Country Guide: Albania
Why buy property in Albania?
Albania has long been overlooked by Brits investing in overseas property. More recently, however, it has started making headway as one of Europe's most promising locations. With a stunning coastline on the Adriatic Sea and a new government driving Albania's fast-developing economy, the country seems to have it all.
Many would agree that Albania is still a long way off becoming a haven for overseas property investment, but it is usually these places in which the best deals are found. Research has actually shown that Albanian property prices are among the cheapest in Europe, which unfortunately means that investors' yields have also been low.
But when the global economic crisis struck, Albania's property market had not matured to the same extent as those in other countries, so it had dodged the overvaluation and excessive development seen elsewhere. For these reasons, Albania could be very well positioned when overseas property markets begin to improve.
What's Albania's property market like?
Albania has enjoyed some impressive growth in recent years, as the countries of former Yugoslavia move towards independence. Though many of these areas lag behind more developed nations in terms of infrastructure, foreign investors are beginning to show interest.
The country is expected to enjoy the benefits of opening up its property market in the coming years, with the accoutrements that go hand in hand with a developed economy looking set to follow.
As overseas property buyers regain confidence, analysts have pinpointed Albania as one of the European regions set to lead the way as international markets recover.
Popular areas in Albania in which to invest
Those looking for a city apartment will – at least for now – be limited to Albania's capital Tirana. The nation's commercial and cultural hub, it is also home to more than one-fifth of its population.
Outside of the capital, the best places to invest are along Albania's beautiful coastline, which stretches from the Adriatic Sea in the north, to the Ionian Sea in the south. As a result of the country's growing popularity as a tourist destination, coastal properties are likely to make excellent investments in years to come.
Further south is Saranda, one of Albania's most important tourist and trading towns. Just a half-hour ferry ride from the Greek island Corfu, Saranda has a warm Mediterranean climate and attracts thousands of visitors each year.
The property-buying process in Albania
Purchasing property in Albania is a relatively straightforward process. It starts with a reservation form that will need to be signed, along with the provision of certified identification and a reservation fee. It is wise to include an independent lawyer from this point.
Around three weeks after the reservation is made, a pre-sales contract should be received – this is when an initial deposit will need to be paid. Buyers should also make sure that they have English copies of the contract, so that it can be referred to at any time should any issues arise.
