People looking for attractive investment opportunities are increasingly considering Albania. Real estate prices in this country are exceptionally attractive. On average, an apartment there costs nearly PLN 599,000, which is PLN 160,000 less than in Poland, informs Business Insider.
An exceptionally beautiful geographical location, beautiful weather most of the year, rapidly developing tourism and low housing prices – these are the advantages of Albania that can convince investors to buy real estate in this country.
Price phenomenon?
The average price of an apartment in Albania is currently almost PLN 599,000, which is PLN 160,000 less than in Poland, Business Insider reports. The local market is also a real phenomenon when it comes to price differences. You can buy an apartment for a few hundred euros in the old districts of Tirana, but also an apartment in a luxury investment for as much as EUR 5,000 per square meter.
Large price differences can also be seen in individual regions of the country. While in Tirana a square meter costs around 1 thousand euros, in seaside resorts, for example in Vlora the average price of an apartment is around 563 thousand PLN, and in Golem only 200 thousand PLN.
A particularly promising investment destination is the area around Vlora, where a new airport is to be opened in the upcoming season. It will provide direct access to coastal locations. This means a chance to buy real estate in a place that could soon become a real tourist hit.
It's not so colorful
It turns out, however, that investing in an Albanian apartment is primarily a very seasonal business. The rental period here is quite short – from May to mid-October. And although you can earn up to 100-120 euros per day then, after the season the apartments tend to stand empty.
Another disadvantage is that the Albanian market lacks plumbers, electricians and renovation companies. There are also major problems with professional rental management services, as well as keeping the apartment clean and carrying out minor repairs. Additionally, new apartments are delivered in poor standard. Although there are no rents, thanks to which the investor can earn more, there is also no renovation fund, which means that even several-year-old properties are not in the best condition.
Nevertheless, according to experts, Albania is a destination with huge potential that is worth observing and considering as an element of a diversified investment strategy.
KW
