persons, who own a real-property in Albania are granted the right to evaluate it until September by paying a reduced rate instead of the 15 percent on the real-property capital gain. The law no. 90/2019 ‘On revaluation of real property’ was published on the Official Gazette,...

No Tax Implications on Real Estate Transfer to Family Members
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No Tax Implications on Real Estate Transfer to Family Members

TIRANA, December 16 Starting in 2020, any transfer of property to family members under a gift will not be considered as a taxable transfer. This amendment proposed by the ruling majority lawmaker Evis Kushi was adopted by the Parliamentary Committee of Finance and Economy, will enter into force when voted by the Parliament. The committee...

Floor Area for Building Permits in 2016-2018 Exceeded 1.4 million m²
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Floor Area for Building Permits in 2016-2018 Exceeded 1.4 million m²

TIRANA, November Building permit activity in Albania increased by 48.4 percent over the period 2016-2018 with a total floor area of 1,442,783 square meters. The official data on the construction sector in the country were unveiled on Friday by the Institute of Statistics (INSTAT) on the regional statistical yearbook. According to the statistics on this...