International
real estate investors will be keeping a keen eye on developments in Albania as
it seemingly heads for EU membership.
Albania
applied for EU member candidate status in April 2009. Last October, the
European Commission recommended granting candidate status to the country,
provided that it meets the proper reforms in the judiciary and public
administration sectors.
Last
month saw the election of the new Prime Minister of Albania, Mr Edi Rama,
leader of the Socialist Party. With almost all the votes counted after the
election took place on June 23rd, his coalition took 84 out of 140 seats in
parliament – a landslide with the result ending 8 years of rule by Sali
Berisha’s Democratic Party.
The newly elected socialist party has lined up British former PM, Tony Blair,
to advise the government towards the ultimate goal of EU membership for
Albania. A formal contract has not been drawn up, but it is expected that Mr
Blair will advise on boosting the European integration process, attracting
investment and promoting tourism.
Albania
Minister of European Integration Majlinda Bregu “The Albanian government
has fulfilled the obligations and the European Commission has appreciated
the technical criteria. We will complete our final progress report in August,
on which the commission will take a decision and publish its report in October.
I am optimistic that Albania has met … all obligations to obtain EU candidate
status,”
Hot on the heels of Albania’s general election, neighbouring country Croatia
was last week granted its long awaited European membership, offering hope for
its Balkan brothers. This will no doubt also translate into rising tourist
numbers and provide a boost for the Albanian property market as more and more
people explore this new EU member nation and its adjacent lands.
Peter Walshe, Marketing Director of Lalzit Bay
Resort & Spa, luxury residential development
located on Albania’s Adriatic coast comments:
“The election has opened the gates for Albania to become an official
candidate to join the European Union, which would come as welcome news for
those wishing to invest in this beautiful country, unspoilt by stampedes of
tourists and boasting stunning natural landscapes with white sandy beaches and
crystal clear seas.” .
With EU accession within reach coupled with cheap and easy access from the UK
and a growing economy, Albania is fast becoming a highly desirable holiday home
destination.
Peter Walshe “Unlike its Balkan peers, Albania has avoided recession. With on-going
positive GDP growth as well as growing visitor numbers thanks to a wider range
of promotional and infrastructure projects, this well-kept secret of the
Adriatic coast could provide the perfect property investment opportunity for
those looking for a second home in Europe but without the premium price tag.
And now, new low-cost carriers are starting to fly there from more and more
European cities which can only be positive.”
