Albania tipped as property hot spot as tourist numbers rise

Albania market now a property hotspot

Albania is poised to become a major tourist destination in the next five years prompting interest from property investors who want to buy now and benefit when prices increase, it is claimed.

Experts point out that the country is due to become a member of the European Union in 2014 and this is likely to result in property prices increases as happened in recent new membership countries such as Croatia and Montenegro.

According to Albania’s Deputy Minister of Tourism Suzana Turku, Albania was visited by 1.2 million tourists between January and June of this year while revenue from tourism increased 8.5% in the first half of 2011 compared to the same period last year.

Further data reveals that 94% of the total tourist arrivals into Albania this year were European, with 34% of tourists arriving from neighboring Kosovo, 16% from Macedonia and 10% from Montenegro.

Other European visiting nations included Greece, 8%, Italy, 6%, and Germany, 3%, whilst globally 3% of Americans, 2% of Asians and 1% were noted as others in the first half of 2011.

‘Without a shadow of a doubt, Albania will burst forth as a tourist destination in the next five years generating considerable revenue,’ said Ravin Maharajah, partner of Lalzit Bay Resort and Spa, a five star luxury residential development located on Albania’s Adriatic coast.

‘Albania has rebranded itself offering a low cost of living, rapidly developing infrastructure and striking physical beauty, all the ingredients needed for the perfect tourist destination,’ he explained.

‘Due to join the EU in 2014, this country shows every positive sign of going the way other Southern European countries such as Croatia and Montenegro have over the past 10 years. Interest from international second homebuyers is steadily increasing as people realize the buying opportunity is now, not after the prices have gone up,’ he added.

Prices at Lalzit Bay Resort and Spa start at €29,000 for a studio. On site facilities include a beach club, tennis courts and a wide choice of international cuisines on offer in the restaurants.

‘Lalzit Bay will become one of the most desirable resorts in the Eastern Mediterranean as well as an attractive and attainable lifestyle and investment choice for those wanting a superior second home in the sun or indeed a buy to let property abroad,’ said Maharajah.

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