A guide to buying property in Albania

As with the purchase of land in most other European countries, buying in Albania has two basic steps – the signing of a purchase contract, and the registration of the purchase contract with the Albanian real estate authorities.

Albanian law allows foreign property investors to own property and no permission or authorisation is needed. However, it is worth checking all land ownership deeds carefully as there have been some disagreements in the past – we advise employing a local solicitor who will be able to guide you through all the necessary paperwork. However, if you are looking to invest in real estate in Albania, you will need prior approval. You will also only be allowed to acquire construction land if the value of your investment is triple the value of the land itself.

Once you have found a property in Albania which you would like to buy, and a purchase prices has been agreed with the vendor, you will need to sort out a purchase deed. A purchase deed is a special form of purchase contract that is signed by both parties before an authorised notary. The purchase contract will contain essential details such as the property’s purchase price, and a definition of the property that is being bought. A certificate that has been issued by the Real Estate Registration Office that certifies that the that ownership title to the property is clear as of the date of the transaction will be attached to the purchase deed.

The vendor and seller will then determine when the property will be official handed over – this is normally the same day that both parties sign the purchase deed and the monies for the purchase have been handed over.

It is possible to get mortgages in Albania – to create a mortgage right over a property, a mortgage deed must be created and the mortgage deed must then be registered with the real estate register.

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  1. Fiona Bosticky | Oct 20, 2009 | Reply

    Since this guide to buying property in Albania is a little out of date, I thought I would add some small updates:

    1. Foreigners cannot own land in Albania, without first setting up an Albanian company. This is easy to do, and the company can be 100% foreign-owned, but you would need to keep in mind the extra expense of running a local company.

    2. Since January 2009, it is not possible for a foreigner to get a mortgage on property in Albania. This is due to the global economic crisis, and even Albanians have had trouble to get a mortgage in 2009. Hopefully this will change in 2010 or 2011.

    Also, I do agree with the “Title Deed” situation. Caution is advised, and having a local solicitor check documents is very important. I have even heard of official RERO documents been issued to multiple parties for the same piece of property, so double-checking and triple-checking is recommended.

    Happy buying in Albania – it’s a great country, the prices are the lowest in Europe, rental yields are rising, and tourism is booming. 🙂

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