February 2008
Well I have just had the pleasure of visiting Albania again to inspect our latest developments and upcoming projects. I know that going to Albania in February seems crazy for most people, but somehow the sun shining everyday made the cold weather less noticeable.
Tirana
So much has changed in 4 months since I was last in Tirana, and I was amazed. There is more construction continuing – both commercial and residential. New roads are being tarmaced and old roads are being re-surfaced. New traffic lights are being installed. And a new pedestrian bridge over the creek in the town centre has been constructed.
There is such a buzz in Tirana, and optimism. The power cuts have reduced, which seems to make everyone happier.
But more specifically…
The City Centre
Property prices in the centre now start from €1,500/sqm and there is really no new build construction going on, except for the edge of Blloku where a new development is between Blloku and the lake from €2,000/sqm.
Although capital appreciation in the centre will be quite good, we feel that better opportunities lie where the locals currently want to rent and buy.
Tirana Lake “Selite”
In communist times, the lake area was the homeland of the wealthy and policitial. Now in free and happier times it seems that little has changed. Property near the lake currently ranges from approx €800 – €1,000/sqm depending on the view. 
Demand to live in this area is very high as building land is limited and there are huge restrictions. Also only 5 mins drive to the centre makes it very appealing, along with the great parks for walking and jogging.
Our Tirana Lake Residences sits in a perfect position with amazing views to the city and lake, and luxury 2 bed apartment off plan prices are from €730/sqm. The quality is brilliant and the Botanic Science Park in front ensures the views are guaranteed.
Dajti
Demand for Dajti is increasing rapidly, with an envious position on the side of the Dajti Mountain. So close to the cable car and approx 10 mins drive (2 miles) to the centre, this is where the emerging middle class professionals want to live.
Residential Construction is at an all time high in this area, trying to keep up with demand. And with such limited space to build, there is little room for expansion.
Being such a green and popular area, it is very difficult to find developments here under €500/sqm. Even some developments are selling for €600 – €650/sqm.
Anyone purchasing investment property in this area will be laughing all the way to the bank by the time Albania joins the EU.
Kashar
Kashar is one of the largest “suburbs” in Tirana and the area is enormous in comparison. Kashar has previously been an undesirable area to live, due to the large industrial presence. But now these are new plans for Kashar and locals who want a cheap place are buying in. Kashar can almost be divided in 2 sections – the southwest part and the western part.
Southwest Kashar is a lot less appealing at the moment and trails behind other residential areas. The is a lot more industry here and a lot poorer infrastructure. Off plan developments are being sold for €400 – €450/sqm. Even some are selling for €380/sqm but we do not recommend this low level of quality.
Western Kashar is currently a lot more appealing, and here we can provide undervalue medium to luxury level developments. We have apartments in Fortesa and Kamza Crossing Apartments for only €500/sqm and luxury apartments in Classic Kashar for €550/sqm. Soon prices in this part of Kashar will be at least €600/sqm.
Kashar apartments will grow in popularity for middle class professionals working in the new commercial businesses in the Tirana-Durres corridor or at the International Airport which is only 20 mins drive away.
Heading Out and Away from Tirana…
Durres
We believe Durres has unlimited potential for investors at the moment in the right, carefully chosen locations. Apartments in or near the centre can be let out all year. And the expansion continues south to Golem and Mali Robit wher you can find peace and quiet and amazing beaches.
Locals in Tirana tend to also have apartments in Durres, where they spend the warmer summer months. Also the port is the largest in Albania, with regular cargo ships and ferries arriving from Italy daily. The whole port area will shortly undergo mass renovation and investment.
For many, many reasons demand will always be strong for property in Durres. Watch this space… amazing developments available shortly.
Vlora
Vlora is a special place of its own, and is one of the oldest cities in Albania. Currently 3 hours drive from Tirana, which will be closer to 2 hours when the new highway is complete, demand for a holiday pad in Vlora never seems to stop. Prices are rising quickly as people are discovering the palm tree lined main avenue, magical sunsets in the bay, and great beaches.
But Vlora is not just a holiday resort. It is a hub of commercial activity and a major seaport, and home to an expanding university. And the mountains cradling the city with their greenery and olive groves, will ensure limited expansion and developments.
Increasing tourism demand is supported by the seaport where ferries arrive in the summer from Corfu, and all year round from Italy. Also being only 30mins drive from the Llogora National Park, with its magical forests, deer and walking tracks is an adding tourism bonus.
Prices are truly rising. In the centre, demand is very high and even developments priced €750 – €800/sqm are selling out under construction. Also along the limited stretch of beach – the main beach – Uji i Ftohte, most prices are now also €700-€800/sqm and increasing.
Vlora will always be special, and investors getting in now will definitely agree.
Saranda
Saranda has really changed in leaps and bounds since I was there 5 years ago. The roads have improved and construction has taken off, with more on the way.
Saranda is magical – and once you are strolling down the promenade along the waterfront, you will be amazed with the tropical palm trees, panoramic view of Corfu, turquoise crystal waters, quaint fishing boats, and beautiful beaches. Only after you have visited, you will realise why it’s the honeymoon capital of Albania.
Saranda is going to become a lot more accessible too. The coastal road between Vlora and Saranda is currently being widened and tarmaced. The government has 5 different construction companies working around the clock, so that the bumpy 3 hour drive becomes a 2 hour smooth ride.
Also improvements are being made to the inland road and down to the Greek border. Once completed the Greek riveria will be approx 1 hour drive away. And of course, Easyjet flying into Corfu town at budget prices will make access in the summer a lot easier from the UK. As from Corfu town the port in Saranda is only 30 mins ferry ride away.
In Saranda, you cannot help but feel “on holiday”. There are plenty of places to have a coffee, and restaurants to try the fresh seafood.
Prices here are increasing too, as Albanians view Saranda as a “lifestyle” purchase. The mountain backdrop restricts building land, and with the famous UNESCO Butrint site only 24km away, the appeal for Saranda is growing and growing.
Prices now start from approx €650/sqm, which is a ridiculous fraction of Corfu prices which start from €1,500/sqm for NO view.
The holiday and rental potential is huge and we are very excited to be one of the first consultants opening an office in Saranda- very soon….
Not the Albania you expected?
If you want to experience Albania yourself, book your flights and let us know your dates so we can show you around. The only thing more beautiful than the scenery in Albania, is the opportunity for a fantastic investment.
To View the Current Developments we have for sale please CLICK HERE.
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