Real-estate and construction laundering: estimates and analysis (GI-TOC, DASH, FES, OBCT)
Status: Analysis and estimates; no court finding linking specific developments to crime money.
Summary
Several NGOs and researchers argue that criminal money has moved through Albanian construction and property. The best-known number is a GI-TOC estimate of up to EUR 1.6bn laundered through real estate between 2016 and 2019 (secondary citation; the window differs by source). DASH (Citizens.al, March 2025) says crime uses construction and property projects to launder money. FES (Sept 2025) published a study on laundering in real estate. OBCT (July 2026) asks whether criminal proceeds financed the construction boom.
None of these is a court finding. The Balkan Caucaso analysis notes that no evidence of illegal practices is established. Official data (permit counts, mortgage data, notary data) that would test the link were not found in the sources reviewed. A real-estate agent's comment that luxury buyers pay in cash illicit money is anecdotal.
Key facts
- GI-TOC (2019, secondary citation): up to EUR 1.6bn laundered via Albanian real estate in 2016-2019; about EUR 500m in 2019, about 60% dirty (per Albanian Daily News).
- DASH (Citizens.al, 24 Mar 2025): crime launders money through construction and real estate.
- FES Tirana (Sept 2025): study on money laundering in the real-estate sector and its socio-economic impact.
- OBCT (22 July 2026): analysis asking whether criminal proceeds financed the construction boom.
The record
Four lists kept apart on purpose: what is established, what is only alleged, what is still open, and what those concerned said.
What is proven (1)
Established by documents or official records, as stated in the research. A recorded charge or indictment proves only that the accusation was made.
- Construction permits rose in Tirana in 2017-2019 (reported permit counts, exit.al); the link to crime money is not measured.
What is alleged (1)
Accusations, not findings. Those accused are presumed innocent.
- AllegationCrime money financed a significant share of construction (GI-TOC estimate; DASH; OBCT question).
Allegations and who made them (1)
Each line is an allegation as recorded, with the person or body that made it where the record names them.
- AllegationConstruction and property absorb criminal money and push prices up (NGO and researcher claims).
Open questions (3)
- Share of cash in property transactions
- Beneficial owners of large Tirana tower developers
- Link between permits and buyer origin
Responses (0)
Responses of the people and organisations concerned, as recorded.
Nothing recorded in this list.
Figures
Money trail →GI-TOC estimate: laundering through Albanian real estate, 2016-2019 (secondary)
€1,600,000,000
otherSource label: Under investigationStated definition: Estimate, secondary citation. Window reported as 2016-2019 by one source and 2017-2019 by another. Not measured. No method published in the sources reviewed.
Date: 2019 · Payer: unknown · Payee: Albanian real estate
- Drug money in Albania laundered in construction, tourism: GI report (opens in a new tab)Albanian Daily News · 2019 · journalism · EN
Sources for this record
Every source the research cites for this record, grouped by its source label. 4 sources.
Source label: Under investigationUnder investigation · 4 sources
- Publisher
- Albanian Daily News
- Date
- 2019
- Publisher
- Citizens.al (DASH)
- Date
- 24 Mar 2025
- Publisher
- OBCT / Balkan Caucaso
- Date
- 22 Jul 2026
- Publisher
- exit.al
- Date
- unknown