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Buyer Guide
Albania , country in southern Europe , located in the western part of the Balkan Peninsula on the Strait of Otranto, the southern entrance to the Adriatic Sea . The capital city is Tirana. Albania’s independence is celebrated throughout the country on November 28. The native language is Albanian (shqip), and mostly the people of Albania speak also Italian. Like other Mediterranean countries, Albania has characteristically warm, dry summers and mild, wet winters.
For example, Saranda and Vlora, on the southern coast, average daily temperatures during the summer are about 35°C - 40°C and during the winter the temperatures are around 5°C - 10°C.
The Albanian population is known for its religious tolerance and peaceful coexistence among different religious groups.
Daily life and social customs in Albania blend tradition and modernity:
In Albania, daily life is a vibrant mix of traditions and modern influences. Family is at the heart of everything, with strong ties and a deep respect for elders. Meals are a big deal, featuring delicious dishes like byrek (savory pastry) and tave kosi (baked lamb with yogurt), often enjoyed with family and friends.
Overall, Albania's warm and hospitable culture makes it a unique and welcoming place.
In 2024, purchasing real estate in Albania involves several taxes and fees.
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Albanian law does not differentiate between residents and non-residents. Rental income is taxed at 15% of gross rental income.
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Foreigners can buy land in Albania if their investment exceeds three times the land's value, as determined by the Council of Ministers. Until then, they can lease the land or use it under a contract. Foreigners can also purchase apartments directly without any restrictions.
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In Albania, any person who resides in the country for more than 183 days within a 365-day period, whether consecutively or not, is considered a resident for tax purposes. This means that if you spend more than half of the year in Albania, you will be regarded as a tax resident and subject to local tax regulations.
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Income Tax - Payable at 15% of the gained income, the 15% of the differente berween the sale value and purchase price.
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VAT (Value Added Tax): Not applicable
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Immovaole Property Registration Offixe Tax
- Purchase registration fee is approximately 30 Euro
- Obtaining a certifcate (title deed tax) cost 7.5 Euro -
Municipality Registration Tax 3-10Euro/m2, depeding on the region.
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Property Registration Fee : This is approximately €90, payable to the National Cadastral Agency for registering the property in your name.
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Notary Fees : These fees vary depending on the complexity of the transaction but generally range between €150 and €700. The notary handles the legal aspects of the purchase and ensures the transaction is properly documented and registered.
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Property Insurance : For new constructions, property insurance is mandatory. This insurance covers ten years and costs about 1% of the property price stated in the sale contract.
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Rental Income Tax : If the property is rented out, a 15% tax on the rental income is applicable.
The process of buying real estate
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Property Reservation : Sign a preliminary contract or deposit agreement with the seller to secure the property.
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Payment : Transfer the payment to a notary's transit account, either in full or in installments, within the agreed timeframe.
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Final Contract : Sign the main purchase and sale contract once the full payment is made.
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Registration : The notary registers the transaction with the National Cadastral Agency, officially transferring ownership to you.
During this process, you will need to pay notary fees, registration fees, and potentially municipal fees for new constructions. Property insurance is mandatory for new constructions, and there is an annual property tax and a rental income tax if applicable.
TIRANA – The Capital City
Tirana, the capital of Albania, is the country's largest city and its economic and cultural hub. Known for its colorful buildings, vibrant café culture, and historical landmarks, Tirana has undergone significant development and modernization in recent years. Key attractions include Skanderbeg Square, Zoo Park, the National History Museum, and the Blloku district, which is famous for its nightlife and dining options.
Price Range varies from 1200 euro/m2 to 5000 euro/m2.
Vlora – The Pearl of the South
Vlora is a vibrant coastal city in southern Albania, known for its stunning beaches, historical significance, and bustling port. It’s strategically located along the Adriatic and Ionian seas, offering picturesque sea views and a warm Mediterranean climate. Vlora is a gateway to the Albanian Riviera and features a mix of cultural heritage, including Ottoman and Italian influences. The city is also an important economic hub with a growing focus on tourism and maritime activities.
Price Range varies from 970 euro/m2 to 3500 euro/m2.
Projects:
“ Vlora Marina”
Located in a prime spot in Vlora, this project offers exclusive sea-view apartments and features Vlora Marina with 438 berths for yachts and mega-yachts. Designed by top European architects XDGA and Arti Proje Ltd, it combines cultures and histories to reflect the Albanian spirit.
Vlora Airport
According to reports from the Ministry of Infrastructure, the airport will lead to significant development not only in Vlora but also in the surrounding area. It will have a runway that meets international standards and will accommodate transatlantic flights. The runway will be 3.2 km long and 60 meters wide. It has been announced that Air Albania will soon be flying to America.
It is estimated that, when fully operational, millions of passengers will pass through the new airport each year.
Llogora
Llogora is a scenic mountain pass in southern Albania, offering stunning views of the Ionian Sea and rugged landscapes. It’s popular for hiking and outdoor activities, and serves as a key connection between the coast and inland regions.
Lungomare project
The Lungomare project in Vlora is a major waterfront development featuring a modern promenade along the coast. It includes residential, commercial, and recreational spaces, aiming to enhance the city's appeal and tourism. The project emphasizes stylish architecture and public amenities, offering stunning sea views and vibrant urban spaces.
SARANDA – Albania’s coastal gem
Saranda is a coastal city in southern Albania known for its beautiful beaches, crystal-clear waters, and vibrant nightlife. Located near the Greek border, it’s a popular tourist destination with a mix of ancient history and modern attractions, including archaeological sites, luxury hotels, and a lively waterfront.
Price Range varies from 900 euro/m2 to 2000 euro/m2.