Property course tips: is Albania the final frontier?
Talk at many property courses is increasingly focusing on whether Albania is Europe's last frontier with an untapped property market
It may sound like a joke from Borat, but talk at many property courses is increasingly focusing on whether Albania is the next - or even the final - frontier for property investors as Mediterranean markets become saturated throughout Europe.
Formerly famous only for its hard-line Stalinist regime and an irrational obsession with Norman Wisdom, post-communist Albania is winning praise for its Greek-style climate, clear seas and unspoilt beaches - and that's what's getting property course delegates buzzing.
People attending property courses are reading more positive press about Albania than ever before.The Guardian called the 50-mile stretch of undiscovered coast of the Albanian Riviera "one of the most spectacular strips of land in Europe". Philip Bay, head of South-Eastern European operations for property consultant Colliers, compared it to "Greece in the late 1950s or the 1960s, or simply without the cement," in The Times. And the Independent called Albania "a beautiful, vibrant country . . . with wild mountains inland and pristine beaches washed by the Ionian and Adriatic seas [and] a rapidly developing tourism infrastructure."
Property course delegates like low prices and EU progress
But the real draw for property course attendees is the pricing. According to The Times, "A British-based agency is offering several projects in the capital with prices starting at £370 per square metre - about half those in Sofia, the Bulgarian capital."
It continues, "Although rental returns are not expected to be high, investors are hoping prices will soon rise as more Albanians are drawn to the city in search of the best jobs." And much of the water-cooler chat at property courses is being devoted to the progress of Albania's accession to the EU - already followed avidly by a Wikipedia article - which is expected to provide a solid boost to the country's property prices.
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