Albania becoming a hot new real estate market

Investors from all over the world, mainly from Western Europe, are discovering cheap, desirable Albanian real estate.
Foreign investors have turned their attention to Albanian real estate, especially in tourist areas by the sea.
In a time when investors and tourists alike have explored Mediterranean beaches, largely untouched Albania is turning more heads. The stable economic and political situation and the prospect of EU and NATO membership make Albania even more attractive.
Experts in real estate confirm that EU and NATO integration processes under way in Albania will ensure considerable appreciation in real estate over the next five to ten years. Some predict an annual appreciation of 30%.
“We are very confident that Albania has a bright future. The country … will become an attractive market in three to five years,” said Philip Bay, regional director of Colliers International Southeast Europe.
Another advantage for the Albanian market is that it offers the lowest prices on the continent of Europe. Investors buy properties along the entire coast. Shengjini in the north has been attractive for Russian investors, who are turning to Albania after buying up numerous properties in Montenegro.
Real estate agents say the south of Albania, from Vlora to Saranda, remains a prime market, though they see buyers beginning to covet Lalzi Bay in Durres, still a large and pristine area.
Western Europeans are now buying apartments, especially those along the southern coast in Vlora and Saranda. Most of the buyers come from the United Kingdom, Ireland and Norway. German investors are showing particular interest in territory between Durres and Tirana.
Robin Barrasford, managing director of Barrasford and Bird, a British real estate consultancy, says Albania represents an excellent opportunity. “We advise the investors to buy, as they will make money in three years,” said Barrasford. In an Albanian magazine interview, he likened the country’s prospects to Bulgaria’s real estate boom a few years ago.
Foreigners investing in Albanian property needs to prepare for potential drawbacks, such as trying to obtain clean title deeds. The government is still in the process of returning property to its pre-communist owners, and disputes over ownership can arise. Therefore, most foreign buyers of real estate in Albania ask for legal advice before investing.