Investing in Real Estate in Albania
By Oltion Kaçani, Gjika & Associates Attorneys at Law
The Albanian real-estate sector has undergone significant changes and improvements in order to resolve the issues inherited from the past. Due to the legal amendments made in the last few years, Albania offers a real opportunity to invest in real estate, thus facilitating and making more reliable the entire process.
There are no legal restrictions that prevent foreigners from purchasing a property in Albania, excluding the acquisition of agricultural land. The ownership of the property can be accomplished through a sell-purchase agreement, which should be a notarial deed. Pursuant to the applicable law, the above-mentioned agreement should be registered with the Immovable Property Registration Offce (“IPRO”).
Furthermore, the process of purchasing real estate property may be performed by the buyers themselves or by appointing legal representatives through a Power of Attorney.
The IPRO and the National Chamber of Notaries have launched a platform which allows the notaries to check the legal status of the real-estate property online in the electronic register of immovable property, prior to the stipulation of the agreement between the parties, in order to verify if there are any encumbrances on the property.
Moreover, the buyer has the assurance that the purchase price shall be deposited in the notary-public bank account and only after obtaining the certificate of ownership will the notary public transfer the purchase price to the account of the seller.
Compared with other countries in Europe, Albania still offers convenient prices and the real-estate market offers a lot of opportunities. Any person should be able to find their dream property, or at least the most convenient one.
Another thing to consider is the fact that the language of the documents does not constitute a barrier for the deal because the latter may also be compiled in English; therefore, no misinterpretation will result.
Oltion KaçaniGjika & Associates Attorneys at Law, Tirana, Albania
T: +355 4 2400900
Gjika & Associates, established in 2013, has over 10 employees. The firm specialises in the fields of energy, oil and gas and real estate sectors, as well as M&A related to power projects.
Oltion Kaçani joined Gjika & Associates Attorneys at Law as a Senior Associate in January 2018. He graduated from the Tirana University, Faculty of Law and holds a Master of Science degree in Civil and Commercial Law. He has been a member of the Albanian National Bar Association since November 2012. He has experience in consulting and due diligence and has been regularly involved in drafting contracts and advising clients in relation to corporate and business law, real estate, public procurement and concession law, energy and natural resources, etc.
Published: Real Estate, No. 09, Spring 2019 l Photo: kranidi - stock.adobe.com