albania property market reported to have fared better than most
News Posted On: 19 February 2010
According to a guest post on the blog of real estate company Property Frontiers, the Albanian property market has fared far better during the downturn than most have.
The post, by Albania-based agent Albania Estate said that Tirana had done particularly well, with 5% growth in prices during 2009, and forecast that prices on the whole in Albania are forecasted to grow this year.
On the rentals market, the firm said that Tirana offered the best yields, with over 10% being achieved, while 7% is the norm on good properties in the coastal towns, adding that there is a lot of potential there, with the holiday season expected to become longer than the current 2-3 months.
The firm also said that the rental-management sector is very new in Albania, with the only management currently coming from new commercial developments and resorts.
On the security of the market the firm said that there is no more a problem of illegal buildings being built, and that government authorities are being more and more efficient to stop and penalise illegal buildings. On the other side people are being more cautious and not taking any risks.
Finally the agent said that there are numerous new developments being proposed for 2010 including houses aimed at residential rentals, but that the proposals for continental style golf developments with marinas et al are still being held back by lack of funding - with the exception of some that are currently being constructed 40 minutes outside the capital.
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