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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...

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....

Revenue from Property Taxes Declines in Q1
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Revenue from Property Taxes Declines in Q1

TIRANA, July 3 Property taxes are a considerable source of revenue for local power, but the latter confirm that expectations for January – March 2019 were not met. According to the report on local finances Jan-March, all the 61 municipalities across the country collected a total of Lek 784.3 million from property taxes for the...

Tirana’s High-End Real Estate Market Hottest in the Region
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Tirana’s High-End Real Estate Market Hottest in the Region

TIRANA, March 18 Housing prices in the market of high-end apartments and condos in central areas of Tirana have skyrocketed. The real estate prices are reaching up to Euro 4,000 per square meter in a new project by the Presidency, hence marking the highest level in the region. Monitor magazine reports that when it comes...