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The next big thing - 23 August 2007

No matter how open-minded we think we are when looking for a property overseas, we are likely to have some kind of an idea of where we would like it to be. At the very least, before embarking on an overseas property search, you will have a list of criteria.

OK, so when you close your eyes and visualise your ideal spot for a property overseas, it is unlikely that you will be thinking about dipping your toes into the warm seas on the beaches of Albania. However, a property in Albania is more than likely to tick many of the boxes on your overseas property checklist.

Stunning coastline? Check. Ideal climate? Check. Emerging economy? Check. Direct international flight options? Check. Cheap properties for the overseas market? Check. Planned EU entry in the near future? Check. Are you tempted yet?

The biggest problem Albania faces is its own image, and this could be the biggest problem for those who would consider buying there. Though individuals who buy property in Albania will have overcome their prejudices, for the property to be a success for investors, a market for short-term holiday lettings must also develop.

The marketing of the country has tried to present it as the Switzerland of southern Europe. While there is no way anyone would mistake the capital, Tirana, for Geneva, it is the 200 miles of coastline that will attract visitors. Although the sandy beaches of the best parts of the coastline south of Vlore and around the UNESCO World Heritage Site of Butrint on the Greek border are at least five hours drive from Tirana’s airport, it is possible to fly to Corfu and catch a ferry to the mainland.

As Albania is slated to join the EU in 2014, crossing borders and buying property will become much easier and regularised, but this will of course drive prices upwards. Properties currently on the market, and being aimed to the UK early-adopters, can be found in Tirana itself from around £29,000 through Barrasford & Bird. On the coast, one-bedroom flats in a new development of 100 properties just metres from the beach can be bought for £19,000 through Albania Estate.

 

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