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25/8/10. Shortly after announcing its intention to invest in the development of its tourism infrastructure, the Albanian government officially assessed the contribution of tourism to the country’s economy.
Tourism quickly became one of the major sectors of the Albanian economy and a record number of visitors are expected to visit the country this year, Albanian Prime Minister Sali Berisha said, cited by the MIA information agency.
Tourism to Albania only began to develop after the fall of the communist regime, during which Albania was largely isolated from the region and Europe.
The revenue from tourism in 2009 and this year, according to Berisha, has increased by 60 per cent. “In 2004, Albania received 300,000 foreign visitors and in 2009, 3 million. This year is expected to be a record one for tourism and revenue. During the first week of this month, 35 per cent more tourists entered the country than in the same period of 2004,” Berisha explained.
www.balkantravellers.com
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The capital city of Albania, Tirana, is the cheapest capital city in Europe, and predicted to become a good investment opportunity for both rental yield and long term capital growth. The infrastructure of Albania is slowly being improved and development is rife in Tirana. This is in anticipation of foreign businesses moving into the area, more Albanians moving to the capital in search of better jobs, and more Albanians returning from overseas to work at home. Tirana University is turning out graduates who will remain in the city, and accommodation does not meet demand.
Investors should always speak to reputable agents with a long term presence in Albania as well as ones that understand the needs of foreign investors.
Tirana should provide capital growth and should prove a wise investment for the long term. Investors need to take the time though to source a recognized developer and good lawyer and carefully consider the type of development to invest in. At Albania-Estate we understand the requirements of the investor and can recommend independent professional and genuine lawyers to act on their behalf.
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High risk gambling can often pay off and the emerging property market in Albania is a window of opportunity especially as Albania is being considered for entrance to the EU in 2014. It has also received a great deal of foreign investment from world banking organisations and improvements are being made to the infrastructure of the country.
Investment in Albania to improve the country has come from OPEC, the European Investment Bank, the European Union, the European Bank for Reconstruction and the Japanese Bank for International Co-operation. Over 500 million Euros have been invested which is a positive sign for investors, particularly as the government attempts to rid the country of the old images of corruption and Mafia activities.
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he outside world sees a country committed to democratic change and newsweek has listed Albania as the best low income nation and describes it in complimentary terms: “this new democracy actually outperforms all the other low income countries – consistently ranks highest in education, health and quality of life.” Influential words which will bolster the confidence of investors.
There is no doubting Mr Berisha’s intent to open the country to foreign investment and the ease of doing business there is a huge plus for investors. Corporate and personal taxes capped at ten percent and no restrictions on foreign investment make a good combination. The rumblings of some of the population that things were better under communist days are a result of transitional change as the country faces rapid development. The move of many from rural life to urbanisation provides for a cheap work force which in turn results in low cost developments.
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A recent residential market report conducted by Balkimo (a leading residential and commercial property co) states that with steady and continuous economic growth in Albania, the past decade has witnessed a surge in urban regeneration with the construction of many new residential developments in the main cities. The ‘New Urban Market’ has been fuelled by people’s demands for higher quality and newer properties and the clients for this market have predominantly been investors and the local market with new wealth as opportunities and new businesses have flourished.
As Albania’s economy and growth as a tourist destination has recently flourished, a different property market which is relatively new to the country has emerged. The ‘Tourist’ and in some cases ‘Second Home’ market has begun. Predominantly these new markets have been initiated and dominated by early coastal developments and with them have come not only the new Albanians with money but also foreign purchasers.
Also,new large urban residential developments outside of Tirana have dominated the market in the past 12 months as it is difficult to obtain building permit inside the capital.
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