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Foreign Direct Investments to Albania Down 13% in 2020
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Foreign Direct Investments to Albania Down 13% in 2020

TIRANA, March 29 Foreign Direct Investments (FDI) to Albania in 2020 were down 13 percent to an estimated Euro 933 million, according to data issued by the Bank of Albania (BoA). However, BoA says that the contraction in FDI flows was moderate despite the global health crisis. The Trans Adriatic Pipeline (TAP) project helped to...

Albania Building Permits Rise in Q4, 2020
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Albania Building Permits Rise in Q4, 2020

TIRANA, February 26 The number of newly issued permits for new buildings during the fourth quarter (Q4) of 2020 rose 51.5 percent, the Institute of Statistics (INSTAT) reported in its latest publication on Friday. Based on the data, the number of permits issued to construct new buildings in Q4 was 306. Further on, the floor...

Albanian Products: Konispoli Mandarins
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Albanian Products: Konispoli Mandarins

TIRANA, February 16 ‘Mandarin is the future’ was the motto of Konispoli farmers, who created the largest mandarin plantation in Albania over the last decade. Known for a borne sense for business, hard-working culture, and dedication to high-quality products, it’s no wonder that the Cham farmers are so successful. International trade data show that their...

Albania’s’ GDP Down by 10.2% in Q2 amid COVID-19 Crisis
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Albania’s’ GDP Down by 10.2% in Q2 amid COVID-19 Crisis

TIRANA, September 30 Albania’s Gross Domestic Product (GDP) fell at a rate of 10.2 percent during the second quarter of 2020, the Institute of Statistics confirmed on Wednesday. The significant drop in outputs reflected the worst-hit period by the pandemic lockdown, travel restriction, and prevention measures to prevent the spared of the virus. Data from...

Construction in 2019, Fewer Permits more Floor Area
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Construction in 2019, Fewer Permits more Floor Area

  TIRANA, February 28 Residential buildings account for the major number of new permits issued in 2019 in Albania, while the number of permits for office buildings and industrial parks was zero. The number of construction permits issued during 2019 was 1,044 or 13 percent less compared to 2018, the Institute of Statistics confirmed on...

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,...

Albania to Lure Foreign Pensioners with New Tax Regime
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Albania to Lure Foreign Pensioners with New Tax Regime

TIRANA, January 27 Albanian authorities plan to adopt an amendment to the tax regime for foreign pensioners. The goal is to attract all those retired foreigners, who are eying for sunny places and friendlier tax regimes. According to Top Channel, the draft initiated by the office of the Minister of State for Diaspora was submitted...

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...