Europe´s best kept secret – The Buyers Guide to Albania
Once a stranger to tourists, perceived only as a place that the daring and brave would visit, Albania is now coming into her own, exposing all her geographical wonders and historical wounds to the intrigued masses who are in search of something rare and unspoiled. Indeed, until last year it had mostly been back packers and intrepid travellers who made their way through the Balkan land, but this year has seen some great changes.
Since being voted number 1 in the Lonely Planet’s Top 10 Destinations for 2011, Albania has been growing in popularity with over 4 million foreign tourists visiting in 2011, an increase of 18.7% on the previous year according to Albania’s Tourism Ministry. Indeed, further acclaim for the Balkan land comes from recently being named one of the Hottest Destinations of 2012 by MSN Travel as well as Top Value Destination’ for 2012 by well-respected travel guide Frommers.
But what is it that has led so many to place ‘Europe’s last secret’ at the top of their lists? To begin, the nation encapsulates an ancient history, one where the Ottoman, Greek and Roman empires have left behind a unique tapestry of ancient times which can be seen at the magnificent Roman ruins in Durres or the UNESCO World Heritage site of Butrint, two of the country’s most famous landmarks.
As well as a typically Mediterranene climate that boasts 200 days of sunshine a year, a beautiful landscape is also set before us. The dazzling 370km coast-line has long been one of the Adriatic’s secret jewels affords sparkling turquoise seas, golden sandy beaches and un-spoilt mountains that make for an undeniable picture perfect location. It’s hardly surprising that Walks Worldwide, a leading UK trekking holiday organisation has revealed that Albania is set to become one of the most popular walking destinations this year after the company saw extraordinary demand for its Accursed Mountains trek to Albania in 2011 and high levels of advanced bookings for 2012.
In spite of Albania’s natural charm and unique offerings there have been limited opportunities for overseas property buyers to confidently enter the Albanian property market up until now.
Over the last few years, the Albanian government has spent €2 billion on improving the country´s roads and utilities infrastructure and is fast developing an efficient road network throughout Albania, with the newly opened Kosovo-Albania highway being one of the most significant infrastructural investments to date. Meanwhile, Albania has also become far easier to visit thanks to daily British Airways flights to the Tirana capital from Gatwick as well as the re-modernisation of Tirana airport helping push passenger numbers up by 23% (H1 2011).
Throughout the credit crisis and global recession, the Albanian economy has been one of the few that has seen growth combined with low inflation, keeping confidence in the market stable and foreign investment strong. With a predicted 4.3% GDP growth predicted this year according to the Albanian government, forecasted to be around four times higher than the EU is expected to post as well foreign direct investment into Albania derived from giants Shell and Petromanas joining partnerships to explore for oil, providing large cash infusions into the nation, Albania, already well on its way, is set to become one of the best holiday and second home retreats in Europe.
For those looking to buy property in Albania to take advantage of the low costs of living, glorious weather and resilient economy the process is as straight-forward as they come. There are no restrictions on foreign ownership and taxes are low – there is in fact no stamp duty on property purchases and capital gains tax is just 10%. All contracts must be signed in front of a notary in Albania either in person or through a Power of Attorney arrangement.
The costs associated with buying a property in Albania are low compared to many other European countries with one of the most exciting and innovative developments in Albania offering a slice of paradise for an unbeatable price.
Fully managed by an internationally renowned resort operator, Lalzit Bay Resort and Spa will provide 5 star amenities, service and unqualified luxury, making it one of the most desirable resort destinations in the Eastern Mediterranean from just €38,000 for an apartment.
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