Hi

I have just come back from 3 days in Tirana looking at some new builds and scoping it out as a possible investment location.

Very interesting and reminds me of Romania 5 or 6 years ago (I lived and invested in Romania). The PS report was helpful for getting the hard facts on the economy etc. Thanks for that PS team. (any chance of a report on Montenegro...?)

Having looked around I have to say that whilst I think I will be investing in Tirana, (probably in the city centre in old property as opposed to new builds), I can't help but feel there is, or shortly will be, a massive oversupply of new apartments on the city periphery.

I would estimate that there are 60-100 blocks under construction, most of which would have 40-120 apartments in each block. In addition there are at least 40 blocks that look like they have been recently finished.

I know that there is a housing shortage in Tirana, and that there are remittances and migrant workers who are returning home, but I just can't believe that there are enough middle class people to buy all these new blocks at the prices they are asking. (350 euros/metre sq and upwards). Not least because these blocks are sold finished and so the full price has to be paid when the owners move in. By this I mean that people are not able to buy an apartment, and then slowly invest money in it to renovate it. The cost might end up being the same per metre in the end, but if it is a new build all that money has to paid up front, not over a couple of years.

Overall I was impressed with Tirana, in many ways they are pretty together, and the city had a surprisingly live-able and pleasant feel to it.

I'd be interested to hear anyone else's views on this topic.

The only development I was considering buying into was called Tirana Village (on a hill by the lake), which was a very top end development. Anyone have any experience with this development?

Also if anyone has any good contacts in Tirana that they'd be willing to share I'd be grateful. I visited a very organised lawyer there to get legal questions answered and would be happy to pass on his details to interested people.

Thanks

Very interesting remarks. Thank you. I will go to Tirana these days to review opportunities and "feel" the enviroment. You have mentioned you have some materials from the local lawyer. Woudl you be pls so kind and share it with me?
Thank you in advance.

hi Martin100

Haven't forgotten about you and will be in touch with details of lawyer etc, been a bit hectic, and off on holiday in morning.

Will get back to you soon!

Regards

Ben

Hi Ben,
i have recently also been thinking of investing in Tirana, should be going there sometime in the next 2 months o so. would you be kind enough to pass on the lawyer details to me please.
kishore

I have also visited Tirana but I have formed a slightly different view.

Both the economy and population of Tirana are booming, and due to the extreme shortage of housing, they have needed to build a great deal. Building permits are actually quite hard to come by and their is a strict urban plan that the city council is working to. The local population's aspirations are also changing.

The mortgage offer is already far more advanced than both Montenegro and Croatia and is still set to improve. Locals are able to get 100% mortgages at about 7% interest rate. It's not really taken off yet but there are early signs that the middle class will want to own their own home, and a burgeoning buy-to-let market may emerge in the near future.

It is possible to buy offplan so anyone can stagger their payments over 12 months or more, andnow there are competitive mortgage products on the market, this becomes even more affordable.

The lake area is the nicest area in Tirana, no doubt about it, and I see that area becoming THEplace to live for the wealthier residents. Prices will certainly double over the next few years.

The Kashar district is a maze of new builds and of course, not as nice as the lake area, but prices are practically half of the lake area, and more affordable to the middle classes. Buy in a good quality development that will sell on and you'll be ok.

From my research, I found that the locals want to live in the new builds (lifts, aircon, electricity generators, water tanks etc) rather than the older style buildings.I think some of the developments are poor quality but there are a few around that stand out.

Investing in Tirana is not risk free of course, but there are some very strong investment opportunities. I've been selling property in Montenegro and Croatia for the last 5 years so have had my eye on Albania for some time. In my opinion, Tirana has only recently become a good place to invest and anyone that invests over the next 12 months (with a 3-5 year plan) will do extremely well.

I'm an agent so of course I have a vested interest, but I remember the time not that long ago when people thought 800 euros/m2 in Montenegro was ridiculous (the same properties selling for 3000+euros/m2 now and still growing). Albania is not the new Montenegro but presents a fantastic investment opportunity for those who invest wisely. There was a really good article about Albania on Property Secrets website a couple of months ago. You should check that out too.

Good morning,

Yes, Tirana is really nice investment.
I just bought a property for only 400 euro/m2 and think it was very good investment.

Could anyone telling me a good agency for Property Mamagement in Tirana ?
Some people told me a spanish one that looks great, but want to check others.

Thanks in advance,

Francisco Martin

My lawyer was:

www.hmh-al.net

The firm is called Hoxha Memi & Hoxha
Rr. Nikolla Tupe, No.5, 1st floor, Tirana

They speak impeccable English

I stayed at the Broadway Hotel (tel 00355 4 225 4619, Rr Emin Duruka, nr 8, www.hotelbroadway-trana.com) which is nearby and was fine. Simple but clean, spacious, A/C, tv with CNN etc. Approx €50 a night if I remember correctly, and walking distance to all of the downtown (its on the edge of the 'Block' area).

Would be interested to hear your opinions when you return.

Thanks a lot.
I have bought 2 apartments there, and has my Property Management in a spanish firm that my friends told me is quite good and reliable.

They speak also perfect English.
Maybe you know them.

The name is Kategora.
Any advice about them ?

Kind regards

Thanks Ben, will let you know my views when i get back

Hi Fransico, i will also be going through kategora
infact should be finalising the deal maybe sometime next week o so for the block in komuna kashar called central passage.
how was your experience with them?
have you been to tirana?
regards

Hi, Ben

I have to tell you than my experience with Kategora is vry good.
They look very professional, and enthousiastic people.

I only can recommend them to anyone.
I also have my properties in Poland with tem, and rents are coming to my account without any problems and any disturb.

I heard they will open an office in Tirana soon.
I am glad.

Take care,

me