Language(s): Albanian, Greek, Italian
Total Area: 28,748 km²
GDP (in billion USD): 13
Albania, officially known as the Republic of Albania, is a country in Southeastern Europe. It is bordered by Montenegro to the northwest, Kosovo to the northeast, Macedonia to the east and Greece to the south and southeast.
Albania is the property market's latest darling. It has miles and miles of beautiful and pristine coasts along the Adriatic Sea. Tirana, the capital, is in the midst of a construction boom with the airport set for a major upgrading.
Property prices have risen 200% in the most sought-after places, with an overall increase of 20% annually, according to Obelisk, a leading European real estate firm. Prices are expected to go up by 10 to 15% annually, "perhaps even rising to 30 percent when Albania enters the EU," says David Stanley Redfern, Ltd., an overseas property specialist.
Some reports say that prices of city-centre apartments have quadrupled over the past six years. There are no restrictions on the purchase of private residential property by foreigners, except for agricultural land.