Whatever Happened To Albania Property
News Posted On: 04 October 2010
Albania must be incredibly disappointed at how it has been largely abandoned by the international property industry.
During the latter part of the noughties boom, Albania property became among the most popular in Europe. Several Eastern European countries recorded double digit property price growth upon entry into the EU, with Estonia and Poland being particularly noteworthy for recording price growth of over 30% per year. Albania was seen as one of several countries slated as the next wave of EU entrants set to make property buyers a fortune.
But Albania was the best of them. Joining Croatia and Montenegro on the path to EU membership Albania had an ace up its sleeve; property prices in Albania were a fraction of those in the two aforementioned countries.
Now, Albania hasn't been particularly hard hit by the crisis, and according to reports property values are holding much firmer than most countries, yet you hear very little about Albania in the industry press.
Albania is still proceeding on the path towards EU membership, and still has great potential for economic growth, as well as a government with a penchant for firm fiscal management, a combination capable of inspiring a lot of investor confidence.
We know that in far flung, off-the-beaten-track destinations like Albania no news can be good news; no news means no cancelled developments and no developers in financial difficulty. But we will expect to hear more from Albania next year if this has been the case.
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