Buying in Albania...

[fresh1]

Firstly Mick, I just want to say that I think your advice is excellent. Too many people get caught up in the idea and what agents say.

Secondly I believe off plan apartments have excellent potential in Albania. But of course, this is where agents can inflate prices (especially to foreigners), so what somebody thinks is a cheap property investment might actually be inflated, so due diligence is definitely recommended.

In Tirana, for example, 500 Euros/sqm might be cheap in one area, but expensive in another. Even in the same area like Kashar, the southern part has off plan properties around 400-450 Euros/sqm, but along the Durres corridor the prices are more like 500 - 600 Euros/sqm.

Yes it seems most investors understand that Albania is currently for capital appreciation, especially on the coast. But with the current prices (from 30,000 Euros), most investors arent desperate for a huge rental return- just yet

[Liam Bailey]

I think the strength of Albania's rental market depends on how quickly the economy grows and how much of that money is put into the infrastructure.

As I said sourcers from the big tour operators are paying a lot of attention to Saranda, and Club MEd has bought a big plot beside Saranda for future development, all good signs.

Albania certainly could make it big in tourism, with the same climate and rich culture and history as greece, as well as its beautiful adriatic coatline.

If not before it, the injection of EU cash in preparation for Albania's EU ascension could well propel the tourism industry to the dizzy heights enjoyed by other countries in the region, like Ukraine.

Liam Bailey
www[dot]davidstanleyredfern[dot]com

[mickthepropertyguru]

Originally Posted by fresh1

Firstly Mick, I just want to say that I think your advice is excellent. Too many people get caught up in the idea and what agents say.

Secondly I believe off plan apartments have excellent potential in Albania. But of course, this is where agents can inflate prices (especially to foreigners), so what somebody thinks is a cheap property investment might actually be inflated, so due diligence is definitely recommended.

In Tirana, for example, 500 Euros/sqm might be cheap in one area, but expensive in another. Even in the same area like Kashar, the southern part has off plan properties around 400-450 Euros/sqm, but along the Durres corridor the prices are more like 500 - 600 Euros/sqm.

Yes it seems most investors understand that Albania is currently for capital appreciation, especially on the coast. But with the current prices (from 30,000 Euros), most investors arent desperate for a huge rental return- just yet

Thanks Which Investment do you think would be better, City center apartments/House or land down south. Maybe land around the city ? Lets say a 4 year term. As i cant make up my mind
I feel Tirane is around 7 - 10 years behind Bucharest.

[wesrae]

Hi Guys

I too am considering buying a place in Albania. I have never been there and I am trying to organise a trip during March. I am not sure about location but at the moment I am favouring Tirana. Also I am looking at off plan purely due to it's ease in accessibility.

Any advice poeple can offer on location would be appreciated as I will only have a couple of days there to see for myself. I'm currently talking with a company called Fresh Property, does anyone know of them?

[charles buddy]

Yes, Fresh Property has a good grasp of the property market in Albania. I have
purchased in Saranda through Fiona and highly recommend her and the legal services they use in Tirana.

[10crew]

Hi, Which development did you buy in? Have you been to Saranda? I've been looking at the Albanian market and wanted to get out to Corfu to check out Saranda but it's impossible to find cheap flights until May and I'm not willing to make the long trip from Tirana. How have you found the buying process so far?

[Mark H]

Saranda is very nice and I visited there last month. There is a reasonable amount of development taking place on either side of the main town and also on the hillside behind.

The temperature was around 16-18 degrees and with the sun on your back was definitely T-shirt weather (though most of the local population were wearing coats still).

[Liam Bailey]

What did you think of the view over Saranda bay to the Island of Corfu? Are you planning to buy there?

[Mark H]

It was good and I have it recorded for prosperity in my Camera.

There was one view better though. If you get the chance go over to Lake Ohrid and drive south towards the southern end of the Lake. About half way down there are some jetties that extend out into the lake and the view across to the Mountains on the Macedonian side are fantastic with blue green crystal clear water right in front of you.

Personally I would consider buying at Ohrid but then I would not be looking to buy there to rent rather a long term personal investment. I think it has great future tourist potential though.

Mark

[Liam Bailey]

Maybe you could email me the pictures of the view across Saranda Bay -- if they are digital that is?