Coastal Areas are Showing Promising Significance in the Albanian Property Market

July 20, 2012 - PRLog -- The beach properties in Albania have shown a great potential in the real estate market in the country. There have been confirmations coming from different real estate agencies in Albania that this summer the sales for the coastal areas had substantially grown compared to the previous year, 2011.  

New clients are knocking on the doors of the real estate property agencies in Albania. Some of these clients are English, Norwegian, Irish and Russians. The latter is the latest investors that came to Albania.

The agents of the real estate agency, Bora Property Albania speak more this year of the greater interest of foreign investors.  They give more emphasis on the properties in the Shengjin and Vlora areas.  

The Southern part of the country has become essentially developing for selling properties in Albania. However, this didn’t stop the sales increase of real estate properties in Durres.

A record shown that there are about 30% of coastal real estate properties purchases in Albania by foreign investors compared to the 70% purchased by the locals or by the Albanians, who are currently living in different European countries.

Even with these statistics, there is still an incrementing pattern for the real estate property purchases by foreign tourists’ investors in Albania. This is according to Director Julian Xhelili of Bora Property Albania.

The rise of purchases and the high interest of the real estate properties in Albania this year bring more optimism of the current situation of the real estate market of the country. Although with situation like this, it brings increase in prices. This is true during the summer season when the demand is significantly higher.

The coast areas of the real estate market in Albania are expected to tag along higher prices, which are according by the agents of the real estate market. The prices are expected to exceed 900 Euros/m2 for this year, 2012 for some areas, especially for those apartments that are located in the first line to the sea.  

This May is when the demand for apartments in Albania in the beach lines will usually begin. This is when the summer season starts. Real estate agents in Albania advise local and foreign investors not to hesitate to buy a plot or apartment in the beach area, if there is a proper, legible and legal document presented to them.

The apartments in Albania in the coastal areas are very applicable to whatever terms you would like to do with it like you can have it rented for travelers or other tourists, especially during the 3 month summer season when most of the visitors would come.

The obvious increase of interest by foreign tourists to these locations may also be a valuable reason to invest in these properties because if there are more tourists that will show interest to these areas, then the demand for rental will continue to rise.

The normal cost of the lands in the Albanian coast is 40 to 200 Euros / m2. In Durres, the apartments in the beach massive palaces would be 400 to 500 Euros/ m2, 500 to 900 Euros/m2 for the price of the apartments in coastal complexes and 800 to 1200 Euros/m2 for the apartments in the tourist villages. In Vlora on the other hand, the price of apartments at the seaside begins at 500 to 1000 Euros/m2. Saranda apartments at the seaside price ranges from 550 to 800 Euros/m2 and Shengjin would be 450 to 700 Euros/m2.

For more information about properties in Albania: http://estateinalbania.com/