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Albania gains interest - 14 July 2008

The fledgling property market in Albania has received a series of boosts in the past week, with the announcement of the country signing up to become a member of NATO, as well as the near-completion of improved transport links across the country.

Albania and Croatia both signed new membership agreements as the latest stage in joining the military alliance of NATO. Completion of this stage of the process means that both nations should be inducted to full membership status early next year, following the mandatory ratification of the membership by the parliaments of both countries.

In addition to this political boost, seen by some as an early stage of getting EU membership, Albania has recently revealed the discovery of an oilfield in the north west of the country that is believed to hold 490 million barrels of original oil. This site, reports trade magazine The Overseas Property Professional, is expected to contribute a large amount to the inward and state investment in Albania that should see it develop as both a tourist and overseas property destination.

Government investment in the infrastructure of the country has been steadily increasing for the past few years, and the Albanian government is soon to complete what is being called its ‘super highway’, a link between the capital, Tirana, and Pristina in Kosovo. Not only will this improve the trade and commercial links between Albania and the rest of Central and Eastern Europe, it will cut the journey time between the two cities from the present six hours to just two and a half hours.

International property companies are making the most of one of the last emerging markets in Europe, and have even started to establish offices in the most popular destinations for the future reception of clients. Fiona Bosticky, director of Fresh Property, says the company has opened branches in Tirana and the coastal resort of Saranda in order to give clients the best service possible. “Originally we did not plan to open offices[…]. However we quickly discovered the existing local agents did not work the way we wanted” she says.

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