Investing in Emerging property markets has never been an easy approach. Especially in markets that there is not much information around or any clear guidelines or legality. Albania Properties has taken the opportunity to put together some advise and guidance for anyone wishing to buy or invest in Albania Property.
Albania, a small beautiful country with everything to offer, from nice unspoiled seashores, sandy beaches to breathtaking mountains and lovely local organic food, it is a really interesting place to loot for investment especially in real estate. Albania did go though very harsh dictatorship and country was locked from the outside world.
Housing stock was in very poor conditions and extreme shortage and families were forced to stay in one house all together. After the fall of communism in the 90s many did get the opportunity to start building new homes all around the country.
As a result of this huge demand, and because of housing stock shortages and the poor quality of the old houses, many developers saw the opportunity to build apartment buildings to meet the demand. Local demand has kept the market going for nearly two decades now.
This is also because nearly a third of Albanians are overseas plus also neighboring Kosovans and Macedonians prefer to buy holiday property or spend their summer holiday in Albania therefore this is fueling the market. After the worldwide financial crisis is totally over and once the economy starts to improve, Albania is expected to see huge price growth.
Investment Property Locations in Albania
To buy a property in Albania purely as an investment, Tirana is the best bet and it is advisable a look for mid to long term investment. Apartments are the best choice for rental tenants especially the ones that offer good public transport and those that are near the centre of Tirana.
Tirana outskirts offers some very cheap property prices, varying from 400 Euros per square meter up to 650 Euros per square meter. Taking an example with average price of 550 Euros per sqm, one apartment with 70 square meters will cost in the region of 38,000 Euros.
Rentals vary from 150 euros to 250 Euros in the outskirts therefore a little income all year around as it is expected in Tirana is rather good. Tirana recently had a new large private hospital opened in the outskirts, a brand new shopping mall which are all springing the place up with investment and employment.
Investment and Holiday Property locations in Albania
For a combination of holiday use property and also for rental income, Vlora is the best option. Vlora is the second largest port city of Albania and offers truly stunning sandy beaches. Vlora is also home to an estimated 100,000 people. In the next 10 years, the population is expected to increase to nearly 130,000.
This increase in population will need housing. Vlora is also now the main summer holiday destination for majority of Albanians as well as foreign and neighboring visitors. Vlora is only 150 Kilometres away from (Mother Teresa) Tirana International Airport. (Approx 1.5 hours drive). Therefore is the same time distance as if you travel from Corfu to Saranda.
Vlora property is expected to have a very bright future. Currently rental demand in the summer is good and there is possibility to rent during all year around depending where the property is located in the city. Seaview property is definitely advised in Vlora to enjoy the Panorama the Bay of Vlora and Sazan Island (just opposite the city) has to offer.
Property prices in Vlora with sea-views starting from 600 euros per square meter up to 1300 Euros per square meter. depending on facilities and location.
Holiday Property locations in Albania
For cheaper coastal options just for holiday use, Saranda is a great location. Saranda in the future is expected to have its own airport but until then, the Corfu airport is a short distance away (1.5 hours by ferry crossing). Property prices in Saranda starting from 550 Euros to around 1050 Euros per square meter, depending on locations, quality, services and distance from beach.