Low prices and beautiful nature are two things that attracted tourists to Albania at first. After that, real estate buyers stood in the line, and finally investors. So how to buy property in Albania as a foreigner?
Is Albania a good place to buy a property?
Albania is popular for its Mediterranean shore and coastal areas. The season starts on April 1, and after that you can begin your summer life until the middle of Fall.
The most popular resorts to look for apartment and houses in Albania are Sarandë, Durrës and Vlorë. Here you can find a warm place under the sun for yourself or rent. If you are interested in real estate investment, do consider Tirana – the fast-developing capital city of Albania.
Can I own property in Albania?
Albania's real estate market is open. Foreigners have the same rights as residents, which means they can buy residential and commercial real estate as individuals throughout the country. The exception is agricultural land with more than 1,000 sq.m. In this case, the buyer needs to open a legal entity.
Can I get a residence permit by purchasing a property in Albania?
To obtain a residence permit, a foreigner must own at least half of the area of the property and at least 20 sq.m. per person. The value of the property does not matter.
Albania is not a member of the European Union. But the news about the intention to become part of the EU is heating the local real estate market. The rising prices are also affected by the increasing construction costs.
Over the past seven years, real estate in Albania has increased in price by more than 50%, according to the country's Central Bank. Prices in 2021 increased by 8.4%. Analysts note the most significant growth in the capital Tirana, where apartments and cottages have risen in price by about 12.3%.
Even the pandemic has not become a hindrance to the Albanian housing market. In the first half of 2020, real estate prices rose by an average of 4.9%. There was no decline in the activity of developers and a significant decrease in the pace of construction in Albania.
After the crisis receded, the construction activity began to grow.
Thus, in the first quarter of 2022, the number of permits issued for new development increased by almost 60% compared to the same period of the previous year. Perhaps this is because lending to developers has been growing in the country recently.
Nevertheless, the cost of Albanian square meters is still low compared to other resort countries.
Obligations of foreign property owners
There is no purchase tax in Albania. But a buyer pays for the property registration in their name with the National Cadastral Agency (€90) and a small municipal fee for the primary market transactions. It is a one–time payment for the transfer of title rights to the buyer from the seller - a construction company. The fee amount varies depending on the region of the country and varies from €3 to €10 per sq.m.
There is no charge for secondary market objects.
The buyer must purchase insurance for the primary market properties. This requirement has been in effect since January 1, 2020, and applies to both residents and non-residents of the country.
The cost of insurance for ten years is 1% of the real estate price specified in the contract of sale.
By the way, you can pay for the registration service, municipal fees, and insurance to a notary.
The owner must pay an annual tax on residential real estate in the amount of 0.05% of the minimum cadastral value of the real estate in a particular area and a rental tax of 15% of revenue.
The real estate buying process in Albania
1. Property reservation
The buyer makes a preliminary contract or a deposit agreement with the seller to secure the right for the object.
2. Payment for the transaction
The payment is carried out within a week (with full payment) to several months (with installments) from the deposit agreement signing. The buyer transfers money to the transit settlement account of the notary according to the current legislation of Albania. Such measures contribute to transparency.
3. Conclusion of the purchase and sale contract
The last payment happens at that stage. The main contract of sale is signed when the buyer has fully transferred the entire amount to the notary's transit account.
4. Registration of ownership
The transaction is registered with the National Cadastral Agency by a notary. You become a property owner in Albania.
Propreties for sale in Albania:
135 000 €
Apartment in Vlore, Albania
113 sq.m322
Apartment 2+1. Well lit by the sun. Pleasantly furnished. With ample spaces. Quiet area.
Habita International Estates Ltd
31 000 €
Flat in Durres, Albania
31 sq.m111
Residence
#luxalbaniahome #durres #sea #studio #albania Studio for sale
Lux-Albania HOME
116 500 €
Apartment in Saranda, Albania
80 sq.m211
ResidenceOnline ViewingRemote Transaction
Apartments for sale in a new luxury complex within walking distance from the sea coast! Saranda Terrace complex, closed territory, security, administration, underground parking, quality assurance from the developer
A promising area with developed infrastructure
There are apartments with one, two and three bedrooms, ranging from 68 to 250m2...
Object is inactive
66 000 €
Flat in Durres, Albania
62 sq.m211
ResidenceOnline ViewingRemote Transaction
Cozy apartment on a large beach. 62m2 , 1+1. 4th floor, elevator. Quiet courtyard. Prestigious area, convenient communication with the city. Shops nearby.
New super offer! We offer for sale 2 studio apartments (with separate kitchen) in a 4-storey villa. Separate entrance, parking space, barbecue area in the garden near the house. The studios are fully furnished, spacious bathroom, also fully equipped, large balcony with fantastic views of the Ionian Sea. The house is located in the new part of...
Object is inactive
135 000 €
House in Durres, Albania
146 sq.m421
Residence
A house with a plot by the sea in a convenient area for a low price is a rare opportunity. Requires furnishing. Cottage by the sea !
Lux-Albania HOME
205 000 €
Apartment in Vlore, Albania
113 sq.m322
Contact a Habita representative for more information about this facility.
Habita International Estates Ltd
67 000 €
Apartment in Durres, Albania
80 sq.m211
ResidenceOnline ViewingRemote Transaction
When buying a residence permit as a gift
The apartment is located in an area with developed infrastructure, suitable for a comfortable life and rest with the whole family. 350 meters away is a clean and well-groomed beach with many cafes and restaurants.
ALBPRO
199 500 €
Flat in Saranda, Albania
105 sq.m321
Residence
APARTMENT IN AN ELITE COMPLEX on the first line in Saranda. Favorable price.
Lux-Albania HOME
142 000 €
Apartment in Vlore, Albania
98 sq.m432
Contact a Habita representative for more information about this facility.
Habita International Estates Ltd
60 000 €
Flat in Durres, Albania
30 sq.m111
ResidenceOnline ViewingRemote Transaction
The apartment is located on the 8th floor in a building with an elevator in the tourist area Plazh. Sea view
Very good for rent business
There are lots of cafes, restaurants, shops nearby.
We are ready to organize an online presentation and remote execution of documents, including a residence permit.
We provide a full range of services...
Albania4you
45 000 €
Flat in Durres, Albania
35 sq.m1
Residence
Studio apartment of 35 m2 with panoramic views in Durres by the beach
Lux-Albania HOME
70 000 €
Flat in Durres, Albania
60 sq.m211
ResidenceOnline ViewingRemote Transaction
The apartment is located on the 4th floor in a building without elevator in the tourist area Shkembi.
There are lots of cafes, restaurants, shops nearby.
We are ready to organize an online presentation and remote execution of documents, including a residence permit.
We provide a full range of services in Albania - transfer, car rental,...
Albania4you
90 000 €
Apartment in Durres, Albania
60 sq.m211
ResidenceOnline Viewing
1+1 apartment for sale, located in the beach area. The house is located next to a canal and a marina with access to the sea.organized:-A bedroom-Living room- Toilet- The balcony
ALBPRO
60 000 €
Apartment in Durres, Albania
57 sq.m211
ResidenceOnline ViewingRemote Transaction
The apartment is 200 meters from the sea. Warm and ventilated. It is suitable for a comfortable life and relaxation.
ALBPRO
90 000 €
Apartment in Durres, Albania
74 sq.m211
ResidenceOnline ViewingRemote Transaction
Apartment for sale 1+1 with a total area of 74m2 is located on the 9th floor of a new building with an elevator and is organized:- Living room+Kitchen- 1 bedroom-1 toilet- Balcony
ALBPRO
70 000 €
Apartment in Durres, Albania
54 sq.m211
ResidenceOnline ViewingRemote Transaction
ALBPRO
129 000 €
Apartment in Vlore, Albania
103 sq.m311
Contact a Habita representative for more information about this facility.
Habita International Estates Ltd
118 000 €
Flat in Durres, Albania
126 sq.m432
ResidenceOnline Viewing
For sale a spacious apartment of 126 sq. m/certificate of 118 sq. m, with a balcony, Windows facing east, mountain view. The apartment has 3 bedrooms, 2 bathrooms, large living room + kitchen, balcony. 7th floor, elevator. Excellent location - 300 m to the sea, 50 m to shops/cafes, bus stop to prices The apartment has a new air conditioner,...
Private person
65 000 €
Flat in Durres, Albania
70 sq.m211
ResidenceOnline ViewingRemote Transaction
The apartment is located on the 4th floor in a building with an elevator in the tourist area Plazh.
There are lots of cafes, restaurants, shops nearby.
We are ready to organize an online presentation and remote execution of documents, including a residence permit.
We provide a full range of services in Albania - transfer, car rental,...
Albanians or EU/US citizens can apply for a loan as an individual entity. The banks will usually finance up to 70% of the requested cost but in the amount of no more than €300,000.
The loan can be issued for up to 30 years. The rate is floating (LIBOR 1Y + 3-4%).
In conclusion
A foreign citizen has the right to buy real estate in Albania according to the same laws as a resident.
Ownership of a real estate object gives the right to a residence permit.
No taxes are charged from the buyer for buying property in Albania.
The procedure for buying real estate by foreigners in Albania is as transparent as possible.
