Here’s an interesting question which country is a better investment prospect in 2011 - the UK or Albania, the former Stalinist dictatorship which was closed to the rest of the world for 47 years and is the second poorest country in Europe?
Amazingly it is not Britain which is struggling to stop slipping back into recession, but the Balkan state who are expecting economic growth this year of 3.4 per cent, a 1.6 per cent increase in house prices and a drop in inflation.
I am indebted to Barrie Farnsworth, a colleague and journalist friend on The Sentinel, a daily paper in North Staffordshire, for sending me a press release giving those figures.
According to Albania’s Central Bank, the country remains a top investment location for 2011.
Over the past decade, Albania’s economy has enjoyed real GDP growth and despite the economic downturn in 2008, the Balkan nation was one of only two countries in Europe that not only recorded economic growth of 0.4% in the first quarter of 2009 but also an impressive 6% growth from 2001-10, one of the strongest performances to have taken place throughout Europe.
In addition to economic growth, The House Price Index in Albania has once again increased by 1.6% during the second quarter of 2011 with The Bank of Albania stating that from the end of 2009 and throughout 2010, prices remained virtually unchanged indicating stability in the market which will come as positive news for those wishing to invest in property in Albania.
I took this picture of a house in Albania the last time I visited the country with an interesting for sale sign in both Albanian and English.
According to Albania’s Central Bank, increases in the house price index, which saw an overall average increase of 13.6% for the entire year back in 2009, are a reflection of the undervaluation of Albania’s currency, the Albanian Lek, and increased prices within the Albanian property market whilst rising demand, improved credit access and an increase in construction permits have also thought to have pushed up property prices.
Ravin Maharajah, Partner of Lalzit Bay Resort & Spa, the 5* luxury residential development located on Albania’s Adriatic coastline, pictured below, comments: “There are numerous upward forces being applied to land and property prices in Albania – increasing infrastructure investment, EU accession progress and vast differences in property prices between close neighbours such as Croatia.“
Maharajah further explains: “Considering economic growth and stability within Albania (a recent poll by Arrowtrak of businesses in the region discovered that around 37% were considering investing into the Balkans) and with more overseas investment, Albania will see an increase in expats moving to the area which will in turn boost property prices.
“For example Lalzit Bay Resort is attracting the attention of the growing middle classes across the Balkans, with at least 70% of units released having already been sold. We have even had to release additional units to meet high demand.”
“The 5* Lalzit Bay Resort & Spa can provide the perfect investment opportunity for as little as €29,000 for a gorgeous studio apartment.
“The resort will provide outstanding on-site facilities including a beach club, tennis courts and a wide choice of delicious international cuisines available in the restaurants.”
For more information contact Lalzit Bay Resort & Spa on 0845 125 8600 or visit http://www.lalzitbay.com/
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