New property fund to spend millions in Albania, Balkans

TIRANA, Dec 8 – A new property fund has announced plans to spend 100 million Euros in Albania and other Balkan countries.
Liam Bailey, chief market analyst for the overseas property portal, Property Abroad, said that Albania had “taken a back seat in terms of media coverage of late, and that is not because it has been badly affected by the credit-crunch. Just last month, plans for a new international shopping mall were announced in the country and the economy has largely continued on its path of steady sustainable growth. This is backed up by the announcement that a property fund will spend 100 million Euros between Albania and the rest of the Balkans. But that in itself will provide a massive boost to Albania’s property market, even if only in bringing it back into the international spotlight — not to mention the economic boost and the restoration of buyer confidence.”
“The good thing about buying in Albania,” continued Bailey, “is that the economy is growing from a grass roots level, if you like, and the demand for housing from average Albanian’s is growing steadily — if not rapidly — so buyers of off-plan property now can look forward to a strong resale market when it comes time to realize their gains.”
Property Abroad have properties in Albania, including the Homeplan Residences in Tirana, where 1 bedroom apartments are available from just ô2,000. Consisting of 1,2, and 3 bedroom luxury apartments, Homeplan Residencies is an off-plan development, located just a few minutes’ drive from Tirana’s city centre. The development’s completion is likely to raise apartment values by at least ò0,000, and after that appreciation should be in the region of 6 to10% per year. As for rental yields, Tirana still isn’t spectacular in that respect because it does not a massive tourism market, but buyers of Homeplan Residence apartments can expect at least a 6% yield.