Albania Poised for Property Boom

Albania is a relatively young hopeful among Europe's emerging property markets. The country, which only broke free from communist rule in 1992, has been working hard to make itself an attractive destination for overseas property investors. Infrastructure improvements, approval for membership of NATO and EU, no restrictions for foreign buyers and a flat tax rate of 10% are all adding up to a prospective investment location that is worth monitoring over the next few years. Philip Bay, Regional Director of Colliers International Southeast Europe, said, "We have actually been operating here for many years. We are very confident that Albania has a bright future and can look forward to sustainable growth. The country is at an early state of real estate development and will become an attractive market in three to five years."... [read full story]