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The Russians in the property market in Albania, open Real Estate offices in coastal areas

2024-05-04 11:08:35Biznes SHKRUAR NGA REDAKSIA VOX

The Russians in the property market in Albania, open Real Estate offices in

At first they bought apartments and now they are doing business with them. Mainly in Durrës and Vlora, Russians and Ukrainians have entered the property buying and selling market.

"They have opened dozens, if not hundreds of "online" pages. They have opened about 50 offices. They think they are in Albania and no one bothers them. The market has doubts that they are carrying out sales and purchases not in accordance with the rules", says Gjin Gjoka, entrepreneur in the real estate market.

For actors from the real estate market, the influx of citizens from Russia and Ukraine is related to the war between the two states and more specifically to the sanctions that the European Union and the United States of America have undertaken against Moscow.

"These citizens, whose SËIFT code has been blocked due to sanctions, have found fiscal paradise in Albania. They have found ways to bring alcohol, there are reasonable suspicions that they are also laundering money", says Gjoka.

The phenomenon is also accepted by the Albanian National Real Estate Association.

"We have raised with the law-enforcement bodies the concern that Russian, Ukrainian, Polish or Czech citizens are carrying out the activity of real estate mediation in Durres, Vlora or Saranda. In our information, the purity of their image in many cases leaves room for doubt", says Reinaldo Pipiria, Executive Director of NAREA.

For the chairman of the Albanian National Real Estate Association. Reindaldo Pipira needs legal revisions in terms of tightening the controls for the licensing of those who exercise the activity of buying and selling properties.

"There is a lot of informality and if measures are not taken there is a risk of money laundering, the origin of which can be anywhere", emphasizes Reinaldo Pipiria.

During the past year and the first months of 2024, there are about 50 new offices licensed in the real estate activity owned by citizens of Eastern Europe.


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