The real estate market in Albania has been growing for about two years, and the prices for luxury housing in the country are almost equal to those in Dubai. So today, we will answer some topical questions about the Albanian market: How can one buy property in Albania? How much do objects cost in the country? Can foreigners take out a mortgage to buy a home, and what associated costs await you during the transaction?

Foreigners have the same rights to buy property in Albania as locals—both in the capital and on the coast. The exception is agricultural land with an area of more than 1000 sq. m.; to buy it, you will need to open a company in the country.

And also, through the purchase of real estate, you can get a residence permit in Albania: for this, the living area of the apartment must be at least 20 square meters per person. The value of the property does not matter.

Buying real estate in Albania by the steps

What you need to do to buy an object in Albania:

1. Reserve the object and pay the deposit.

You can reserve the object of your choice by signing a preliminary contract with the seller and paying the deposit.

First, the notary verifies the property and makes a request to the National Cadastral Agency. Within a few days, he provides current information about the property in electronic form, which is valid for 30 days. After that, the notary draws up the text of the contract and certifies it.

Then, for the period specified in the agreement, the notary locks the object at the cadastral agency. This means that during this time, no legal actions can be taken with respect to the property.

Immediately after the signing of the preliminary contract, a deposit of 10% of the total value of the property in the secondary market or 30% of the price in the new construction market is required. However, in the case of new buildings, the amount of the deposit and the possibility of concessions will depend on the developer.

2. Pay for the deal.

Full payment must be made within a week after signing the preliminary contract. If the payment is made in installments, the payment period is up to several months. The buyer transfers the money to the transitory current account of the notary to ensure the transparency of the transaction. Notaries also sometimes accept cash (this is legal).

The funds in the notary's transit account are held until the purchase agreement is signed and the buyer is issued a certificate of ownership.

3. Conclude the contract of sale.

The main contract of sale is signed only after full payment of the transaction.

If you buy real estate from a developer, the final contract or notarial deed will be signed only after the construction is completed and the property is commissioned.

The official transfer of title rights to the owner is documented in the state registry.

Important. At the signing of the final contract of sale, it is necessary to have an interpreter certified by the Ministry of Justice of Albania if the buyer does not speak the language in which the contract was made. The contract is signed by a notary and a certified interpreter.

4.  Register the right of ownership.

After the notary has certified the contract of sale, the transaction will be registered at the National Cadastral Agency. This takes place within 30 working days after the contract is registered with the notary.

The new owner of the residential property may receive a certificate of ownership in both paper and electronic form.

Additional expenses when buying real estate in Albania

When buying a property in Albania, you should count on the following additional expenses:

  • Registration fee: €80.
  • Notary fee: €150–€450.
  • The real estate agent's fee is divided between the seller (2%) and the buyer (1%). In some cases, the agent's fee may already be included in the price.

For new construction, additional fees are payable:

  • Municipal fee of 0.1-2.5% of the contract amount (depending on the region).
  • Property insurance: 1% of the transaction amount. The insurance is valid for 10 years.

There is no property tax in Albania, except for a local tax that is charged only in the capital, Tirana, and is approximately €20.

The average cost of real estate in Albania

You can buy a 90-square-meter apartment in Albania for about €75,000–€150,000.

The price to rent a one-bedroom apartment in Albania is about €220-€340 per month. It is possible to rent a two-bedroom apartment in the country for €360–€620.

Utility bills in Albania are on average €80 a month (plus €15 for internet).

“An apartment that cost €90,000 a year ago is now worth about €130,000.” Realtor on the real estate market in Albania

Buying a home in Albania with a mortgage

Mortgage financing is not available for non-residents. For local residents, most banks offer interest rates from 5.5%.

You can find the right real estate agency in Albania on our website.