Luxury homes in Albania launched

Thursday, November 04, 2010

Luxury homes in Albania launched

A new high end Albania property scheme has been launched in the UK, in the hope of enticing more Brits to buy property in Albania. The market has been presented as one to 'watch in 2011'.

Lalzit Bay Resort & Spa, a frontline development located in Lalzit Bay just north of Durres, was launched in London last week. Once completed, the project will feature a selection of one and two bedroom luxury apartments, with prices starting from €50,400 (£44,200) and three- and four-bedroom villas from €234,000 (£205,000).

Designed by international architects, Woods Bagot, homeowners will be able to enjoy direct beach access as well as a wealth of first class on-site amenities including an internationally branded hotel, luxury spa, swimming pool, sports facilities, restaurants, bars and shops. Mortgage finance is available and investors can also take advantage of a six per cent rental guarantee for the first two years.

Having had its appetite whet by the property success in many neighbouring countries, including Croatia and Montenegro, Albania is keen to develop more new and improved homes and residential-led resorts in the hope of attracting more international buyers.
In recent years, Albania distanced itself from its communist past and drawn closer to Western Europe. The country is expected to join the EU in the next few years.

Ravin Maharajah, an experienced property developer and partner of Lalzit Bay in Albania, comments: "Albania in my opinion is bursting with great investment and lifestyle potential. It has all the hallmarks of a prosperous property market with robust economic growth, FDI in the region of $400 million [£251 million] per annum, sustained domestic and international demand for accommodation, mortgage finance available and a rapidly growing tourism sector. This is certainly one to watch in 2011."


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