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21-August-2008
Award-winning Property Investment Ticks All the Boxes
Overseas property investment specialist, Obelisk, has a passion for excellence and the company’s determination to offer superior standards and high professionalism at all stages of property investment has reaped its rewards.
Interview with James Gonzalez
Albania: Property Investment Potential 2008
Albania's property investment potential is enormous and it is one of the latest and most exciting emerging markets. The tourism sector is growing fast and there has been impressive economic growth since 2002. With some of the lowest property prices in Europe, a low cost of living and an extremely favourable tax regime, Albania is attracting the attention of property investors everywhere.
Tourism Growth in Albania
Albania's tourism sector is fast catching up with its Balkan neighbours, partly because it is home to breathtaking mountains and lakes and enjoys a coastline that includes the Adriatic and Ionian Seas. Figures from the World Travel and Tourism Council (WTTC) at the end of 2007 confirmed that tourism accounted for 3.8% of the country's GDP in 2006. The Albanian government is committed to more than doubling this figure with a ten-fold increase in the 2008 tourism development budget.
Economic Growth in Albania
Albania's economic growth has been impressive since the fall of the communist government in 1992 when the country began an ambitious programme of economic reform. In 2007, the World Bank reported that Albania has successfully achieved and sustained strong economic growth and controlled inflation.
High Demand for Good Quality Real Estate
Albania's strong economic growth is partly due to the large number of Albanians who live and work abroad and send money back to the country. Most of that money - which equates to around 13% of GDP - has been invested into the property market and there is a high demand for good quality real estate in city and coastal areas. This has fuelled the property market which now accounts for 60% of all construction in Albania.
Favourable Tax Regime
Albania offers a favourable investment climate with no VAT, no Transfer Tax and no Capital Gains Tax, providing a highly profitable exit strategy. There are mortgage facilities in place for foreign property investors, and this combined with very affordable entry-level investment, means that property investment in Albania is irresistible.
Complimentary Property Investment Report
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