Increasing tourism revenue in Albania is boosting the potential for buy to let property investors choosing to buy in the country, it is claimed.
Data from the Bank of Albania shows that tourism revenue for the Balkan nation increased by 17% in 2011, reaching €1.3 billion.
Property experts believe that Albania is a value for money nation that is also providing excellent opportunities for investors in the holiday lettings market.
‘Albania is a new location in 2012 for the holiday lettings market. The destinations showing promise include the seaside spots of Vlore and Durres,’ said Kate Stinchcombe-Gillies, head of communications at UK based Holidaylettings.co.uk.
‘Vlore benefits from the combination of offering a city break holiday with stunning coastline, not dissimilar to a holiday experience offered by Barcelona. There are some beautiful beaches and great nightlife alongside UNESCO sites,’ she explained.
‘Typical holiday apartment prices range from £285 to £490 per week during peak season, which is fantastic value for money for travellers. British Airway’s commitment to the country with up to five flights a week into Tirana suggests this is a promising area for both savvy travellers and investors to explore something as yet untapped by the masses,’ she added.
Albania offers some of the lowest prices and taxes across Europe and along with robust economic growth, offers plenty of opportunity for buy to let investors, according to Ravin Maharajah, Partner of Lalzit Bay Resort & Spa, a five star luxury residential development located on Albania’s Adriatic coastline.
‘Rising tourism levels founded on new regional transport infrastructure such as road and air, continue to increase the demand for accommodation. This is generating considerable potential for buy to let investors in Albania and with the nation receiving four million visitors last year there is huge potential to grab a slice of the action,’ he said.
‘We expect that there will be strong rental demand in Lalzit Bay based on the exclusivity of the resort, the facilities on offer and the quality of the finished properties. We have estimated that a two bed apartment costing €70,000 will generate rents of €500 per week over the peak summer months at 75% occupancy giving an annual gross rental income of €6,000, that’s an overall rental yield of 8.57%,’ he explained.
Lalzit Bay Resort and Spa offers a premium, exclusive product to investors who want the benefits of villa ownership including private gardens and terraces, exclusive services and privacy. Facilities include private swimming pools, a BBQ area, tennis courts and restaurants.