With a 1.6% increase in house prices and continued economic growth, Albania remains a top investment location for 2011
According to Albania’s Central Bank, economic growth in the second quarter of 2011 will be around 3.4%, the same level registered in Q1 2011 with a forecast of lower inflation for the remainder of the year.
Over the past decade, Albania´s economy has enjoyed real GDP growth and despite the economic downturn in 2008, the Balkan nation was one of only two countries in Europe that not only recorded economic growth of 0.4% in Q1 2009 but also an impressive 6% growth from 2001-10, one of the strongest performances to have taken place throughout Europe.
In addition to economic growth, The House Price Index in Albania has once again increased by 1.6% during the second quarter of 2011 with The Bank of Albania stating that from the end of 2009 and throughout 2010, prices remained virtually unchanged indicating stability in the market which will come as positive news for those wishing to invest in property in Albania.
According to Albania’s Central Bank, increases in the house price index, which saw an overall average increase of 13.6% for the entire year back in 2009, are a reflection of the undervaluation of Albania’s currency, the Albanian Lek, and increased prices within the Albanian property market whilst rising demand, improved credit access and an increase in construction permits have also thought to have pushed up property prices.
Ravin Maharajah, Partner of Lalzit Bay Resort & Spa, the 5* luxury residential development located on Albania’s Adriatic coastline comments,
“There are numerous upward forces being applied to land and property prices in Albania – increasing infrastructure investment, EU accession progress and vast differences in property prices between close neighbours such as Croatia.“
Maharajah further explains,
“Considering economic growth and stability within Albania (a recent poll by Arrowtrak of businesses in the region discovered that around 37% were considering investing into the Balkans) and with more overseas investment, Albania will see an increase in expats moving to the area which will in turn boost property prices. For example Lalzit Bay Resort is attracting the attention of the growing middle classes across the Balkans, with at least 70% of units released having already been sold. We have even had to release additional units to meet high demand.”
The 5* Lalzit Bay Resort & Spa can provide the perfect investment opportunity for as little as €29,000 for a gorgeous studio apartment. The resort will provide outstanding on-site facilities including a beach club, tennis courts and a wide choice of delicious international cuisines available in the restaurants.
For more information contact Lalzit Bay Resort & Spa on 0845 125 8600 or visit www.lalzitbay.com