JIMMY COMPLEX – KEY POINTS
• Located less than a five-minute walk from the Blok area (central business district)
• Tirana is set to double in size in the next two years
• Situated next to Tirana’s lake, one of the most prestigious areas of the city
• Stunning views across Tirana towards the mountains that surround the city
• Tirana is less than 35 minutes from Duress, the country’s main coastal port
• Exclusive high-specification design
• Direct flight from UK into Tirana’s new airport
REVENUE POTENTIAL – KEY POINTS
• Good ex-pat/local rental demand
• Market demand fuelled by locals not incoming investors
• Europe’s last true property “hot-spot” with the cheapest capital city property in Europe
• British supervision in place to guarantee quality
• 70% Loan to value mortgage available – exclusive David Stanley Redfern Ltd. Finance deal!
• GDP at 6% and about to accelerate
• NATO entry expected 2008
• EU entry expected 2014
• Tourism growth at 10% per annum and rising
• No restrictions on foreign ownership
• Advantageous wealth and inheritance tax situation
• Huge capital growth – up to 30% in some locations
• Rental management already in place
JIMMY COMPLEX – THE AREA
The Jimmy Complex is situated next to Tirana’s (romantically named) Artificial Lake, just a few minutes walk from the bustling Blok area of the city which is home to a myriad of bars and restaurants.
This area was previously off-limits to all but the Communist Party elite who had their residences in this attractive tree lined neighborhood
.
Tirana is surrounded by mountains and the elevated position of the Jimmy Complex guarantees wonderful views across the lake and city towards the craggy peaks, making this development one of the most prestigious locations in the entire country. The quality of the design and construction is also way above the average and will be monitored, as always, by David Stanley Redfern Ltd.’s own Project Supervision Team who will supply quarterly “build status reports” to all buyers.
For this reason, the lake area of Tirana sees some of the highest demand for rentals, both from expats and wealthy Albanians. This neighbourhood is also experiencing staggering capital growth with a 10% increase on prices in the last quarter of 2007.
Tirana is set to double in size in the next two years. This rapid expansion of the city is being fuelled by incoming international corporations looking to take advantage of the country’s low labour costs and its central location as a distribution hub to the rest of the Mediterranean. Then consider that Albania is sat on some of Europe’s largest oil and mineral reserves which are largely untouched and it’s clear to see that Albania’s economic fortunes are about to change.
Albania has traditionally been difficult to get to, mainly dues to the Communists’ ‘closing’ the country for the best part of 40 years.
However, nowadays, Tirana boasts a brand new airport which has a daily British Airways service to London with many other major airlines servicing the majority of other European countries.
Put simply, Tirana, for a property investor, offers the best value opportunities in the whole of the European continent.
JIMMY COMPLEX – REVENUE POTENTIAL
Firstly, this is the cheapest capital city in Europe to buy property in and probably the last with an average sale price of well under €1,000/m².
The early bird investors among you are able to make huge returns quickly as Albania’s unjustified reputation as the bad egg of Europe slowly diminishes. The truth is that Albania is a small but diverse country, with a large low-cost work force and huge natural resources, but it needs help.
This “help” comes in the form of outside or foreign investment. Anyone who bought a property in Sofia or Bucharest three of four years ago will understand instantly what will happen to Tirana in a similar timescale.
The location of the country within Europe is also interesting for the discerning property investor. If you compare land prices in Montenegro and Greece, on average prices are three to four times higher. Albania is also widely regarded as having the perfect climate of all three countries with longer and warmer summers than Montenegro, but cooler summers than the more southerly Greece.
As seen before in Romania and Bulgaria, European Union entry, or even just talk of it, is likely to get many multi-nationals looking to relocate or open offices to capitalize on the usual incentives that come to new (potential) member states. With NATO membership coming in 2008, it is hard not to compare Albania with other Balkan countries that until recently were in a very similar position.
The first ‘indicators’ of what is about to happen to a property market is to look at the financial services available. The major European banks have made millions in other emerging markets so were quick to bring mortgage lending to Albania. In many respects they are ahead of many of their neighbours with regards to financial infrastructure and finance for foreigners is simple to achieve.
Simply put, Tirana is currently offering a fantastic opportunity to make a viable capital city investment at the lowest entry-level price on the European Continent. Indicators such as communication, transport and financial infrastructure are already present or will be present shortly, and the government’s commitment to integrate Albania into the rest of Europe and the worldwide community as a whole has to be acknowledged and acted on..
AIPP
ASSOCIATION OF
INTERNATIONAL
PRICES
We are currently awaiting prices for property in this emerging market, however, a 100% refundable deposit of only €2000 is all that is required to be included on the pre-release list.
Payment terms
• €2000 reservation fee
• 30% deposit (minus €2000 reservation fee)
• 70% Completion—via bank mortgage
A realistic opportunity to triple your money in three years
|
