Why Invest?
In the heart of the Mediterranean, with a beautiful coastline on the Adriatic Sea and Ionian Seas, the unspoiled picturesque country is fast becoming one of the world's most interesting getaways. Being a least developed country in Europe, Albania represents a lot of opportunities as it has a lot of potential to grow.
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Market Report
It is the right time to invest in Albania property as it is only just emerging and has alot of potential to grow. Ignored by the European community for quite some time Albanian property market is now becoming increasingly popular to invest in.
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Economic Overview
By Western European standards Albania is a poor country, but economic conditions in Albania are gradually improving. Albania is trying to attract foreign investment and promote domestic investment.
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Visa/Residency Issues
Visas are no longer required for American and European citizens. With a valid EU passport, you can stay for 90 days and do not need to apply for a further extension of your visa.
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Getting to Albania
The national airline is Albanian Airlines (website: www.albanianairlines.com.al), which operates direct flights to London from July to September. British Airways (website: www.ba.com) has year-round direct services from London Gatwick to Tirana the capital of Albania.
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Fees & Taxes
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There is no inheritance Tax in Albania
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No VAT on property purchase and no purchase Tax.
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A tax of 10% is due on the amount of the rent
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There is a capital gain tax of 10% for individual and companies in Albania (instead of Bulgaria 17.8%, Spain 18% and
20% in Turkey or Poland)
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Albania |
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Basic Information
| Population |
3,619,778 (July 2008 est.) |
| Languages |
Albanian (official - derived from Tosk dialect), Greek, Vlach, Romani, Slavic dialects |
| Area |
28,748 sq km |
| Currency |
Lek |
| Dialing Code |
+355
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| Emergency Services |
17 (medical emergency), 129 (police), 00355 4 274900 (emergency number in Albania), operating 24h/day |
Albania Overview
Albania is a small country in South Eastern Europe with an interesting mix of civilizations and culture. It’s fascinating Ottoman cities, historical sites and magnificent mountain scenery and charming villages makes it a worthwhile place to visit. Albania is a country rich in so many things be it the natural beauty, archaeological sites, history or culture.
Albania has had a bad press but when you visit it you find the people to be friendly and tolerant. Albania has something to offer almost everyone, Albanian Alps, Tomorri massif for the hikers, ancient tracks for cyclists. It has delicious mouthwatering local cuisine, and then there is Albania's excellent wine. Those interested in archaeology can visit Butrint and Byllis. History-lovers can explore ancient castles, Ottoman fortresses and the museum cities of Berati and Gjirokastra. Most of Albania’s surface is mountainous and it has many rivers which have been extensively managed to produce hydro-electricity. The infrastructure is improving daily.
Average Property Prices
Property prices in the outskirts of Tirana are from as low as 380 Euros per square meter and in the preferred locations from middle class Locals such as Fresku, Linza, Selita, Lake and Botanic Garden, off plan proeprty are from 550-700 Euros per square meter. Prices in Albania start from as little as 450 euros per sqm in the Capital (the cheapest compared to any other capital city in Europe) and from 550 euros per sqm in the coast.
Buying Process
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Buyer after selecting property signs the Albanian Property reservation agreement. The property is held for usually up to a period of 4 weeks. During this period buyer can make the necessary checks and obtain the relevant information
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The main contract is drawn by the property solicitor. It includes the timescales, payment terms, the property purchase price and the terms and conditions of sale.
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The Albanian property preliminary contract is signed in front of the ‘Notary Public' by all the involved parties
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After the preliminary contract a deposit between 20-40% of the sale price is paid. The remaining balance is paid in stages as agreed with the developer and confirmed in the contract. These stages of payments can differ from developer to developer.
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