Albania ‘holds many surprises’

As investment continues to pour in, Albania is 'on the cusp of a property boom’...

Barrasford & Bird Worldwide liken Albania to the emerging market of Bulgaria some three or four years ago, and according to the company, the country is at the very cusp of a property boom.

There is definitely some merit to that claim: European investment is pouring into the region in the millions and the capital city of Tirana is catching the eye of keen investors, especially with EU accession on the cards for 2014.

Robin Barrasford, Managing Director of Barrasford & Bird Worldwide, explains: “Albania holds many surprises. Gone are the days of communism, revealing a country and a people that are embracing a bright future within Europe. Rolling countryside, vast and dramatic coastlines and bustling modern cities await to surprise those that visit and visiting is easy with direct flights from the UK.

Albania shares the same stunning coastlines as Montenegro and Croatia. Coastal resorts are charming and underdeveloped affairs with potential obvious around every corner. The capital city of Tirana is where the surprises certainly hold promise. The bustling city Centre of Skanderbeg Square is a protected site of great significance. Outside the city limits Dajti Mountain soars skyward, drawing in the tourists with its beautiful views and dramatic scenery.

Due diligence ‘essential’

Dan Johnson, Managing Director of TheMoveChannel.com, agrees that Albania is on the rise, but urges investors to proceed with caution: "It's only in the last 12 months that Albania has started to figure at all on the investment radar.

"For most investors it's still a relatively unknown quantity - it's not easy to find accurate details on local prices, land securities, the purchase process or legal system. This makes it even more important to make sure you get a good lawyer that's familiar with the local practices and the particular issues they present.

”There's always a balance between risk and reward and the lack of transparency and information is something that brave investors will have to contend with in many emerging markets where there is the biggest potential for capital growth."