Albania Strongly Set As Future Property Hotspot

TIRANA, May 19 – There is continuous attention paid to Albania as the next market where international real estate investors should turn their attention.
Albania’s road toward integration in the European Union could prompt a boom in property prices in the country, and in interest in the Albanian property market, according to property experts like David Stanley Redfern.
An international conference held in Tirana last week served as a good first step in that direction.
Countries previously in a similar position – including Bulgaria and Montenegro – have begun to flourish on the international investment stage, partially triggered by their government’s taking the necessary steps to end domestic tension.
EU grants and loans to help prepare the country for full membership are expected to generate even greater growth and the work needed to gain EU entry is actually good for property investors, because property bought now at low prices will continue to grow in value throughout the period when EU money is bolstering economic growth in the country, experts say.
There will be massive growth in shopping centers in Albania in the next few years, according to Colliers International. There was growth of nearly 141 percent in total shopping center space in 2007 and the opening of City Park Tirana will result in a further 75 percent increase, according to the global property consultants. Colliers International is officially opening its office in Albania on May 22nd, and is the only large global real estate consultant to have an office in Tirana.
Colliers points to the latest expansion of QTU in Tirana, and the upcoming opening of the first international standard shopping center in Albania, called City Park, as key developments. But smaller shopping centers have also been opening along the coast in Durres, Vlore and Fier, and further growth in secondary cities is expected.
The opening of City Park, for which Colliers is the exclusive leasing agent, is also likely to increase the presence of major international retailers in the Albanian capital. The entrance of these retailers into the market will transform the retail sector in Albania, resulting in a move away from small, family-owned retailers, to larger international outlets.
“Colliers is the only international property consultancy to have its own office in Albania, and we believe Albania has an extremely bright future. We are very excited about the future of retail here and look forward to bringing big name retailers here for Albanian consumers,” said Philip Bay of Colliers International.
Stela Dhami, General Manager of Colliers International Albania, added, “Strong economic growth and increasing purchasing power are powerful drivers of retail expansion in Albania. The next few years here are going to be exciting times since everything points to a major period of retail growth.”