Pauline You might be interested in downloading our Albania Market profile report which we completed this year. Our view on the market is that it is not a first time investors market by any means and would not suit any risk-averse investors. You are right to point out that prices are low and Albania has the potential to offer very high capital growth. The gains could well be very spectacular. As this market is at the very early stages of development, it is highly speculative and it does represent more risk. We believe anyone investing in Albania now needs to consider the risk v reward involved. There is no established real estate market, rentals are uncertain, finance is expensive and the strength of the country's economic direction is not yet certain. But, the reward for getting into such a market this early could be spectacular. In relation to opportunities in Albania, Tirana and the coast are the most promising areas for investment - the coast to capitalise on the tourism boom that will inevitably come and Tirana to take advantage of the same emerging middle class phenomenon we have seen in almost all post-Communist countries in CEE. I've been to Albania and the coast is very beautiful and as yet undeveloped. Our view on the Albanian market is that anyone going into this market should be prepared for the long hold and also be prepard to cashflow their investment and we would advise any investment should be regarded as high risk with potential high reward. We have lots of stats and information in our Albanian report if you're interested in more information on this market Pauline. Thanks for your comments on this also Charles Noreen

I had a look at some off plan property in central Tirana - it was around euro 600 psm on (built area inc. common parts) for a high rise development so about 40% of Bucharest on a like for like basis. They try to keep the build costs very low so devlopments tend to be quite dense with limited amenities so this put me off compared to the more spaced out upmarket developments in Bucharest. Quoted rental yields were no more than 5% although I understood 70% LTV mortgages are availaible for foreigners but was personally unable to find a lender despite trying. Rafeissen have a huge market share on loans - I think about 50% - but I know they don't lend to foreigners. I was tempted but the energy outages this summer (their HE plants ran out of water due to the drought) put me off. They have dropped their corporation tax rate to 10% recently I believe. Other warning : most properties are illegally built ! ( although should not be a problem for offplan)

Charles: Many thanks for the pictures and good to see someone trying to make a difference to people's lives..I'm sure it's appreciated. As regards Albania...probably best summed up by a quote I heard recently: "the odds are good but the goods are odd" particularly in light of Neil's comments also. (Thanks Neil).