Albania tipped as future property hotspot

The journey of Albania toward the European Union fold could prompt a boom in property prices in the country, argue property experts David Stanley Redfern (DSR).

During a Nato meeting in April both Albania and Croatia were extended full invitations to join the military organisation.

This could indicate a move toward eventual membership of the full European Union, a move which could spark a boom in interest in the eastern European country's property market.

"Though much work is necessary on the part of Albania, the invitation proves that the steps already taken have been the right ones, and the desire is there to do everything necessary to achieve full EU membership as soon as possible," said Liam Bailey head of international research for DSR.

"In the last two-three years Albania has put political and ethnic tensions behind it and began to see some really solid economic growth, with around eight per cent GDP growth on average."

Countries previously in a similar position - including Bulgaria and Montenegro – have begun to flourish on the international investment stage, partially triggered by government's taking the necessary steps to end domestic tension.

Albania has been growing even on its own strengths, but EU grants and loans to help prepare the country for full membership will only generate even greater growth, argues DSR.

"In that respect, the long road and 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," added Mr Bailey.

"This makes Albania a safe investment destination, even in the face of global adversity."

Chris O'Toole