Quote:
Originally Posted by Yogi
As I said, haven't given Albania a great deal of thought before but it will be a definate reserch project for me.
My line of thought is that it is a relatively easy place to get to (do any Budget airlines fly there?) and because of that people can buy a property as an investment, rent it out if posible but also get some personal use out of it too, especially if it is on the coast. It is not to far to go to from the UK for a long weekend, much like Spain.
What sort of price tag are you looking at for, say, a 2-bed frontline on the coast?
My big concern, not just with Albania but with virtually everywhere at this time, is will property be hit by the downturn in markets and (I hate to use it but) the Credit Crunch? Wouldn't it be better waiting a few years until it, possibly, is over?
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Currently from the UK, BA flys to Tirana from approx £170 return, where you can access Durres Beach (30 mins drive) or Vlora Beach (3 hours drive).
Or now Easyjet flies to Corfu (for the main season - starting May), where you can get the ferry across to Saranda in about 30 mins. Or you can fly into Athens, which might be a slightly shorter drive to Saranda, than from Tirana. Some people are starting to take short breaks in Albania.
For a 2 bed frontline on the coast (proper frontline without a road in front), the prices start approx 900-1200 Euros/sqm depending on the facilities and amenities and quality. I know of a luxury offplan one in Durres for 900E/sqm, and in Saranda I have seen a completed apartment for sale for 1000E/sqm, 100sqm = 100,000 Euros.
You can get 2 bed sea views very close to the beach for less, of course.
Albania has not really been affected by the credit crunch, as mortgage financing is fairly new here and prices are so low compared to Europe. The markets most affected by the Credit Crunch are those where people have high mortgage financing and credit - US, UK, Western Europe.
Money is pouring into Albania now, as roads are being re-done, and the International Airport has just received funding to double in size. I dont think demand will stop in Albania from the credit crunch.