Hartlepool, United Kingdom (PressExposure) December 08, 2008 -- A new property fund has announced it plans to spend 100million Euros in Albania and other countries in the Balkans. Liam Bailey, chief market analyst for overseas property portal Property Abroad had this to say of the announcement:
"Albania has kind of taken a back seat in terms of media coverage of late, and that is not because it has been badly affected by the credit-crunch. Just last month a new international shopping mall was announced in the country, and the economy has largely continued on its path of steady sustainable growth. This is backed-up by this announcement that a property fund will spend 100million Euros between Albania and the rest of the Balkans. But that in itself will provide a massive boost to Albania's property market, even if only in bringing it back into the international spotlight -- not to mention the economic boost and the restoration of buyer confidence."
"The good thing about buying in Albania," continued Bailey. "Is that the economy is growing from a grass-roots level if you like, and the demand for housing from average Albanian's is growing steadily -- if not rapidly -- so buyers of off-plan property now, can look forward to a strong resale market when it comes time to realise their gains."
Property Abroad have some excellent properties in Albania, including the astonishingly good value Homeplan Residences in Tirana, where 1 bedroom apartments are available from just Â£42,000. Comprising of 1,2, and 3 bedroom luxury apartments, Homeplan Residencies is an off-plan development, located just a few minutes' drive from Tirana city centre. The development's completion is likely to put at least Â£20,000 onto the apartment's value, and after that appreciation should be in the region of 6-10% per year. As for rental yields, Tirana still isn't spectacular in that respect, because it does not a massive tourism market, but buyers of Homeplan Residence apartments can expect at least a 6% yield.