Tirana
Once a sombre Communist cradle, Tirana has woken up and is
becoming more lively as former citizens return from overseas and
employees of multinational companies and official organisations
move in. It does not have the picturesque charm of many other
European capitals, although it is home to some imposing grand
public spaces, large open boulevards, squares and parks, and is
surrounded by beautiful mountains and the Saint Prokopi national
park.
Tirana is a university town and has a large, low-cost workforce
that may prove attractive to western employers. The range and
quality of shops, restaurants and bars has improved greatly in
recent years, an amelioration that should increase the number and
quality of tourists drawn to the country, thereby helping the
rental market which some developers expect will provide at least 5%
yields in the future.
Currently, there is a construction boom in progress as
developers and investors anticipate global interest in property.
According to some sources, appreciation is expected to reach around
30% per annum, though more conservative agents are predicting
10-15%. Prices are generally low by capital city standards, with
property selling on average around €40,000 for one bedroom and
€55,000 for two-bedroom apartments in the new business districts.
Prices can be as low as €27,000 depending on style, quality and
location of build but in more sought-after residential suburbs
costs are higher, with price per square metre averaging around
€1,500. In such areas, one should expect to pay upwards of around
€120,000 for a two-bedroom apartment. Some developers are
predicting the market will offer buy-to-let owners a return of at
least 5%.
Vlore
Vlore is the second most important port in Albania and the site
of a great deal of excitement among Albanian agents and developers.
Orikum Bay is one main area currently seeing much tourist
development. The town is the gateway to the coastal road, also
known as the Albanian Riviera, which winds through quaint villages
and along the largely unspoilt Mediterranean coastline. There are
large numbers of old-style high-rise blocks, but new hotels and
restaurants are appearing. Property for sale in new apartment
blocks starts from around €25,000 to around €60,000 for one or two
bedrooms with sea views. Currently the tourist trade is mainly from
locals and people from the border areas of Kosovo and
Macedonia.
Durres
A busy port city that also has large, golden sand beaches, it is
currently being touted as a new holiday resort. Some new-build is
happening here and one or two resort-style developments are in the
planning stages. Prices are higher than other areas and start at
around €50,000. Villas are more common here too with prices for
some off-plan property fixed around €207,000.
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