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Double digit property price growth seen in Albania

Wednesday, December 07, 2011

According to the budget bill passed by the Albanian parliament recently, Albania is predicted to see its budget deficit drop to 3pc of GDP next year with economic growth reaching highs of around 4.3pc despite the debt crisis and economic turmoil raging through the globe. 

To coincide with this positive news, Albania's House Price Index rose 10.3pc year on year in the third quarter of 2011, according to data from Albania's Central Bank while the Rental Price Index recorded a slight increase of 1.1pc on the year in Q3 2011.  

Ravin Maharajah, partner of Lalzit Bay Resort & Spa, a five star luxury residential development located on Albania's Adriatic coastline comments,

"With growth in the Balkan region predicted to be around four times higher than the 0.5pc growth the EU is expected to post next year, those wishing to invest in property will be making a sensible choice if they look in Albania's direction. Indeed, demand for property in Albania this year has been on the up and in light of 2012 predictions will no doubt continue as property hunters search for alternative options.

"For example, the international market is starting to wake up to Albania's potential as a beach holiday destination which has generated excellent demand during the pre-sales stages of Lalzit Bay Resort & Spa and in turn, we are expecting remaining villas and apartments in blocks C and D to continue to sell well within the next few months."

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