Whether you’re moving to Albania to enjoy the Mediterranean lifestyle or for work purposes, you may take into consideration the option of buying a property. Albania is turning into an attractive destination for tourists and expats.
If you need a place by the sea only for vacations, Durres, Vlora, villages in the southern Riviera, and the city of Saranda, are the best options. On the other hand, the people that move to Albania for work purposes prefer the capital city Tirana. Buying an apartment in Tirana is a good investment that pays back. Property ownership in Albania is common. A high percentage of the population consists of homeowners and recently, a trend of second homebuyers has been noticed. However, the construction boom provides numerous opportunities for every type of home buyer.
What’s the property market like in Albania?
If you are looking for a country where to maximize investments in immovable property, Albania is a great option. It has a good geographic location, a long coastline in the Adriatic and the Ionian seas, and it’s a short flight distance from the major European capitals. All these and much more make it a good option for investing in immovable property in suburban zones, old towns, historic centers, and rural areas.
Today, residential property in Albania is cheaper in comparison to the upcoming years. In short, the best time to invest in immovable property in Albania an apartment, villa, or land is now. Before buying a property in Albania as a foreigner, there are some things you need to know about the real estate market and the land of Eagles in general.
The categories of people with the highest interest in immovable property in major cities like Tirana, Durres, Elbasan, Shkodra, Gjirokastra, and Korca are students and foreign citizens working in Albania.
The construction sector in Albania like the economy, in general, is going through a recovery stage. The Albanian capital was among the cities that saw house prices falling during the last quarter (Q4) of 2017. The survey on the real estate market conducted by the Bank of Albania (BoA) confirmed that the house prices in Tirana saw a 1.4 percent drop. This trend in property values continued during the entire year.
Even though the dip was lower compared to the previous quarter, the trend is in contrast to the perception of builders and realtors, who reported improvements in the real estate market during 2017. The property index is calculated based on prices in Albanian Lek, in the meantime, the real estate market applies Euro currency. However, prices in the housing market are expected to increase in the future.
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Can foreigners buy property in Albania?
Buying property in Albania is easy for foreign citizens. They need to register the property in their name or in the name of a company. The process is easy. Sides agree on the price and sign a contract drafted by a notary. The latter is impartial and he/she is responsible for the verification of the property ownership title, checking the general register of properties, and drafting the sale contract. Both sides have to be present at the notary office when the contract is signed otherwise one side can be represented by someone else through a special procurement.
What is the approximate cost of different properties in Tirana?
The cost of properties in the Albanian capital depends on the cadastral area where the apartment is located. The Albanian government adopted the average prices for apartments in 32 cadastral areas in Tirana in early 2017. The price was increased in nine areas while it remained unchanged in the other 23 areas.
Prices in different areas of Tirana
Former Block – Lek 190,000
Pyramid and Qemal Stafa Stadium – Lek 187,000
Avni Rustemi Square, Pazari i Ri – Lek 135,000
Foreign Ministry, Berryli – Lek 95,000
Ballet School, the American Embassy – Lek 110,000
City of Students, Sauk, Selita Lek 80,000
Xhamllik, Profarma, Zhan D’Ark Boulevard – Lek 77,000
Porcelan, Kinostutdio, Linza – Lek 60,000
Hospitals area, Allias, Tufina – Lek 70,000
Selman Stermasi Stadium, Artificial Lake – Lek 132,000
Paris Commune, Botanic Garden – Lek 107,000
Vasil Shanto – Lek 82,000
Komninat, Vaqar, Yzberisht, Sharra – Lek 65,000
District Court – Lek 120,000
Block of Embassies, Civil Engineering Faculty – Lek 100,000
NSHRAK – Lek 85,000
New Ring Road, Former Aviation Field – Lek 65,000
Selvia, Partizani High School – Lek 110,000
Medresea, Industrial market – Lek 100,000
Zogu 1 Boulevard, Piazza Bar, Fortuzi Street – Lek 130,000
Train Station, State Archive – Lek 100,000
Don Bosko, Siri Kodra – Lek 77,000
Former Writers League – Lek 145,000
Myslym Shyri, General Directorate of Police, Catholic Church – Lek 139,00
Durresi Street – Lek 102,000
Zogu I Zi -Lek 87,000
Lapraka Lek – 75,000
Mezez, Bregu i Lumit, Military Hospital – Lek 70,000
How to find a property in Tirana?
Real estate agents are the best option for foreign citizens that want to buy an apartment in Tirana or other Albanian cities.
Real estate scam happens everywhere and Albania is not an exception. In order to avoid falling prey to fraud keep in mind the following:
Never send money before visiting the property and signing the contract
Ask for a property inspection
Choose a trustful realtor
Make sure that the seller is the real owner and that has the right to sell the property
Property Websites in Albania
Here are a few websites that can help you get started with prices, areas, and types of apartments for sale.
Albanian Real Estate
Property in Albania
Albania Real Estate
Tirana Real Estate
Albania One Real Estate
Rainbow Real Estate
Century 21 Albania
Real Deal Properties
The Point Real Estate
Real Estate News & Articles
- Real Property Revaluation Deadline Extended to 2021
- How the Pandemic Impacted Real-Estate in Albania
- €1.6 billion Laundered in Real-Estate in Albania during 2017-2019
- New Bill to Tackle Money Laundering in Real Estate Transactions
- Property Revaluation Deadline Extended due to COVID-19
- Real Estate Prices Up by 13.8% in Second Half of 2019
- House Construction Costs Down in Q4 While Prices Up
- How to Get Albanian Residence Permit through Real Estate Purchase
- New Ekspozita Building Will Rise in Tirana
- Albania Property Revaluation, How Will it Affect Your Taxes?