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Albanian property market opening up
Government policy incentives and international property development are making Albania an increasingly attractive proposition to overseas property investors, writes Jo-ann Hodgson.
Although Albania's economic growth has been consistently 5 to 6 per cent of the GDP over the last six years, the country remains one of the poorest in Europe. But a lifting of restrictions to the size of investments, tax incentives and privatisation of the economy is attracting foreign property investment to Albania, and the country is beginning to leave behind its troubled past.
The Albanian property market was forced to start from scratch after the collapse of state socialism, the disintegration of pyramid schemes in 1997 and the 1990 Kosovo crisis, but Prime Minister Sali Berisha is now implementing plans to boost capital flows into the country.
Restrictions on the size of property investment have been lifted and the implementation of a 10 per cent flat tax have encouraged foreign investment in Albania, most of which is currently originating from Italy, Germany, Greece and Turkey. Business registration times have also shrunk and privatisation of the economy is likely to continue in 2008.
UK-based property developers David Stanley Redfern recently launched two investment opportunities in Albania. The Jimmy Complex will be built in the rapidly expanding Albanian capital, Tirana. The level of EU funding going into the infrastructure and facilities, corporate investment and Albania's range of undiscovered historical sites looks set to turn Tirana into a must-visit destination within Europe.
The number of Albanian property developments on the country's coastline is also growing as new roads and highways open up previously undiscovered areas. David Stanley Redfern is currently developing in Saranda on Albania's Adriatic coastline. Sitting on a hill, most of the population of Saranda enjoy views across Saranda Bay to the island of Corfu although property prices in the area remain around 25 per cent lower than those on the popular Greek island.
Albanian property investment opportunities are available through David Stanley Redfern for a 3,000 euro reservation fee.
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Article first published 4 March 2008