{"id":121427,"date":"2023-11-22T12:39:12","date_gmt":"2023-11-22T12:39:12","guid":{"rendered":"https:\/\/leviolonrouge.com\/?p=121427"},"modified":"2023-11-22T12:39:12","modified_gmt":"2023-11-22T12:39:12","slug":"london-drug-trade-is-distorting-the-albanian-economy-and-property-market","status":"publish","type":"post","link":"https:\/\/leviolonrouge.com\/world-news\/london-drug-trade-is-distorting-the-albanian-economy-and-property-market\/","title":{"rendered":"London drug trade is \u2018distorting the Albanian economy and property market\u2019"},"content":{"rendered":"

Albanian economist on drug trade wreaking havoc on economy<\/h3>\n

Cash earned by London drug dealers is distorting the Albanian economy and causing property prices in the Balkan nation to spiral, according to a leading local economist.<\/p>\n

Chartered accountant Armand Mala told the Daily Express the nation\u2019s housing boom was being exploited by criminals due to a lack of regulation.\u00a0<\/p>\n

\u201cThe construction sector has been a good way to invest [for criminals because] you only prove the source of a small amount of money [when] buying a property,\u201d he explained. \u201cThe rest can be paid in cash without giving a reason where [the individual] got it.\u00a0<\/p>\n

\u201cSo this has been a good solution for those who invest money not earned [in a legal] way abroad. [The market also helps with] money laundering because, after a certain period, they can resell the property with a higher price and gain a profit.\u201d<\/p>\n

During a reporting trip to Albania, the Daily Express saw how the former communist country is being transformed by new developments.<\/p>\n

Sprawling resorts are being constructed across the Albanian Riviera and shimmering new tower blocks are being added to central Tirana\u2019s skyline at pace.<\/p>\n

READ MORE <\/strong> Money, cars and girls luring Albania’s teenagers into crossing the Channel[LATEST] <\/strong><\/p>\n

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We also heard many stories from locals about how young men who had travelled to London to work in cannabis farms had been investing the hundreds of thousands they earned in property.\u00a0<\/p>\n

However, Mala said due to the many ways money can be moved online these days it was difficult to estimate the precise extent this was fuelling this boom. He believes foreign money is a factor as evidenced by the many empty homes in new buildings.<\/p>\n

One aspect being felt by average Albanians is the soaring house prices. Last year, the cost of properties in Albania increased an extraordinary 39%.<\/p>\n

Unsurprisingly in a country where the average wage is just \u00a3300 per month, it\u2019s put the dream of owning a home out of reach for many.<\/p>\n

\u201cThe prices are very high compared to our standard of living,\u201d Mala continued. \u201cDoing so is impossible or at least very, very difficult for someone who [earns a local] salary.<\/p>\n

Don’t miss… <\/strong>
\u2018My dream is to cross the Channel in a small boat to work in a UK drug farm'[REVEAL] <\/strong>
Albanian community becomes ‘ghost town’ as young men flock to work in UK[INSIGHT] <\/strong>
‘I’m planning to leave Albania and get a small boat to UK as soon as I’m 16′[ANALYSIS] <\/strong><\/p>\n

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