2008 will be the year that puts property in the emerging market of Albania on the map.
Albania is a colourful and breath-taking country. Any negative press you may have heard about Albania is hard to believe once you have visited.
The countryside is amazing from open fields to mountains. The beaches are beautiful. The people are friendly and helpful. The cost of living is very low. The food is all organic and very tasty. And the property prices are very low.
Sure, Albania has had a few problems, such as energy shortages and infrastructure in need of improvement.
But with a stable democratic government embarking on economic reform, a recent NATO membership and on course for entry into the EU, Albania is now cleaning up its act. After lagging behind its Balkan neighbours, Albania looks set to emerge into a well earned future of prosperity.
Where to look -
Tirana – Capital City
We believe Tirana currently offers the excellent opportunities for capital growth for investors looking for a city apartment to add to their portfolio with long term tenants. It is the administrative, cultural, economic, and industrial centre of Albania. The capital is home to most of the colleges and universities in the country, and currently under construction is the largest shopping centre in Albania.
Currently prices are very low in comparison to other Eastern European capitals, with new off-plan apartment prices currently from EUR420/sqm. Expected price growth is currently around 15% pa on average.
Durres
Only 35–45 minutes drive from the capital and the International Airport, Durres is an established holiday city hotspot on the coast of Albania.
Durres has the biggest port in Albania, handling about 90% of the country's international trade tonnage, and 65% of the country's total export and import trade.
The government is implementing a master plan for the development of the port, including negotiating approx EUR22 million to improve capacity and efficiency of the passenger terminals.
Also at the western end of the Pan-European Transport Corridor VIII, Durres will continue to be an important tourism and business hub in the future.
New off-plan apartment prices currently start from EUR550/sqm. Expected price growth is currently around 15% pa on average.
Vlora
Vlora is located in south-western Albania where the two Adriatic and Ionian seas meet, and the town with its wide boulevards decorated by huge palm trees has a real southern Mediterranean feel to it.
With a population of approx 124,000, Vlore is a colourful seaside city close to various sandy and rocky beaches and the scenic nearby mountains. The city is Albania's second largest port, having regular ferry boat connections with Italian ports of Bari and Brindisi.
New off-plan apartment prices start from EUR550/sqm. Expected price growth is currently around 15% pa on average.
Saranda
Saranda, the gateway to the southern Albania, is a small town located on the Ionian Sea backing onto the high mountains. Opposite the Greek Island of Corfu, the town is one of the most important tourist attractions of the Albanian Riviera.
Not far from Saranda lie the impressive ruins and World Heritage Site of Butrint.
Recently, “Easy Cruise” has been including Saranda in their northern Greek Islands cruise itinery, and once the roads to Vlora and the Greek border are upgraded, a new wave of tourists will arrive.
New off-plan apartment prices start from EUR550/sqm. Expected price growth is currently around 15% pa on average.
In Summary
Billions of Euros are currently being spent to bring Albania closer to EU standards of infrastructure, including:
- New highways and Roads
- New and Expanding Airports in Tirana, and possibly Vlora and Saranda
- Renovating the ports in Durres and Vlora
- New energy initiatives
- New telecommunications infrastructure to support broadband internet and mobile phone coverage
With the beauty of the country and the growing tourism market, investors will see bigger rental and prime location property demands.
For more information, feel free to contact the Albania property experts, with offices in London (UK), Tirana and Saranda (Albania):
www.freshpropertyco.com and www.freshpropertyalbania.com
+44 (0) 208 820 0 820
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