Former head of the American Chamber of Commerce in Albania Mark Crawford said Albania is seeing a boom in home purchases by the diaspora and foreign citizens, particularly in Tirana and coastal areas. Speaking to Klan News, Crawford said many Albanians living and working abroad are investing in property and businesses in Albania. He said some are also buying holiday homes. Crawford added that diaspora investment extends to other sectors. He also said the continued departure of Albanians from the country requires greater attention.

Commenting on a Moody’s report on Albania, Crawford said calls for foreign investment have produced concrete results. He said many foreign citizens have bought apartments and settled in Albania. According to Crawford, foreign investment also affects the domestic property market and apartment prices. He said the appreciation of the lek and increased money circulation create further investment opportunities. At the same time, he warned that rising home prices could make housing unaffordable for many citizens. He pointed to the possibility of thousands of vacant apartments while many people cannot afford to buy a home.

Meanwhile, Crawford described Albania as a market that foreign investors had not explored enough in the past. He said interest is now increasing and called this a significant moment for the country. Crawford also said economic growth and higher investment could create more jobs and support wage increases. He stressed, however, that Albania still needs more investment to address labour market challenges.

/a.p./