About the country
For a long time, Albania, a small state in the southwest of the Balkan Peninsula, has been in the shadow of its more fortunate neighbors: Montenegro, Greece, as well as Italy, with which it borders across the strait.
This was largely due to the fact that Albanians could not get rid of the negative capital of the recent past in any way. From 1941 to 1985, the country was ruled by the odious dictator Enver Hoxha. By the early 70s, the leader, who considered himself a convinced Marxist-Leninist, gradually managed to quarrel with all countries, including former friends Yugoslavia, the USSR and the DPRK. Albania was completely isolated in the "ring of enemies".
Material evidence of those times can be found everywhere in Tirana, Durres or Girokastra. We are talking about bunkers – squat concrete structures in the form of mushrooms. All citizens of the republic were obliged to build such fortifications at their own expense for defense against the mythical enemy.
Other "cute" details from life in socialist Albania are also curious. For example, in order to visit a relative in another city, it was necessary to notify the authorities, as well as inform them on their return.
We must pay tribute, the communist government at first managed to industrialize the economy, raise agriculture, eliminate illiteracy, improve the status of women by giving them equal rights with men, but by the end of the era, Albanians mostly lived very poor, and the country was noticeably lagging behind, even from the powers of the socialist camp.
However, the regime change did not immediately bring the expected improvements. In the 90s Albania slipped into a period of timelessness, and became associated with crime, poverty and ruin.
Fortunately, today it's all in the past! Skipper, or "the land of eagles", as the citizens themselves call it, is quite a comfortable and safe place with hospitable people who are ready to help a foreigner. As the flow of tourists and immigrants from abroad grows, and visitors share their impressions with their compatriots, prejudices against Albania are gradually receding.
According to the guru of the tourism sector, Albania is one of the most promising destinations in Europe. The hospitality industry in this country may well become as successful as, say, in neighboring Greece. Great interest in the Balkan Cinderella is shown, in particular, by the British, more than eight flights a day depart to Albania from the United Kingdom.
What attracts foreigners in Albania, besides the friendliness of the locals, which we have already mentioned? Of course, first of all, the magically beautiful nature. A small country boasts that it bathes in the waters of two seas at once - the Ionian and the Adriatic. A significant part of the territory is occupied by mountain ranges and hills, and in the valleys between them rivers flow and lakes are scattered. The country shares the largest of them with its neighbors: Shkoder with Montenegro, Ohrid with Northern Macedonia, Prespu with Northern Macedonia and Greece.
Albania has a subtropical Mediterranean climate, which also favors tourism. In July, the average temperature is +24–28 °C. In January, it is rarely colder than +4°C.
It is worth noting that Albania is an earthquake-prone region, like other countries of the Balkan Peninsula.
The capital of Albania, Tirana, is located 40 kilometers from the coast. A little to the south lies the small mountain town of Elbasan. In the north, near the border with Montenegro, Shkoder is located on the shore of the lake of the same name. The most popular resorts are Vlora in the south, where the waters of the two seas meet, Saranda, further south, opposite the Greek island of Corfu, and Durres in the central part of the coast near Tirana.
It is impossible not to mention also the ancient Gyrokastra, which is ranked by UNESCO as a museum city. In this settlement south of Vlora, the fortress of the Ottoman Empire has been perfectly preserved. The period of Turkish domination in Albania lasted more than four centuries and ended only in 1912.
The majority of the population of Albania are Muslims (historically, this was the result of purposeful Islamization during the Ottoman Empire). About 31-32% profess Christianity. However, it is worth noting that there are very few religious people in the country. During the reign of Khoja, religion was strictly forbidden, and believers were persecuted. After the regime change, the revival of spiritual life took place, but quite gently. Many tourists and immigrants note that the inhabitants of the country are distinguished by religious tolerance. As the locals say, Albanians have only one faith that unites them, in Albania.
There is one international airport in Albania named after Mother Teresa (the famous philanthropist was of Albanian origin, although she was born in Macedonia). The air harbor is located 17 kilometers from Tirana in the town of Rinas. There are no direct flights between Russia and Albania yet, you will have to get there with a transfer, for example, via Istanbul. Some arrive in Montenegro, and then go by bus.
The country is striving to strengthen its position in the global political arena. Albania has been a candidate for membership in the European Union since 2014.
Albanian has a reputation for being a difficult language for good reason. It belongs to the Indo-European group, but it is not like the others. Many young Albanians know English.
Albanian cuisine is mainly meat. Although fish, seafood, local fruits and vegetables are also sold in abundance in restaurants and markets.
Albania's Real Estate Market
According to the observations of realtors, the demand for real estate in the capital and in the resorts of Albania has grown significantly over the past few years. In the country, as the local press writes, construction boom. A year ago, in the 1st quarter of 2022, a record number of construction permits were issued (for the construction of more than 800,000 square meters of housing). There are no more recent data yet, but the trend probably continues.
Of course, in many ways the market is heated up at the expense of foreign guests. As of September 2022, investments of non-residents in real estate in Albania for the year grew by 43%. About a third of foreign investors are citizens of the European Union, mainly Czech Republic, Poland, Germany, Italy, Sweden, Finland. As agents say, demand is also high from Russians, Ukrainians, Belarusians.
Visitors from abroad are primarily interested in housing in resorts.
Vlora
The picturesque and very popular tourist town of Vlora is famous for the fact that the waters of the Adriatic and Ionian Seas meet near its shores. There is a nice embankment, a park, many cafes, restaurants, shops. Vlora cannot be called a purely tourist destination (although tourism accounts for 70% of the revenues to the municipal budget), since the city also has the infrastructure for life: polyclinics, schools, kindergartens, even universities.Ferries to Brindisi, Italy, run from the newly renovated Vlora Seaport terminal.
There are wonderful beaches in Vlora, but there is also a small minus - the coastal strip is not very long, only 2-3 kilometers. Another disadvantage is the distance from the airport in Tirana (150 km). However, a new air harbor is already being built near the resort.
In 2022 and the first months of 2023, housing on the Vlora coast has risen significantly in price. In new buildings at the initial stage, an apartment can be bought at a price of 1200-1300 euros per sq. m, and if the choice fell on the most prestigious area of Lungomare, then 1500 euros per sq. m.
A ready-made one-bedroom apartment on 1-2 lines in Vlora costs from 80,000 euros.
Saranda
Located in the very south of the country, directly opposite the Greek island of Corfu, Saranda and the small, calm Ksamil are famous for incredibly beautiful, pristine white beaches (they look like sandy, but in fact it is a pebble crumb). The water of the Ionian Sea near these shores is transparent and has an "advertising" azure hue. It is no coincidence that bloggers call Ksamil "Albanian Maldives".
There are a lot of fans on the southern coast of Albania, but with all the advantages, the distance from the airport is 270 km. However, in the coming years, a new air harbor should appear next to these resorts.
A one-bedroom apartment from the owner in Saranda can be purchased at a price of 90,000 euros.
Durres
On the Adriatic coast is locatedDurres. This fairly developed city, which is quite suitable for both living and recreation, is located just 40 kilometers from Tirana and the airport, which, of course, gives it undeniable advantages right now. Perhaps the landscape here is a little more mundane, according to the adherents of the Vlora camp, but the seaside strip stretches for many kilometers, and there is enough space for everyone under the bright Albanian sun.
Durres has a beautiful embankment with playgrounds and sculptures, along which numerous cafes and restaurants are located. The city has an infrastructure – polyclinics, hospitals, schools, including international, supermarkets, shopping centers. And if there is still something missing, for example, clothes of a certain brand or the advice of a narrow medical specialist, you can always quickly come to Tirana and solve your problem.
On the site of the old port of Durres, they plan to build a large modern area with a marina for yachts and bulk islands like Dubai.
The city is developing, and its attractiveness is growing. If a couple of years ago a ready-made apartment on the first line could be purchased at a price of 700 euros per sq. m, today similar offers start at 1200 euros per sq.m.
Tirana
Those who, due to their temperament or profession, cannot imagine life outside the rhythm of the capital, choose a Tyrant. This is a city with a rather chaotic development, which, nevertheless, has been transformed in recent decades and is trying, not without success, to find its face.
In the noughties, the Tyrant was incredibly lucky with the mayor. Edi Rama, who has been elected mayor three times since 2000, is an artist by education. Under his leadership, a large-scale campaign "Return to identity" was carried out in the capital, illegal buildings were demolished, gardens and parks were laid out, vacant lots were improved, roads were reconstructed, new infrastructure facilities were opened, and the facades of houses were decorated with bright panels. The trend for decorating streets and squares with modern art has taken root – the city is flooded with street art. By the way, Edi Rama has been Prime Minister of Albania since 2013.
The demand for apartments in Tirana is growing. A square meter on the secondary market 2 years ago cost 1200 euros, and today it is 2500 euros. In new buildings – from 1800 euros.
A one-bedroom apartment in the city center can be purchased at a price of 120,000 euros.
Despite the active construction, secondary housing prevails in Albania.
When choosing an apartment from the owner, realtors recommend paying attention to the age of the house (preferably no older than 10 years), the condition of the apartment (mold is the trouble of many seaside towns), location (there are areas that hibernate in low season). In addition, there must be an administrator - this is the senior housekeeper through whom the landlord solves all issues related to the operation of the property. Without it, you can't, say, fix something in the apartment.
There are enough housing offers in Durres or Vlora, but there are not so many liquid options – the most interesting lots are sorted very quickly.
Compact apartments of up to 50 sq. m are in the greatest demand, but there are very few of them in Albania, mostly everything from 70 sq.m.
Individual houses in coastal regions are on sale, but there are quite a few of them. Most of the private buildings are concentrated behind the Tyrant. The average cost of a house is 200 000 euros.
As such, there is no division into elite and affordable locations in Albania. Everything is very democratic. Houses of different ages and different price categories can be located nearby.
It should be borne in mind that the buyer of real estate in Albania will have to pay a tax of 15% of the cost of an apartment or house. There is no tax on property ownership in the country.
Developers in Albania can provide installments until the end of the construction of the house. But foreign buyers of apartments should not count on a mortgage.
Are we buying an apartment for the purpose of investment, vacation or relocation?
Traditionally, most people who choose an apartment in the resort want to have a cottage by the sea. Owning property on the coast, you can come to rest from time to time. Of course, the temptation is great, because the cost of housing in Albania is much lower than in other popular European tourist destinations.
Another goal is to get additional rental income. So, a studio in the season, depending on the location and condition, can be rented daily for 25-50 euros, a one-bedroom apartment for 30-60 euros, a two-bedroom apartment for 35-90 euros. In the period from October to May, housing will also not be idle. A studio can bring 180-200 euros per month, a one-bedroom apartment 200-350 euros, a two-bedroom apartment 250-400 euros.
A lot of foreigners invest in real estate in Albania in the expectation of capitalization growth of these objects. Housing is becoming more expensive as domestic and external demand increases. In addition, the authorities are purposefully developing regions, increasingly increasing their attractiveness, and, therefore, the return on investment in local businesses and square meters. Transport infrastructure is being built: 2 new airports, new railway lines Tirana-Rinas, Durres-Rinas, Tirana-Durres, a bypass line Rinas-Saranda. So, from Rinas (that is, from the airport) to Saranda it will be possible to get in 2 hours 30 minutes instead of 4 hours 30 minutes.
The number of foreigners choosing Albania as a country to move has increased. Of course, for this purpose, it is worth considering areas provided with infrastructure, in which life is in full swing all year round, and not only in the period from May to October.
It is relatively easy to get resident status in Albania. For example, the purchase of residential or commercial real estate is the basis for obtaining a residence permit. The cost of the object can be any, but the area of the apartment or house should be sufficient to accommodate one or more people (if the applicant moves with his family).At the same time, according to the law "On foreigners", it is enough to own half of the apartment. That is, two owners will be able to apply for residency for one object at once. However, there is a nuance - you really need to live in an apartment for at least 6 months a year.
In addition to the certificate of ownership, the applicant for a residence permit must also provide medical insurance and confirm the presence of 300,000 Albanian leks (2,600 euros) in the bank account.
Buying real estate is far from the only way to get a residence permit. Albania has developed visa programs for qualified specialists, as well as for a special category of professionals - digital nomads. For them, this is a real paradise, so with all the other advantages in the country, there is also a low cost of living. According to rated by Shengenvisa News, Albania is among the three most affordable European countries to live in (420 euros per person excluding apartment rent).
Having opened a business in Albania, you can get a residence permit for yourself and provide such an opportunity to employees of your company. The government encourages entrepreneurs with a fairly soft tax policy. Corporate income over 14 million lek (approximately 121,675 euros) is taxed at a fixed rate of 15%.
Summary
Albania is not a rich, but charming country with beautiful nature and friendly inhabitants. She recently began to reveal her wealth to the world, so the land and real estate there are not yet overvalued. This can be used both to make a profitable investment and to realize the dream of a "house by the sea".
If you have a remote job or passive income, and at the same time you want to live quietly on the coast, Albania is quite suitable. You can settle in Durres or slightly more expensive Vlore.
Thank you for your help in preparing the article Maria Chel, product-manager Estate Invest Albania.
Used photo by DavidGattenfelder
