Albania’s Emerging Property Market Receives Positive Coverage
Property investment news from the Financial Times states that Albania is enticing overseas property and commercial investors, not only to the unspoilt coast line but also the cosmopolitan city of Tirana.
Other neighbouring countries within the region have already seen excellent property investment growth, with some already reaching the top of the ladder. Despite the country’s late start, the Albanian property market has huge growth potential for profit margin earnings, and this coupled with the low cost of living is certainly presenting an interesting destination for bullish returns.
Just a few miles from Italy, across the Adriatic Sea, Albania’s real estate and commercial property is not only attracting property investors, but also huge foreign investment from companies such as Citroen, Hewlett-Packard, and Peugeot, who have now opened distributor sites in the country. David Hentsell from InterAction suggests that property values in Albania should rise by 25% per annum with climbing rental rates, due to the influx of internal and external government officials and various business expatriates entering or relocating to the country.
A large number of Albanians live and work abroad, sending money home to their families, adding to the countries economic stability. The increase in the country’s FDI is set to boost confident consumer spending which in turn creates higher rental demands. Off-plan apartments in the capital of Tirana are currently priced around £30,000-£40,000 for a one bedroom, so prices are well matched for both the entry level investor as well as the seasoned player.
Albania has no capital gains tax, property transfer tax or stamp duty, and notary fees are only 1% of the property price. Piraeus Bank and Tirana Bank have also released news that they are currently discussing new mortgage products, specifically designed for foreign property investors, all of which moves Albania in the right direction for hassle free, economic real estate investment.
For more information on overseas property investment opportunities and to find out about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670
Or email info@obeliskinternational.com or visit our website http://www.obeliskinternational.com
Original Article: House and Home, FT Weekend - Aug 25, 2007
Other neighbouring countries within the region have already seen excellent property investment growth, with some already reaching the top of the ladder. Despite the country’s late start, the Albanian property market has huge growth potential for profit margin earnings, and this coupled with the low cost of living is certainly presenting an interesting destination for bullish returns.
Just a few miles from Italy, across the Adriatic Sea, Albania’s real estate and commercial property is not only attracting property investors, but also huge foreign investment from companies such as Citroen, Hewlett-Packard, and Peugeot, who have now opened distributor sites in the country. David Hentsell from InterAction suggests that property values in Albania should rise by 25% per annum with climbing rental rates, due to the influx of internal and external government officials and various business expatriates entering or relocating to the country.
A large number of Albanians live and work abroad, sending money home to their families, adding to the countries economic stability. The increase in the country’s FDI is set to boost confident consumer spending which in turn creates higher rental demands. Off-plan apartments in the capital of Tirana are currently priced around £30,000-£40,000 for a one bedroom, so prices are well matched for both the entry level investor as well as the seasoned player.
Albania has no capital gains tax, property transfer tax or stamp duty, and notary fees are only 1% of the property price. Piraeus Bank and Tirana Bank have also released news that they are currently discussing new mortgage products, specifically designed for foreign property investors, all of which moves Albania in the right direction for hassle free, economic real estate investment.
For more information on overseas property investment opportunities and to find out about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670
Or email info@obeliskinternational.com or visit our website http://www.obeliskinternational.com
Original Article: House and Home, FT Weekend - Aug 25, 2007
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