Albania is a small country on the coast, surrounded by mountain ranges, which creates an interesting landscape contrast with beaches, foothills and meadows. The local real estate market is also diverse, especially when it comes to resale properties in Albania.
Advantages of buying residential property in Albania
Buying property in Albania is an interesting investment due to the fact that it is one of the few countries in Europe where affordable housing prices have been preserved. But what is more important is the characteristics of the properties themselves: apartments built in the 1970-1990s are impressive in size, which even in a two-room apartment reaches 80-100 m2. Ceilings of 3-3.5 meters (in Tirana and Shkoder) allow you to use the vertical space of the room during redevelopment.
And all this in a mild Mediterranean climate, where there is everything you need for both recreation and permanent residence.
Real estate prices in Albania
You can buy real estate in Albania for an average of €1000-€1200 per m2. Traditionally, Albania real estate prices are higher in the capital of the country - Tirana and resort towns. Among the latter, Vlora is the leader: you can buy property in Albania here for €1600 and €2200 per square meter.
In the coastal Durres, an apartment of 60 m2 is sold for an average of €67,000, which is about €1100 per square meter. Most often, on the secondary market, you can find more favorable offers with a price per square meter of €500 and €700.
Features of purchasing housing in Albania
Foreigners can freely buy real estate in Albania on the same terms as citizens of the country. It is highly recommended to conclude a preliminary agreement fixing the main terms of the transaction. It is not mandatory, but in case of dishonesty of the seller it is a weighty argument in any kind of legal proceedings.
Now you need to carefully check the property itself for the need for repairs. If everything is in order, you can conclude the main purchase and sale agreement. It is signed in the presence of a notary, whose services rarely cost more than €450. Also, when buying, you must pay a stamp duty of 3% of the value of the property for sale in Albania.
When the transaction is completed, you need to pay taxes and fees - the latter are not everywhere, but, for example, in Tirana, an annual municipal fee of €20 is charged. If you plan to rent out Albanian real estate, you need to pay another 10% of the income from it.
