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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...

Coastal and Tirana Properties Are Getting Harder to Sell
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Coastal and Tirana Properties Are Getting Harder to Sell

TIRANA, October 14 Properties got harder to sell during 2019. The data was confirmed by a survey conducted by the Bank of Albania (BoA) with residential and commercial contractors and real estate brokers. According to the respondents in Tirana, the average time to sell a property in the capital city during the first half of...

House Prices Rise but at Slower Pace in Jan-Jun 2019
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House Prices Rise but at Slower Pace in Jan-Jun 2019

TIRANA, October 10 House prices in Albania grew by 1.8 percent during the first half of 2019 according to the Bank of Albania (BoA). The finding was based on a report conducted by BoA with over 300 real estate agencies throughout Albania. The data show that house prices growth rate slowed a tad in 2019....

Buying a Property: Decennial Liability Insurance Mandatory by Law
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Buying a Property: Decennial Liability Insurance Mandatory by Law

TIRANA, October 3 If you are planning or closing a deal on a residential or commercial property, make sure that the contractor or seller provides decennial liability insurance along with the property sale agreement. Based on a decision adopted Wednesday by the Council of Ministers, decennial mandatory insurances or inherent defect insurance will be mandatory....

Housing Loan Trend to Watch For in 2019
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Housing Loan Trend to Watch For in 2019

TIRANA, August 14 The individuals have received around €100 million credits for their houses in the first half of 2019. According to data by the Bank of Albania, housing loan is in increase even this year. Between January-June 2019, the banking system has given Lek12.3 billion new credits for this purpose. Compared to the first...