Albania’s emerging property market rapidly expanding

Country:  Albania

28 January 2008

British demand for property for sale in Albania is set to go through the roof over the next few years, one expert suggested.

Liam Bailey of David Stanley Redfern told Homes Overseas on-line that Albania’s property market is rapidly expanding on the back of a strengthening economy, growing tourism and increasing political stability.  

Bailey said: “The climate in Albania is similar to that of Greece and yet Albania is one of the poorest countries in Europe and so the cost of living is cheap. This is rapidly driving tourism levels in Albania upwards, which in turn is boosting demand for Albanian properties, which generally remain cheap.”

Bailey says that demand is greatest for properties located in the Albanian capital of Tirana as well as coastal areas such as Saranda Mount, situated along Albania’s Adriatic coastline, where property prices are around “25% lower than similar properties in Greece.”

Editor’s comment

Albania is currently receiving a lot of EU funding for infrastructural improvements, the country’s GDP is reportedly growing by around 6%, while politically it now appears to be democratically stable. This is likely to drive demand for property in Albania, which remain amongst the cheapest in Europe.