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21-August-2008
Award-winning Property Investment Ticks All the Boxes
Overseas property investment specialist, Obelisk, has a passion for excellence and the company’s determination to offer superior standards and high professionalism at all stages of property investment has reaped its rewards.
Interview with James Gonzalez
Purchase Process in Albania
Below is the purchase process in Albania and issues that may affect purchase:
- The purchase process for foreign property investors is the same as that for Albanian nationals, with the exception of agricultural land, which may be leased for a period of 99 years.
- Foreign investors are not required to set up an Albanian company to purchase land or property. However, foreigners developing land must ensure that the development will add three times the value to the land.
- To acquire property the process must include a notorial deed (contract) which needs to be registered, verified, and certificated by the Real Estate Registration Office according to Law 7843, for the registration of real estate.
- It is required that both the purchaser and the vendor, in the presence of a notary, draw up the deed. The contract will detail the terms and conditions of sale to include the selling price and full details of the property or land.
- The certificate received by the Real Estate Registration office must by attached to the contract to confirm ownership and the date agreed for the transfer of ownership.
- The Real Estate Registration Office for a fee can provide information on title deeds to anyone interested in the property. The organisation is also for private and public real estate registration, plans and maps of the property and area, contracts of sales, inheritance deed and other legal documents and information on legal rights.
The cost of a standard property purchase in Albania includes the following:
- The typical cost of the legal process in Albania is approximately 3.6% of the purchase price, and according to the World Bank, the entire process takes an average of 47 days to complete.
- For a property value of €100,000 the Notary will charge €180 to €200 for the contractual documentation and deeds.
- Income tax is the responsibility of the vendor at 3% of the purchase price.
- The resale of a property or land is subject to capital gains of 20% of the value of sale.
- Registration of the property with the Real Estate Registry Office is payable by the purchaser at approximately €40.
The Obelisk Advantage:
As Obelisk approaches its projects purely from an investment perspective, its priority is to deliver each real estate product with an emphasis on simplicity and transparency throughout the purchase process. Therefore, Obelisk has already identified the purchase procedure for its clients as a simple, four step process:
- The client chooses and reserves the unit that best suits their investment requirements, and Obelisk takes the client through a compliance procedure.
- An independent lawyer, sourced and appointed for the client by Obelisk, will have already carried out full due diligence on the real estate product. They will issue all purchase contracts and paperwork to the client.
- On receipt of this contract, the client will sign and make the first payment. The lawyer will notify the client of all further payments when required.
- The appointed lawyer will also represent the client in all aspects legally required within the country of purchase, ensuring that clients of Obelisk enjoy the benefits of simple and hassle-free real estate investment.
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