Building success: Europe’s ‘hidden gem’ registers bigger and better construction projects
- Size of new developments in Albania grows 149.5% in a year (‘Quarterly Statistical Bulletin’, INSTAT)
- Increasing amounts being spent on new projects, rising 160.1% from Q2 2013 to Q4 2014 (‘Quarterly Statistical Bulletin’, INSTAT)
- Phase 1 of Lalzit Bay Resort and Spa now 70% complete as major milestone reached
A clear indicator that the Albanian property market is on the up, it has been revealed that the size and scale of new building projects in the country are increasing – at an astounding rate.
Figures released by the Albanian National Statistics Office, INSTAT, in their Quarterly Statistical Bulletin have shown that the size of new developments being granted construction permission have grown in 2014 by an impressive 149.6% from a size of 83,420 m² in the second quarter of 2013 to span 208,222 m² in the second quarter of this year.
Marking a turning point for this buoyant market, the booming scale of new building projects has also been supported by eye-opening growth in the value of these projects year-on-year. The INSTAT Bulletin revealed that Q2 2013 saw a figure of 3,003,666 thousand lekë being spent on new building projects granted permits, with Q2 2014 seeing 6,404,601 thousand lekë spent, a staggering 160.1% growth within a single year.
These outstanding figures expressly show that the Albanian new-build market is a hot one, ripe for investment from both domestic and overseas sources. Peter Walshe, Marketing Director for Albania’s first high-end resort Lalzit Bay Resort and Spa explains,
“The property market in Albania has been showing signs of growth for some time now, with EU candidacy being granted and blossoming tourist figures prompting more and more people to discover this hidden gem of Europe. Yet these newly released INSTAT figures point to a real turning point for the country. Building volumes are up, the amount of money being pumped into the sector is rising and investment is increasing from foreign individuals and businesses who are realising that now is the ideal time to buy in Europe’s ‘hidden gem’ – Albania.”
In the second quarter of 2014, 39 building permits were approved in Albania, with 79.5 % of those being for residential buildings. With this sector showing the most growth, certain areas are benefitting more than others. Unsurprisingly, the area in and around the capital Tirana registered the highest proportion of new building projects, with some 48.7% of Albania’s newly confirmed properties being built there, an increase of an astonishing 130% year-on-year from Q2 2013 to the same period in 2014.
Just 30 minutes from Tirana’s international airport, Lalzit Bay Resort and Spa is a prime example of a new project being developed with the backing of UK investors to drive its successful growth. This luxurious resort is situated on the unspoilt Adriatic coast, just 45 miles across the water from Italy and sharing many of its natural charms: of long golden beaches, breathtaking mountain ranges and a sunny climate, yet with an untouched beauty of its own that is second to none.
Following in the footsteps of those new projects being granted permits, Lalzit Bay is one step ahead, with construction on phase one of the project now 70% complete. Infrastructure and building of the apartments are almost finished, as is the superstructure for the first group of villa shells, as well as the subterranean infrastructure.
With five star facilities planned, including a beach club and tennis courts, boutique shops, top restaurants and bars, connecting the resort to the national electricity supply has been a landmark step, meaning that more stages can now naturally evolve from hereon in. Work has commenced on the next five villas – all of which will boast spacious indoor and outdoor space, within phase one. Landscaping is due to begin in Q4 2014, as is development of the water supply too.
The first 80 apartments are 80% sold already, and there are deluxe and villa apartments also available. Properties range from 1 or 2 bedroom apartments to 3 or 4 bedroom villas, boasting the very best fixtures and fittings, all inspired by California’s elegant and modern beachfront houses. Prices range from €35,000 to €360,000.
For more information about buying in Albania and Lalzit Bay Resort and Spa, call +44 845 125 8600 or visit www.lalzitbay.com