As an emerging tourist destination with 4 million visitors
last year, Albania's appeal has been increasing steadily. In the last year
alone, Albania Holidays, a leading Destination Management Company, has seen a
10% increase of the total number of visitors who have booked with them.
And with visitor numbers on the up, the strength of pound
against the euro is encouraging investment in the country.
Robin Haynes, director of FX specialist Currency Index
comments: "The ongoing Euro crisis has weakened the single currency,
giving us the best rates for buying Euros since late 2008. Combined with
falling property prices in much of Europe, this is giving Brits an opportunity
to buy holiday homes at bargain prices. Nobody knows whether rates will
continue up or come back down, but with the UK economy far from healthy, a lot
of buyers are taking advantage and buying now in case exchange rates
fall."
Indeed, Albania offers some of the lowest prices and taxes
across Europe and along with resilient economic growth over its other European
counterparts in the south east region offers plenty of opportunity for property
investors.
Ravin Maharajah,
Partner of Lalzit Bay Resort & Spa, the 5* luxury residential development
located on Albania's hotly tipped Adriatic coastline comments,
"Rising tourism
levels founded on not only new regional transport infrastructure (road and air)
and economic improvements but a greater awareness about what Albania has to
offer in terms of beaches and scenery continues to increase demand not just for
holidays but for accommodation. The weak euro has meant that we have seen an
increase in potential UK buyers wanting to take advantage of the amazing value
they can get on a €30,000 property at Lalzit Bay. We have seen a lot of
interest from US buyers too which is encouraging.
"It is also important to point out the rental
opportunities available at Lalzit Bay. We expect there to be strong rental
demand based on the exclusivity of the resort, the facilities on offer and the
quality of the finished properties. We have estimated that a 2 bed apartment
costing €70,000 will generate rents of €500 per week over the peak summer
months at 75% occupancy giving an annual gross rental income of €6,000 - that's
an overall rental yield of 8.57%."