Initially, they were buying apartments, and now they are doing business with them. Mainly in Durrës and Vlorë, Russians but also some Ukrainians have entered the market of real estate sales, A2 CNN reports.
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| On the coast of Durrës |
The increased involvement of Russian and Ukrainian investors in the Albanian real estate market is raising concerns and debates within the real estate trading community. Dozens of online platforms and around 50 offices have been opened, with real estate entrepreneurs expressing concerns that this activity may not fully comply with local regulations.
Gjin Gjoka, an entrepreneur in this field, has stated that "they have opened dozens, if not hundreds of pages online." There is a belief in the real estate market that they are conducting sales and purchases not in accordance with the rules".
The phenomenon is also acknowledged by the Albanian National Real Estate Association.
"We have raised concerns with law enforcement agencies that Russian, Ukrainian, Polish, or Czech citizens are engaging in the intermediation of real estate in Durrës, Vlorë, or Sarandë. In our information, the cleanliness of their image in many cases is questionable," said Reinaldo Pipiria, Executive Director of NAREA.
For the chairman of the Albanian National Real Estate Association, Reindaldo Pipira, there is a need for legal reviews aimed at tightening controls for the licensing of those engaged in real estate sales activities.
"There is a lot of informality, and if measures are not taken, there is a risk of money laundering, the origin of which could be anywhere," emphasizes Reinaldo Pipiria.
During the past year and the first months of 2024, around 50 new offices have been licensed for the activity of real estate owned by citizens of Eastern Europe.