Comments on: A guide to buying property in Albania http://www.foreignpropertybuyer.com/2008/markets/europe/a-guide-to-buying-property-in-albania/ Your Complete, Independent Guide to Foreign Property and Buying Abroad Mon, 30 Aug 2010 10:46:36 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Fiona Bosticky http://www.foreignpropertybuyer.com/2008/markets/europe/a-guide-to-buying-property-in-albania/comment-page-1/#comment-985 Fiona Bosticky Tue, 20 Oct 2009 12:23:06 +0000 http://www.foreignpropertybuyer.com/2008/markets/europe/a-guide-to-buying-property-in-albania/#comment-985 Since this guide to buying property in Albania is a little out of date, I thought I would add some small updates: 1. Foreigners cannot own land in Albania, without first setting up an Albanian company. This is easy to do, and the company can be 100% foreign-owned, but you would need to keep in mind the extra expense of running a local company. 2. Since January 2009, it is not possible for a foreigner to get a mortgage on property in Albania. This is due to the global economic crisis, and even Albanians have had trouble to get a mortgage in 2009. Hopefully this will change in 2010 or 2011. Also, I do agree with the "Title Deed" situation. Caution is advised, and having a local solicitor check documents is very important. I have even heard of official RERO documents been issued to multiple parties for the same piece of property, so double-checking and triple-checking is recommended. Happy buying in Albania - it's a great country, the prices are the lowest in Europe, rental yields are rising, and tourism is booming. :) Since this guide to buying property in Albania is a little out of date, I thought I would add some small updates:

1. Foreigners cannot own land in Albania, without first setting up an Albanian company. This is easy to do, and the company can be 100% foreign-owned, but you would need to keep in mind the extra expense of running a local company.

2. Since January 2009, it is not possible for a foreigner to get a mortgage on property in Albania. This is due to the global economic crisis, and even Albanians have had trouble to get a mortgage in 2009. Hopefully this will change in 2010 or 2011.

Also, I do agree with the “Title Deed” situation. Caution is advised, and having a local solicitor check documents is very important. I have even heard of official RERO documents been issued to multiple parties for the same piece of property, so double-checking and triple-checking is recommended.

Happy buying in Albania – it’s a great country, the prices are the lowest in Europe, rental yields are rising, and tourism is booming. :)

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