What do you know about Albania? "Experts" who've never been here, can remember the Albanian coat of arms (two-headed eagle), and of the fact that mother Teresa was Albanian. But there is a lot of stereotypes about Albania – that here all around is mafia, drug dealers, con men and the Muslims radicals, and all around are the concrete bunkers. Destroying the stereotypes about the country and talk about the prospects of Albanian property together with Oksana Genkina, a specialist in real estate in Albania from ALER Travel Agency.
About the war, bunkers and a burqa
Some people think that there is still war in Albania, and women should only go in a burqa. Actually there is no war. The bunkers, built in a huge number during the goverment of Enver Hodja, now are overgrown with vines. And some of them turned into restaurants.
During its socialist past Albania was an atheist country. Now according to statistics, 55-60% of the population are Muslims and 30% Christians, and most of them is Orthodox (there is an Autonomous Albanian Orthodox Church). There is a lot of Catholics as well. At the time, Mother Teresa opened a College here, where Catholics from Albania studied on preferential conditions. Both Christian and Muslim holidays are celebrated here. Religious buildings of different confessions often coexist, there are no religious conflicts here. As for women in burqa – they can be counted on the fingers. Frankly, some dress even more provocatively here than for example in Russia or Ukraine.
Mostly stereotypes about Albania were born due to the Kosovo Albanians. In fact, the Albanians from Albania the Albanians from Kosovo are so accustomed to live in different countries, that there is only the resemblance + the common language.
About the nature and climate
Albania is a very beautiful country. It is bordered by Greece, Macedonia, Montenegro, Italy and Kosovo, has access to two seas – the Adriatic and the Ionian. The word "Albania" is derived from Illyrian "alb", which means "hill". Mountains cover about 70% of the territory.
The climate in Albania is subtropical, winter temperatures in the southern part of the country are from +10 to +15 degrees. On the other hand, the summer here is not too hot. In the hottest months the thermometer goes up to +30 or +35 degrees.
About tourism and the attitude to foreigners
Tourism in Albania is actively developing, especially the last 5 years. It is still affected by poor information about the country. So in terms of tourism Albania, of course, is not Turkey, but there are a lot of advantages in it.
Foreign tourists are loved here. Russian speaking too. Before the collapse of the Soviet Union here was taught Russian language. So when meeting visitors from the countries of the former Soviet Union the Albanians from the age category of 45+ start to remember Russian. Someone remembers well, and someone not very good, but all try very hard. Albanians from 25 to 45 years don't know Russian, but speak Italian, as before all TV was in Italian. And the youth now teach, of course, English.
Many Europeans see the advantage of Albania and come here for a vacation. During the bathing season (April to mid-October) there is a lot of tourists from Switzerland, Italy, England, France, Holland, Poland, CIS countries. For most of them it is a cheap vacation! Many people from Ukraine come on their own cars – Albania is only 2000 km away from Kiev. If you have Schengen visa, it is possible.
The standard of living
If to compare with Russia and Ukraine, the food here is very inexpensive, all natural, as they say, no GMOs. Apples smell like apples and tomatoes have the taste of tomatoes. On the minimum wage (€180), in contrast to Ukraine or Russia, you can live in Albania well. The average salary is about €350.
Best regions of Albania to buy real estate
Most foreign buyers are interested in south of Albania. During the visits of our clients, we first show the Adriatic coast in Durres, Vlore. Then - the Ionian coast of Albanian Riviera. The nature there is outstanding. Towns are quiet and peaceful, but the infrastructure is poorly developed.
Those who want to move soon to Albania, Durres will fit. It is only 30 km from the capital of Tirana (approximately half an hour), but it is near to the sea and has everything necessary for comfortable living and recreation. As for the Tyrants, there is more developed renting rather than buying homes.
In terms of investing the greatest interest is also the coast. One-bedroom apartment on the sea can be bought for €30,000-€40,000, while in Tirana the same object will cost €60,000. Offering your apartment on the coast for rent in one season you can earn from €2,000 to €4,000 (depending on proximity to the sea). In Tirana the same amount you earn for the year, housing will be much longer used. It is also simpler in the south of Albania it's easier to lease your property.
Often our clients stay in Saranda. This is a small southern town in the South with a population of 50,000 people. There are 500,000 inhabitants in Durres, in Tirana there is about a million. The beaches on the Adriatic sea, are with the sand ,on the Ionian - pebbles.
Prices comparison
- In Tirana square meter of residential real estate is sold for €700-€2,000 depending on the distance from the center. One-bedroom apartment (60 m2) can be bought for €60 000.
- In Saranda Studio of 50m2 with sea views sold at a price of €25000.
- In Durres the studio on the first line, with sea views in residential complex with swimming pool (35m2) can be bought for €26,500.
- On the coast you can find inexpensive apartments with 3 bedrooms, penthouses with terraces and panoramic views. Square footage in such facilities is estimated at €900 – €1200.
- On the Albanian Riviera, the prices are quite high – from €1000 per m2.
Low prices are due to the fact that Albania is the last country which entered the real estate market, and is still not fully utilized by buyers from abroad. If you take a neighboring countries, in Montenegro the real estate currently have risen in price. In Greece due to the crisis, housing has fallen in price, but life there is a lot more expensive. The economic growth rate is quite high – 6% per year, inflation is low. EU, world Bank and many foreign companies are investing in Albania. So Albanian real estate is a promising investment, which is not well-known at the moment.
How to choose the object?
Pay attention to the materials. The house, built hastily, using cheap materials, in a year looks frayed, worn. And sturdy building even after 5 years of operation look fresh and attractive.
The transaction
When buying a new property, you must make sure that the developer has all the necessary documents. The developer must obtain the Cadastral chamber of the certificates on the right of ownership for each apartment.
Before Edi Rama became the Prime Minister, many houses were built without permission. Now many of them are destroyed. It may happen that the objects are inexpensive, high-quality, but without a certificate. Cadastral chamber may issue a certificate in a year or two, and may not be issued, and the house will be eliminated.
Thanks to the creation of a Unified government online database of real estate in Albania all the stages of registration documents for an apartment in state bodies can be traced and it helps to avoid illegal manipulations with real estate. If all documents are ok, the transaction is made within a week or even within 2-3 days.
The contract of sale is concluded at the notary, who is responsible for the cleanliness of the transaction. The buyer puts money to the Bank in the name of the notary. Only after the new owner will receive a certificate of title, the notary will transfer the money to the former owner.
There is no property tax in Albania. But in case of resale at a higher price the seller has to pay 15% of the difference in favor of the state.
Mortgage for foreigners in Alanii is not given (there is an official confirmation from the Ministry), but it is possible to purchase real estate in installments. In this case, there is a preliminary agreement, which regulates the terms of payments. There are no strict rules, it all depends on how you will agree with the landlord or developer. Installment can be given for up to 2 years.
Residence permit in Albania
Buying property in Albania is one of the necessary conditions for obtaining a residence permit. In addition, you need to open a firm here and collect the documents from your native country. All the papers, naturally, are transferred, they shall bear the apostille.
First, the applicant receives visa D, and only then in that city, where he has property, he applies for a residence permit. In case of positive response the permit is issued for 1 year. To extend it for another 2 years, you need to live on the territory of Albania for at least 6 months. Then the residence permit is renewed for another 2 years. And after 5 years you can get citizenship. And the citizens of Albania have the right to travel to the EU without visas.
Text - Alyona Eliseeva, ee24
Photocredit Depositphotos.com