Saranda, a stunning coastal gem on Albania’s Ionian Riviera, is quickly becoming one of the most desirable locations for international property buyers. With its crystal-clear waters, relaxed Mediterranean lifestyle, and affordable prices, it’s no wonder people from all over the world are choosing to invest here. But how exactly do you go about buying a house in Saranda as a foreigner? Let’s dive into the process step by step!
Can foreigners buy houses in Saranda, Albania?
Absolutely! Unlike many other European countries, Albania has no restrictions on foreigners owning property. Whether you’re looking for a beachfront vacation home, a rental investment, or a permanent residence, you can legally buy an apartment or a house in Saranda.
Although foreign citizens are free to own property in Albania, there are certain significant legal issues to be aware of:
Residents of the European Union (EU) and European Economic Area (EEA) nations can purchase property in Albania under the same rights as native Albanian citizens. They may buy agricultural, commercial, and residential land.
Foreigners from outside the EU/EEA can purchase property, but there are various restrictions, especially with regard to buying land. Non-EU and non-EEA citizens. If non-EU nationals wish to buy land, they must create a legal entity—a company—in Albania; this law does not apply to residential assets like homes or apartments.
Where Are the Best Areas to Buy Property in Saranda?
Saranda has a variety of neighborhoods to suit different lifestyles and budgets. Here are some of the most sought-after areas:
- City Center: Perfect for those who want to be in the heart of Saranda, close to restaurants, shops, and the promenade.
- Rruga Butrinti: A prime location for luxury apartments with breathtaking sea views.
- Mango Beach Area: Ideal for those who want to enjoy the vibrant nightlife and a lively atmosphere.
- Hillside Villas: If you’re looking for peace, privacy, and panoramic views, this area offers stunning houses perched on the hills above Saranda.
Step-by-Step Buying Process to Buy a House in Saranda as a Foreigner
1: Research the Market & Set Your Budget
Before you jump into house hunting, take some time to research the local real estate market. Property prices in Saranda vary depending on location, property size, and proximity to the sea.
- Consider whether you want a beachfront apartment, a house in a quieter area, or a rental property.
- Look at different neighborhoods and their amenities, such as supermarkets, restaurants, and public transport.
- If you’re planning to rent out your property, check out seasonal demand trends and potential rental income.
2: Find a Reputable Real Estate Agent
Navigating the real estate market in a foreign country can be tricky, so it’s crucial to work with a licensed and experienced real estate agent in Saranda. A good agent will help you:
- Find the right property based on your needs.
- Negotiate the best price.
- Understand the legal paperwork and avoid common pitfalls.
3: Visit Properties & Evaluate the Neighborhood
It’s always best to visit Saranda in person before making a purchase. Check out the property at different times of the day to see how the area changes—what may seem peaceful in the morning might turn into a lively hotspot at night!
- Walk around the neighborhood.
- Talk to locals and expats about their experiences.
- Consider factors like proximity to beaches, supermarkets, and public transport.
4: Legal Verification & Due Diligence
This is one of the most important steps in the buying process. Before signing anything, you need to verify that the property has a clean legal record:
- Check ownership documents: Ensure the seller is the legal owner.
- Confirm property title registration: All properties must be registered with Albania’s Cadastre Office.
- Ensure there are no unpaid debts, mortgages, or legal disputes on the property.
Hiring a real estate lawyer in Albania can help ensure everything is in order.
5: Sign a Pre-Sale Agreement
Once you’ve chosen a property and agreed on a price, you will sign a preliminary sales agreement (Kontratë Paraprake e Shitblerjes). This contract outlines:
- The agreed purchase price.
- Payment terms and deadlines.
- Any conditions that must be met before the final contract.
A notary public must authenticate this contract.
6: Make the Payment & Complete the Sale
Most foreign buyers complete the transaction via bank transfer in Euros or Albanian Lek (ALL). Make sure to use a secure, traceable payment method to avoid any legal issues.
Once the payment is complete, the final contract is signed at the notary and then registered with the Cadastre Office, officially transferring ownership to you!
Costs & Fees Involved
When buying a house in Saranda, keep in mind these additional costs:
- Notary fees: 1-2% of the property price.
- Property transfer tax: Typically 3% of the sale price.
- Registration fees: Around €100-€300.
- Real estate agent commission: Usually 1-3% of the sale price.
Can You Get Residency in Albania Through Property Investment?
Yes! If you purchase property in Albania, you qualify for a renewable one-year residency permit. Here’s what you’ll need:
- Proof of property ownership.
- Proof of financial stability.
- Valid health insurance.
According to the ‘On Foreigners’ legislation, each residence permit in the Republic of Albania is given for a certain time period, unless otherwise indicated in the law, after which it either expires or must be renewed.
Durations are as follows:
- Three to six months.
- One year (cannot be renewed more than five times in a row).
- Two years (cannot be renewed more than once).
When applying for the first time, the Albanian temporary residence card is only valid for one year unless you are a citizen of the United States, the European Union, or Kosovo. When applying for the first time, US, EU, and Kosovo nationals will be issued a five-year residency permit.
Foreigners who acquire real estate, on the other hand, are only granted a one-year residency permit that may be renewed annually.
After five years of lawfully staying in Albania, a foreign national with established connections will be eligible for permanent residency.
Financing Options: Can Foreigners Get a Mortgage?
Currently, Albanian banks do not offer mortgages to foreigners. Most international buyers pay in cash or secure financing from their home country. If you need a loan, consider private international lenders.
Why Saranda is a Smart Real Estate Investment
- Beachfront Living at Affordable Prices – Compared to Greece and Italy, Saranda offers unbeatable prices for coastal properties.
- High Rental Demand – The growing tourism sector makes Saranda a prime location for short-term rental income.
- Ideal for Retirement & Holiday Homes – Enjoy a peaceful Mediterranean lifestyle with low living costs.
Final Thoughts
Buying a house in Saranda as a foreigner is exciting and straightforward when you follow the right steps. Whether you’re looking for a holiday home, a rental investment, or a permanent move, Saranda offers incredible opportunities.
Ready to find your dream property? Start your search today with a trusted real estate agent and take the first step toward owning a piece of paradise in Saranda!
Source: Nomad Capitalist
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