Real estate professionals and the immovable property market in Albania

Abstract

The experience of other Eastern and Central European countries would suggest that in Albania, as the market for real property develops, there should also be developments in services that support real property transactions. A competitive and transparent market is usually facilitated by the presence of real estate professionals who bring buyers and sellers together to maximize the opportunities of both. These specialists work primarily through the collection and management of market information relating to real estate and profit through the administration of the process of submitting offers, acceptances, and contracts of sale. The appearance of such real estate professionals began in Albania in 1991, immediately following legal reforms allowing individuals and groups of individuals in society to own real property. This report examines the development of the real estate profession in Albania from 1991 to 1996 and is based on interviews and meetings with representatives of the key actors in any real property market: realtors, builders, urban planners, architects, lawyers and notaries, appraisers, and construction companies. The study was sponsored by the Land Market Development Project for the combined purpose of (a) providing insight on the evolution of Albania's urban real property market prior to full implementation of the Immovable Property Registration System and (b) assisting with the establishment of an Association of Real Estate Professionals, which could improve the professional expertise of realtors and encourage nongovernmental legal and policy research relating to real estate market development. control.