Despite the risks, some people are starting to invest in Albanian property. The Daily Telegraph reports on Ian Warburton who recently spent 29,000 GBP (around 40,000 EUR) on a one-bedroom apartment in a new development in Tirana. "Given its location, I don't see how it can fail to work," he said.
Albania shares the same stunning coastline as Croatia and Montenegro. However, Albania has better weather and prices are about a quarter of those compared to it's (sic) better known neighbours. With direct flights from the UK, readily available mortgages and a safe legal system, Albania is destined to be the Next Big Thing in property investment. Get in now to make the most of this opportunity before prices rise.
With hundreds of millions of euros being invested in the country by the EU in preparation for EU entry in 2014 and NATO entry in 2008, investment into the capital city must be one of the safest and most lucrative investments in the world today.
Of the development itself, they say:
Terranova is situated in a new business district being constructed within the city centre...[It] is a residential complex set in the vibrant and beautiful surroundings of Tirana.I haven't explored this area lying beyond the ring-road up close, but it's not exactly central and it's not remotely beautiful.
There's no indication in the article that Mr Warburton has ever visited the city, so he appears to be making his decision entirely on the basis of the dubious claims made by this company. I hope it works out for him, though I suspect he may be waiting longer than he thinks to get his return.