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Albania

Albania Investment Property: The Next Big Thing

Recently Albania has put itself firmly on the map, both as an increasingly popular tourism destination, and an emerging market on the international property investment scene. Things that shrewd investors and experts in the field like David Stanley Redfern Ltd look for are rapid growth, and/or reasons and factors that make rapid growth in the near future probable. In the case of Albania, these factors include: entry into the North Atlantic Treaty Organization later this year, into the European Union in 2014, and of course rising tourism, growing by 10% per year.

Other major advantages Albania offers investors are the lack of restrictions on foreign ownership of property, the only restrictions being that foreigners can only make a commercial investment if its value exceeds three times the cost of the land, and foreigners cannot buy agricultural land — they can however lease it for 99 years. Also worth a mention is that Albania is already attracting some of the major European banks, which will make financing an investment easier.

Albania also has many tax advantages like the lack of capital gains tax, no withholding tax, no inheritance tax, no Value Added Tax on property purchases, no state or wealth taxes and no transfer tax. The total round-trip transaction cost is also very low, with less than 1% going on public notary fees.

Albania's potential for growth is definitely among its biggest attractions: Gross Domestic Product growth is an almost incredible 6% and likely to accelerate, and capital appreciation can reach up to 30% depending on the investment.

As always, with a finger on the pulse of international property markets, David Stanley Redfern Ltd had to give their clients the chance to get a piece of the Albanian action. David Redfern told me why:

"Just as the other Eastern European States hit us hard and fast with their capital growth, we believe Albania will do the same. It is becoming a pattern, these under-developed states, that were once surrounded by similarly under-developed neighbouring states, see their neighbours jumping onto the international tourism and property markets with a bang, and start to take steps rapidly to ensure that they are not left behind. They have a lot of room to work with; property prices and living costs are generally low, which become immediate selling points to tourists and to overseas property investors. Their generally good climate, which is always big business in the tourism industry, means their low prices make them a low cost alternative to some of Europe's hottest tourist destinations."

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David Stanley Redfern Ltd is an overseas property specialist, working directly with developers in more than forty countries. Most properties are exclusive to David Stanley Redfern Ltd, giving an unparalleled selection of resale and new builds. David Stanley Redfern Ltd is AIPP accredited.

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