Newcomers to the property investment arena like Montenegro, Switzerland, Ukraine and Finland have outperformed their European counterparts in recent years and in some cases still do. Long established investment heavyweights like Italy, Spain, France and Germany have perhaps been neglected, with the term ‘emerging market’ stirring frenzy amongst avaricious investors looking for the next big thing.
Interest in Albania’s property market is slowly but surely becoming widespread. Overseas property investment specialist David Stanley Redfern commented on Albanian investment: “Albania has fast become a realistic and affordable option for novice and savvy investors from around the world. Rising tourism has led to increased demand for quality accommodation, which has prompted an upturn in property construction to meet the increased demand".
Eastern Europe is a massively overlooked part of the world with an enigmatic timelessness that put simply, goes criminally underappreciated. And its there we find a country that borders both Adriatic and Ionian Seas and neighbours Montenegro, Macedonia, Kosovo and Greece. Under three hours away from Western Europe via any direct flight, we find low cost Albania and its many beneficial attributes. Albania’s low profile is set to stand proud amidst its ‘equals’ with its North Atlantic Treaty Organisation (NATO) unification later this year and upcoming European Union (EU) membership of 2014.
If we strive beyond any commonplace misconceptions relating to Albania and focus in on its rewarding aspects specific to property investment, we just might be more than a little surprised. With the exception of agricultural land which can be leased for ninety nine year periods, Albanian property purchase is predominantly free from restriction and open to both native and foreign investors alike, as it is for private or professional purposes. It undercuts any local European property prices and despite applicable public notary fees of around 1% and minimal capital gains tax, there’s no transfer, inheritance, state or wealth tax, no withholding tax on repatriation or value added tax (VAT) attached to any transaction.
Capital appreciation has been known to reach 30%, tourism figures have shown increases as high as 10% and by 2008 has equated to over one million economy boosting pounds. The countries gross domestic product (GDP) is certainly set to rise from its already strong annual 6% growth and Albania’s steadily rising foreign direct investment (FDI) has exceeded the two hundred million pound mark this year.
Last but not least, the forty million pound expansion of Tirana International Airport now sees British Airways operating regular flights into Albania, with twenty nine worldwide destinations also available through other agents.
Find out more at http://www.davidstanleyredfern.com/
Media enquiries should be directed to Liam Bailey: media@davidstanleyredfern.com
