Albania: A Buyer’s Guide

Albania has a mix of terrain including mountains, coastline and hills. The country boasts some spectacular scenery, similar to that of it’s neighbour Greece, with ancient ruins, vast olive groves, a fantastic climate and beautiful coastline. Although it has a slightly chequered history it is now a stable country with an emerging democracy and is hoping to join the EU in the near future. Despite all this, Albania remains one of the poorest nations in Europe although it’s economy is improving slowly.

Tourism is encouraged but there is no massive tourism industry at present therefore those looking to invest in Albania should be looking for a long-term investment, rather than looking for short-term gains. Investors who buy now may have higher risks to take however the country is poised for expansion and improvement, and remains fairly unspoiled, therefore buying now could see massive financial gains in the future. Real estate and foreign investment is already shaping up to be an essential part of the economy therefore it makes sense to get in now while the prices are still low.

Foreign property investors need no special permission when buying property in Albania although if investors are intending to buy land for construction, the purchase may be subject to prior approval before the transaction can be completed.

To buy property or real estate, a purchase contract must be drawn up. The contract must then be signed by both parties and registered with the Real Estate Register. The purchase contract signifies that a purchase deed has been executed by both vendor and buyer before an authorised notary. This deed will lay out the purchase price of the property, along with a description and definition of the property. The deed should be accompanied by a certificate issued by the Real Estate Registration Office that certifies the ownership title and date of transaction.

When this has been completed, an exchange date is set – this is when the money for the property will be exchanged along with the contracts.

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