Market overview
Interest in the property market of Albania is currently low – primarily as most have yet to discover all the country has to offer. With its own rich history, strong Mediterranean cultural influence and a privileged spot on the Adriatic Coast, Albania is a seriously strong contender right now.
From the busy streets of the capital Tirana to the laid-back Italian vibe of Durres, there’s so much more to today’s Albania than most would give the country credit for. Tourism is booming and international travellers are flooding into Albania to soak up its undiscovered charms and hidden treasures.Property prices are comparatively low and governmental investment in redevelopment is enormous – Albania represents an excellent prospect for investors.
From Saalbach to Solden to Kitzbühel to Innsbruck, demand is off the scale all throughout the ski season and plenty of these regions have an equally high level of appeal during the summer.
The Selling Process
Marketing your property
The normal means of marketing a property is via an estate agent who can also value your property. If you used an agent to buy your Albanian home, it would make sense to use the same one to sell it as they will already know the property.
Legal Representation
Once you have found a potential buyer, the next thing to organise is legalrepresentation. There are two professionals you would be advised to deal with:
- Unlike traditional lawyers, a public notary is a neutral government representative who acts as witness to and registrar of property transactions.
- There are reputable English-speaking Albania solicitors (avokats) who offer impartial legal advice.
Negotiating a pre-sale contract
Before negotiating an Undertaking or Pre-Sale Contract you should review with a lawyer the property documents, as well as thecontent of any proposed Agreement.
Legal checks
You should now instruct your lawyer to carry out essential legal checks on the property to start the selling process. The buyer’s lawyer will confirm that you actually own the property and have legal authority to sell it by checking the Immovable Property Card/File.
In this document is detailed the property title, ownership property transactions made during years, any charges or mortgages that exist on the property. The Lawyer will also ensure that there are no outstanding taxes or utility bills to be paid.
Contract
Once all the necessary legal checks have been completed by a Lawyer, you are ready to draft the Purchase Contract. This contract can be drafted by a Notary Public or a lawyer considering your best interest. Before drafting the act, you should ask the Notary Public to verify the property ownership and legal status in an online property register, and attach the results within the contract.
Selling Costs Checklist
Once you have met these costs, you have paid to sell your home
Sale tax – 10% of the difference between the selling and purchasing price. Agent commission – if you use an estate agent, expect to pay them a commission fee for any sale.
Photo: Artur Malinowski, AJC1
