The Property Investment Market in Albania

Past, Present & Future

Albania emerged from its communist past in the early 90s to become a nation of home owners. Public housing became privatised and around 85% of property was returned to its original ownership. The remaining properties are still undergoing review, so it is important when purchasing a re-sale that the buyer’s representing solicitor ensures the property is not one of those being reviewed.

The country’s economy and government were plagued with corruption, leading to another collapse only 5 years after the communist regime was removed. It wasn’t until the change of government in 2005 that Albania began to emerge as a new nation.

As one of the poorest countries in Europe, Albania has started a construction boom within the capital city, dominated by returning immigrants, along with new resorts along the coastal regions. The new resorts are a great interest to foreign property investors, attracted to the incredible gains potential from Albania’s emerging property market.

As the country still has some corruption issues and stabilisation of internal affairs to be resolved, it is considered to be a high risk market. Experienced investors see the potential of the market for short term opportunities as the current government is creating changes to enable EU membership for the year 2014.

At present the rental market is almost non-existent, yet it is expected to grow with great potential in the coming years with the development of the tourism market along the coastal areas. The current economy of Albania is largely based on remittances from immigrants in neighbouring Italy and Greece, yet the country has great potential with oil and gas reserves.

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