Albania property market is flying high

Sunday, July 24, 2011

Albania property market is flying high

The Albanian property market is reportedly benefiting from increased flight routes from the UK, according to a senior partner at the Lalzit Bay Resort & Spa in the capital of Tirana.

Albania tourism levels have improved thanks partly to from more international flights into the country, including British Airways' decision to introduce daily direct flights from London instead of the previous four days per week schedule.

In addition, British Airways has also reduced its ticket prices with a return ticket to London starting from €217 (£190) including taxes according to reports.

Albania's Deputy Minister of Tourism Suzana Turku stated that 1.2 million tourists visited Albania between January and June of this year while revenue from tourism increased 8.5 per cent in the first half of 2011 compared to the same period last year.

This hike in tourism has fuelled greater demand for homes in Albania, which are among the cheapest in the whole of Europe.

Ravin Maharajah, Partner of Lalzit Bay Resort & Spa, a five-star luxury residential development where a studio apartment starts from around £26,000, believes that the future is looking bright for Albania.

He commented: "With high numbers of tourists already flocking to the country this year combined with the new daily BA flights, Albania is set to explode as a tourist destination in the next five years.

"Due to join the EU in 2014, this country shows every positive sign of going the way other Southern European countries such as Croatia and Montenegro have over the past 10 years. Interest from international second home buyers is steadily increasing as people realise the buying opportunity is now - not after the prices have gone up."

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