Is Albania The Next Property Hotspot?

  • Albania’s construction sector grows by 24.49% in Q2 of 2015 (INSTAT)
  • Number of visitors to Albania increases by 25% this summer (INSTAT)
  • World Bank predicts Albanian economy will record growing trends during the fourth quarter of this year

The latest statistics to be released by Albania’s institute of national statistics, INSTAT, show the country’s GDP grew by an impressive 2.53% in Q2 of 2015. Albania’s growing property industry is one of the essential industries behind this increase, with the construction sector recording a significant 24.49% growth in comparison to the same period last year.

With a booming construction sector the Albanian government have recently suggested that they are preparing new policies to improve the tourism sector in line with this, hinting at the reduction of value-added tax (VAT) for accommodation facilities. Using the success of one sector to strengthen another, Sonja Popa, director of tourism development in Albanian Ministry of Economic Development and Tourism advises that they have “proposed a reduction of VAT to about 10%”, a bold, landmark move.

Now an additional pillar industry for the country, Albania’s tourism levels have become increasingly significant to the success of the country’s economy. Fortunately the number of tourists visiting Albania, be it to see the beautiful Adriatic coastline or the historical cities of Berat and Gjirokaster, is also increasing with this summer season having welcomed 25% more visitors overall compared to 2014.

According to INSTAT, the second quarter of 2015 has also seen a 42.1% increase in the number of foreigners who were visiting for vacation purposes, highlighting the recent surge of international interest as Albania emerges as a must see destination.

Peter Walshe, Sales & Marketing Director of Albania’s first affordably luxurious resort, Lalzit Bay Resort & Spa, comments on this current influx of visitors,

“The excitement around Albania is continuing to build as it begins to draw parallel with other European summer tourist hotspots. With a stabilising economy and growing construction and tourism sectors, the element of the unknown surrounding Albania is starting to dissolve, leaving behind a heightened curiosity of what this beautiful, mostly undiscovered, country has to offer.”

“With such a significant increase in tourism this summer it is clear that word is starting to spread and more and more people are choosing to explore Albania as a holiday destination. As global interest continues to build, here at Lalzit Bay Resort and Spa we are thrilled to be a part of this period of change as Albania’s great potential is exposed.”

The most recent World Bank report predicts that the Albanian economy will record growing trends during the fourth quarter of this year, exceeding other regional countries’ economic growth. Emerging as a competitive economy within the region, Albania is not only becoming a must-visit tourist destination, international buyers are also turning their attention to the prospective investment options that are starting to arise.

Lalzit Bay Resort & Spa provides a vast selection of investment and lifestyle opportunities to suit each individual buyer’s needs. The beautiful beachfront resort comprises of one and two bedroom apartments and three and four bedroom villas as well as a select number of five and six luxury freehold villas.

Lalzit Bay Resort & Spa also boasts an assortment of 5-star amenities including a beach club, tennis courts and a range of shops and eating and drinking facilities, alongside a 24 hour on-call medical service onsite and 24/7 security presence.

For more information, contact Lalzit Bay Resort & Spa on +44 845 125 8600 or visit www.lalzitbay.com

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