Foreigners show high interest in property in Albania - Pipiria: Tourism encouraged foreigners to invest in real estate
With tourism as the main "culprit" for the advertising that has been given to Albania, foreign investments in the real estate sector are increasing more and more.
According to data from the Bank of Albania, 379 million euros were invested last year, registering the highest figure ever, or 17% more than in 2023.
"Foreigners are seeing Albania as an opportunity that is used almost all year round. The first is Albania's location, being very close to developed countries for tourism, such as Croatia, Montenegro, Greece. At the same time, investment continues to be made in Albania also because of the taxation system. If we had citizens of Germany, Poland, or the Czech Republic, they would have a second or third estate in their country, they would pay much more taxes than they would in Albania," says NAREA executive director Reinaldo Pipiria.
The country's coastline, accompanied by other economic factors, is causing foreigners to buy more and more properties on the coast, increasing their value - mainly in the southern region, where last year the price per square meter reached up to 4 thousand euros.
"With the approach of investing in Sazan or in Durrës and Vlora, we have also had interest from countries across the ocean, let's say the American part. Because they perceive that, when America invests in Albania, there are definitely added guarantees and to invest in Albania ," Reinaldo Pipiria says among other things.
24% of foreign investments made in Albania have been in the real estate sector, making it the most attractive sector for foreign capital.
Meanwhile, the Bank of Albania estimates that by the end of last year, the stock of investments in this sector had reached 2 billion euros.
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