Frequently Asked Questions

Although a top tourist destination, Albania is considered one of the best places to live in Europe and has also been ranked top on the list of where to buy a  house in 2024. It offers an excellent quality of living, with great weather all year round and an ideal atmosphere for individuals and families alike. Albania and its surrounding areas offer beautiful scenery and plenty of activities to enjoy, not to mention that the locals are amicable and welcoming. It is an ideal location to live.

With the Internet at our disposal 24/7, some people may think it would be easy to research and purchase a property independently without needing a real estate agent. This is a big misconception; there is a reason real estate agents exist and should not be overlooked.

• An agent’s job is to do all the searching and prioritise your home search, so you don’t have to.
• Secondly, an agent will help you see what you miss. Say you like a property so much you ignore minute problems and details; an agent would make you aware of them before it’s too late.
• Furthermore, an agent helps you see investment potential in a property.
• Your agent also acts as your area guide and will inform you of all you need to know about the area.
• Moreover, your agent will tap into their network to save you hours of research for service providers, contractors and more.
• Most importantly, an agent is a master negotiator. Your real estate agent will be there for you throughout the negotiation and protect your interests to get you the best deal possible.

Before we continue, it is worth mentioning that although another step in the guide, we suggest ensuring all your documentation is in place before or during your trip in Albania. That way, you can have everything planned, making this less time-consuming and financially straining.

Once you have looked into companies and agents online, you are now ready to plan your trip in Albania and get all your credentials in place before your visit. One thing worth mentioning is that Albania is small on paperwork, so we recommend you ensure that all the appropriate documentation is in place before viewing a property if you want to save time in the future.

Although there are no particular restrictions for foreign non-residents when buying a property in Albania

When you set your eyes on a property that resonates with your idea of the perfect home, you move on to the negotiation phase of the purchasing process when buying a property from a private owner, o directly from the Builder. Here are some steps we highly recommend you take into consideration during this critical phase:

Making the Offer

When you make a purchase offer, we advise you to put your offer down in writing (typically an offer letter) through your agent. The offer letter must include the offered price, proposed payment terms and deadlines.

Requesting a Technical Due Diligence

It is worth mentioning that before, during or even subject to making the offer, you can request technical due diligence to be performed on the property. Technical due diligence provides insight into the risks involved in owning property whilst still in the purchasing process. This means you can expect reports on minute details such as cosmetic problems (hairline cracks in plastering, signs of humidity, insulation and ventilation) or special attention to plumbing, pipes, boiler, gas, water tank, and electricity…. Ensure all these details are written down, as this can affect your initial offer.

When buying property, you will be asked to sign a reservation contract, a purchase contract and an official deed at the Notary on the day of completion. This is not the only way to proceed, but the most common. However, there are various ‘standard private’ contracts you may be asked to sign:

Reservation contract

A reservation contract is a document signed by the buyer and vendor that allows the property to be reserved for an agreed-upon time, typically from 7 to 14 days or more. A reservation fee is also applied in this instance by the seller for the buyer to pay. The payment size can vary from €2,000 – €10,000 or 1% of the purchase price or any other mutually agreed upon by both parties. A fee is paid for the property to be taken off the market during an agreed-upon time by both parties. If the buyer decides to go ahead and purchase the property, then the amount paid in the reservation fee goes towards the purchase price.

However, suppose the buyer chooses not to go ahead with the purchase. In that case, the buyer loses the reservation fee as compensation as the property is off the market, unless special conditions are included in the reservation contract that allows the buyer to back out without losing money.

Private contract with a 10% payment

After the reservation contract is signed, you sign a private contract and then make a payment that amounts to 10% of the purchase price, which includes the reservation fee paid prior (if you pay 1% at reservation, you then pay the other 9%). A point worth mentioning is that, on occasion, it is possible to jump straight to a private 10% contract without signing a reservation contract. However, this is usually done if the purchase price is high and the seller cannot take the property off the market for a small reservation offer.