Economic growth and rising tourism kick starts second home market in Albania

Albania still seen as an emerging market for overseas property

Although Albania is still deemed an emerging market for overseas property, it is exactly this kind of nation that presents some of the very best second home opportunities, it is claimed.

With property prices in Albania among some of the cheapest in Europe coupled with rising tourism and economic growth, Albania is fast becoming a real contender in the second homes market.

Whilst this Balkan nation offers a typically Mediterranean climate and inspiring ancient history, there have been limited opportunities for overseas property purchasers to confidently enter the Albanian property market.

Nonetheless, with the Tourism and Culture Minister Aldo Bumci stating that €2 billion has been spent on improving the country’s roads and utilities infrastructure to help support increased tourist numbers combined with GDP growth, predicted to hit 4.3% this year according to the Albanian government, Albania is already on its way to becoming one of the best holiday and second home havens in Europe.

According to Ravin Maharajah, partner of Lalzit Bay Resort and Spa, a five star luxury residential development located on Albania’s Adriatic coastline, there is no doubt that the outlook for Albania is positive.

‘We are excited to be delivering one of the most exciting and innovative developments in not only Albania but Europe. We have now finalised the construction contracts with building set to start on Phases A and B, with excavation, levelling and foundations all to start shortly,’ he said.

‘Our villa apartments offer a premium, exclusive product to buyers who want the benefits of villa ownership including private gardens and terraces, exclusive services, and privacy. We are also including additional exclusive services such as membership of the Adriatic Club, priority access to facilities, concierge service for cleaning, home delivery, airport pick up and access to private beach areas,’ he explained.

The project is minutes from the beach but the properties have private swimming pools, barbeque areas, tennis courts and access to restaurants with prices starting at €38,000.

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