Hungary-based property developer Trigranit is planning to build a coastal resort in northwestern Albania. The multimillion euro greenfield investment project will comprise all the essentials of a seaside town: hotels, residential villas, restaurants, a hospital and other public utilities as well as a road network. While political instability and severe infrastructure problems have hindered international investment in Albania’s tourist industry there are no legal impediments to foreign real estate purchases. Favorable tax laws are another of the country’s selling points, with no value-added tax on property acquisitions among other tax allowances.
Hungary-based property developer Trigranit is planning to build a coastal resort in northwestern Albania. The multimillion euro greenfield investment project will comprise all the essentials of a seaside town: hotels, residential villas, restaurants, a hospital and other public utilities as well as a road network. While political instability and severe infrastructure problems have hindered international investment in Albania’s tourist industry there are no legal impediments to foreign real estate purchases. Favorable tax laws are another of the country’s selling points, with no value-added tax on property acquisitions among other tax allowances.
With the Adriatic's east coast becoming an increasingly popular tourist destination Albania, with a population of 3.5 million, may be the next country in line. Its wide stretch of beaches, mountains and lakes is complemented by an estimated average of 300 sunny days per year. Tourism has grown on average 10% yearly, and according to index.hu figures generated EUR 1.5 bn in 2007, accounting for almost 14% of the country's GDP.
