TIRANA, Sept 22 /ATA/ Albania is seeing increased property purchases by members of the diaspora and foreign nationals, particularly in Tirana and coastal areas.
Mark Crawford, former president of the American Chamber of Commerce in Albania, told Klan News that many Albanians living and working abroad are investing in real estate or businesses back home.
“I see a boom in home purchases by the diaspora. There are Albanians who have been successful in Western countries, where they live and work, and who are now buying houses in Albania, including holiday homes,” Crawford said.
He underlined that investments from the diaspora are also present in other sectors, while stressing that the emigration of Albanians remains a problem requiring greater attention. ‘Albanians are leaving, and more needs to be done at this point. There are also Albanians who invest abroad, while others who have businesses in Albania wish to expand into foreign markets,’ he said.
Commenting on Moody’s report on Albania, Crawford said that calls for foreign investment have produced tangible results, as many foreign nationals have purchased apartments and settled in the country. ‘There are many foreigners buying apartments in Albania. I have friends who work here and have bought homes. Moody’s invited foreigners to come to Albania and invest, and that is what has happened,’ he declared.”
According to Crawford, the rise in foreign investment also affects the domestic market, including apartment prices. ‘With so much investment from foreigners, it is inevitable that prices also increase for locals,’ he said. Crawford noted that the strengthening of the lek and the circulation of money in the economy create opportunities for further investment, but warned that rising housing costs could pose difficulties for citizens unable to afford them.”
“If, for instance, there are 50,000 apartments in stock, it means there are many people who want housing but cannot afford to buy.
The former head of the American Chamber of Commerce described Albania as a market long overlooked by foreign investors.
‘Albania remains a country not yet fully explored by foreigners, and that is now beginning to change. This is Albania’s moment,’ Crawford said.
Crawford concluded that while economic growth and investment can generate jobs and raise wages, Albania still faces workforce challenges and requires further investment to address them.
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