Albania recommended as a good real estate market

TIRANA, Feb 16 – The Overseas Property Investment recommended Albania as another good target in the world market of real estate.
It said that Albania showed an impressive economic performance and saw a lot of new development, but property values did not grow as they did in other recommended countries in the world, or even by the same levels as was seen in neighboring Montenegro.
But again Albania is still likely to grow in the mid-long term, it added. It remains economically robust and growing internal incomes will cause rising demand for quality properties, and the property ladder will begin.
In this market the creation of another real estate company operating in Albania was also noted.
Albania Property Group is located in Tirana, it is made of a group of professionals whose main goal is to provide clear insight to the meaning of investment and purchasing property in Albania.
The company’s real estate inventory features a special assortment of Albanian property, upscale residential homes for sale, condominiums, investment real estate, farms, mountain properties and vacation rentals.
“There has never been a better time for investing in Albania,” the group said.
Statistics from June record a 20% increase of tourist visits to Albania from the same period last year. One of the strongest points of the Albanian tourist industry is the local cuisine, a tempting blend of Greek and Turkish influences.
According to the Bank of Albania, the tourism industry attracted 170 million Euros in revenue in 2007, making it a major engine of national economic growth. Albania’s economic growth during 2007 was around 6% and in the same year, the government approved a fiscal package which ticks all the right boxes for investors. It included a flat rate of 10% on personal income tax, corporate tax and capital gains tax, no VAT on property purchases with foreigners allowed to own 100% of Albanian companies.
The country has some of the cheapest property prices in Europe, with annual price growth of around 30% year-on-year in the capital – Tirana and coastal regions, indicating all the right ingredients of a newly emerging property market on the cusp of a boom.