Albania Tourism and Real Estate Property and Foreign Investment is Increasingly Becoming the Backbone of Economic Growth in Albania

Among the populated beaches of Durres and Vlora, Albania offers unexplored stretches on the north and south coasts of the Adriatic and Ionian seas, which are attracting more interest among foreign tourists.

Real estate property investment is also now considered to be a major part of teh economy as many more investors are realising the huge pottential Albania has to offer.

Statistics from June record a 20% increase of tourist visits to Albania from the same period last year. Expectations ran high for June and July, which marked the peak of the summer season.

Among the populated beaches of Durres and Vlora, Albania offers unexplored stretches on the north and south coasts of the Adriatic and Ionian seas, which are attracting more interest among foreign tourists.

Statistics from June record a 20% increase of tourist visits to Albania from the same period last year. Expectations ran high for June and July, which marked the peak of the summer season.

"More tourists are arriving in Albania this year, and their number has been steadily increasing in the past few years," Minister for Tourism Ylli Pango said at a press conference.

Visitors from Kosovo comprise the bulk of the tourists. Their number has increased by 43% this year, according to official sources. There are also 42% more tourists from Macedonia than there were at the same time last year.

But for such a well located country, which enjoys over 402kms of unspoilt coastline along the Ionian and Adriatic seas, Albania has been virtually untouched by the property boom which swept Europe in the last decade. Ironically, however, just as the rest of Europe is beginning to put the brakes on property, Albania wants to make its presence felt.

‘Albania is the last European market to be discovered,’ says Ismet Terziu, a native Albanian based in London with agents Albania Properties. ‘While other countries may have been oversubscribed in recent years, nobody could level that accusation at Albania.’ That might well be the case but few will deny that this is a risky, emerging market.

Property as investment is still in its infancy, with clean title and valid planning permission chief concerns among overseas buyers. Efforts are being made to minimise corruption, while the Albanian government is intent on increasing transparency in business and banking, which, it hopes, will encourage more foreign investment. Investors are primarily focusing on the capital, Tirana and the coastal cities of Durrës and Vlora.

There is also interest and development in the southern city of Sarandë, close to the Greek border. To encourage the development of tourism, gated resorts are under construction, but there is a lack of facilities. Mr Terziu points out that there are no golf courses – despite 300 days of sunshine per year. But there is no shortage of land. With a population of 3.6 million in a country roughly the same size as Belgium. Albania has beach-front and city sites available.

For more information you can visit: www.albania-properties.co.uk or www.holiday-property.net.