Albania Property Investment For Sale
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Albania Property Investment For Sale

 

"One of the cheapest places in Europe to buy property."

 

Until the 1990’s Albania was a totally closed state. As a result of its isolation from the rest of Europe it was technologically outdated with a population living in poverty.  Since the collapse of the Soviet system Albania has been trying to attract overseas investment and modernise, in order to compete with the rest of Europe but it has a long way still to go and remains one of the poorest countries in Europe.

Agriculture still accounts for about half of the employment in Albania but only one-fifth of GDP as it is run by small family groups on inefficient land plots with antiquated equipment.  There are severe energy shortages as the country is almost totally reliant on hydropower and there is an extremely poor and old infrastructure. However there are new power sources being installed and very slowly Albania is moving towards modernisation with new rail, road, ports and airport facilities.

Albania continues to struggle with organised crime and a black market economy still thrives, despite government attempts to crack down. 

The government is still in the process of returning properties and land to their pre communist owners so potential property investors should be wary of fake title deeds and properties with multiple owners. It should also be noted that under Communism much of Albania’s industry operated outside UN regulations so certain plants and their surrounding areas need to be cleaned up as they are a public and environmental threat.

Although blessed with vast sand beaches along its Mediterranean coastline and with numerous Roman, Anceint Greek and Illyrian heritage sites, Albania tourism is only in its infancy.
 

Country Guide

Geography

The Republic of Albania borders Serbia, Montenegro and Macedonia to the north and Greece to the south. The country is 70% mountainous with vast amounts of forests making some parts of the country unreachable. The capital,Tirana, is situated in the low lands on the western coastal area; it is the biggest and most commercial city in Albania. Albania is divided up into four geographical regions: the Albanian Alps, the central highlands, the southern highlands and the coastline lowlands.
The country contains some beautiful lakes and rivers in and around the mountains.

Government

The government is a parliamentary democracy.  The People's Assembly is elected every 4 years.

Language

Albanian is the official language and is said to have originated from the Tosk dialect. Many Albanians also speak Italian, English and a dialect of Greek now lost in standard modern Greek. Other minorities also speak Vlach, Romani and Slavic dialects.

Standard of Living

Albania is a very poor country compared to the rest of Europe and the standard of living is very low. Many live below the poverty line and Albania has low levels of education and a lack of medical care. 

 

Country Economy

As one of the poorest countries in Europe over half of the countries population is employed in the agricultural sector and the country produces significant amounts of wheat, corn, tobacco, figs and olives.  

The economy particularly suffered after the collapse of communism when the country's GDP fell by more than 50% in 1989. In 1992 the government launched economic aims for improvement and slowly the economy is rebuilding itself.  

The powercuts which previously blighted the country are now reducing and their has been significant investment increases.

Key industries:

Agriculture, textile and footwear, asphalt, metals and metalic ores, crude oil. Tourism is also growing steadily.

 

Hotspots

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. 

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.  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. 

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