Positive economic forecast from IMF increases investor confidence in Albania
While the Albanian economy grew by an impressive 3.8% in Q4-2011 compared to the same period in 2010 according to recent data from INSTAT there is no denying that the Eurozone debt crisis has hindered economic activity in most other euro nations.
Thankfully, while the Organisation for Economic Cooperation and Development (OECD) has predicted that real GDP growth in the euro area will perk up to 0.9% by 2013, Albania’s economy is predicted to go beyond that, picking up by 1.7% next year according to recent forecasts from the IMF.
Indeed, Albania, possibly one of the most misjudged nations in Europe will be hoping to utilise this positive news to attract more visitors and investors to its stunning Mediterranean coastline. In fact, Albania’s Ministry of Tourism has already begun creating a national tourism strategy for 2013-2020 with the local government, tour operators and civil society representatives.
Ravin Maharajah, Partner of Lalzit Bay Resort & Spa, the 5* luxury residential development located on Albania’s hotly tipped Adriatic coastline comments,
“Things are looking up for Albania on what has been a slow economic ride for practically every nation in Europe thus far, and we are certain that this news will further boost confidence.
Tourism in Albania continues to grow – over 4 million visitors came in 2011 and given the positive news from the IMF, property investors will be looking for credible investment opportunities to take advantage of this growth.
We are seeing British buyers with an eye on the Euro exchange rate snapping up some real bargains given the weakened Euro and strengthening Pound.
Even though Albania is not in the Euro, we list prices in Euros and as a result, a €115,000 villa apartment in Lalzit Bay Resort now costs £92,000 compared to £105,000 just 6 months ago.”
But it’s not just Britons showing an interest in Albania. Closer to home, Turkish business representatives showed great interest in the nation last month at the first Turkish-Albanian Forum of Business and Economy. In a bid to promote greater economic cooperation among the two historically linked nations, Turkish Economy Minister Rifat Hisarciklioglu commented on the successful reforms of the Albanian government which have permitted Albania to maintain a positive performance over the weaker international trend during the global crisis consequently improving Albania’s image among Turkish and global investors.
Maharajah comments,
“In keeping with investment forums, Lalzit Bay sponsored the UK – Albania investment forum held in London last month. The high level, targeted event included senior government ministers and international business leaders all focused on ways to produce greater emphasis on business and investment opportunities in the tourism sector and other attractive areas of investment in Albania including energy, construction and mining. We were delighted with the turnout and the feedback showed that UK investors are really looking toward the nation for new untapped investment opportunities with a particular focus on energy and property.”
For those thinking about tapping into Albania’s property market, Lalzit Bay Resort and Spa offers a premium, exclusive product to investors who want the benefits of villa ownership including private gardens and terraces, exclusive services and more privacy as well as a range of facilities including private swimming pools, a BBQ area, tennis courts and superb restaurants for as little as €30,000.
For those thinking about investing in a rental property in one of the best performing growth markets in South Eastern Europe, look no further than the stunning apartments and villas at Lalzit Bay Resort.
For more information on owning a stunning apartment or villa in one of the best performing growth markets in South Eastern Europe, please contact Lalzit Bay on +44 845 125 8600 or visit www.lalzitbay.com.