Albania 'next big area for real estate'
Albania is fast becoming one of real estate's emerging markets, according to one travel website.
Although Albania is one of the poorest in Europe, a number of factors are contributing to the country's growing real estate market, says BalkanTravellers.com.
For example, there are no restrictions on foreign investors snapping up property in Albania. Low transaction costs and the absence of capital gains and inheritance tax, as well as VAT and other taxes are drawing in foreign buyers.
Furthermore, Albania is benefiting from a growing tourist economy thanks to its Mediterranean climate and historical attractions. Plans to join the EU and NATO are also signs that the country is committed to a modernising agenda, states the travel site.
Earlier this month, TriGranite, a Hungarian-based real estate company, announced it intends to build a resort town on Albania's northern Adriatic Sea coast.
The firm envisions the creation of hotels, restaurants, villas, roads and hospitals.
Yesterday, eight companies offered to supply a massive amount of electricity to help Albania meet its energy demand in the second quarter of the year.
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