Albanian Buy To Let Sector Set To Receive A Boost
News Posted On: 22 May 2012
Tourism figures in Albania has increased substantially, as the latest data from the Bank of Albania shows revenue increased by 17% last year to reach €1.3 billion, and experts think of Albania offers excellent value for money for investors interested in holiday rentals.
Albania is very much an up-and-coming location for the holiday lettings market, and areas showing particular promise include Durres and Vlore on the coast. Vlore is being compared to Barcelona, and is particularly attractive as it is an interesting city set in a stunning coastal location. It has beautiful beaches, a lively nightlife, and a number of interesting UNESCO sites.
British Airways currently has five flights a week to Tirana, and the country offers excellent value for money for travellers and investors. Albania is benefiting from good economic growth and has some of the lowest prices and taxes in Europe, and there is plenty of opportunity for buy to let investors to purchase holiday homes. Holiday apartments generally rent for anything between £285 and £490 a week during the peak of the season.
Premium properties costing around €70,000, such as those offered by Lazlit Bay Resort and Spa are being estimated to generate rents of around €500 a week during the peak season, and at a 75% occupancy rate this will give an annual rental yield of 8.57%.
Tourism levels have been rising as much has been done to improve the infrastructure of the country, and although Albania has been overlooked in the past it has a lot to offer visitors. Last year the country received 4 million visitors, and this figure looks set to rise.
View property for sale in Albania
Written by Les Calvert
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