Introduction
Albania is next-door to Montenegro and benefits from the same dramatic Adriatic coastline. Illyria Resort and Spa is situated in Lalezit Bay, a wide crescent-shaped sweep of white sands and blue seas. The bay is just 30km from the capital Tirana and a new road currently under construction will cut the journey time of 1.5 hours to just 30 minutes. As the closest beach to the capital and with such a short transfer time from the country’s only international airport, Illyria Resort and Spa could realistically see rental demand from both business travellers and tourists alike.
We are offering just 34 units within this development at the pre-offplan price of €645 per m2.
Many of you have invested in pre-offplan deals with us before. For those who haven’t, it is where we sell properties at just above cost price in order to raise finance for the development. Investor monies will be used as seed finance. The developer accepts a reduction in his end profit in return for receiving 100% of the price upfront, and you receive a hefty discount, adding equity from the start.
The developer plans to build a mixed-use residential and commercial project consisting of circa 240 units, with properties staggered up the hillside to make the most of the sea views and to offer added privacy. Facilities planned for the Illyria Resort and Spa development include a large pool, landscaped gardens, spa and treatment centre.
As demand for our previous deal was so high, we will be taking reservations on a first-come basis. Investors who send in their £2,500 reservation fee first will be given priority choice of the available units. We will need to receive 100% of the price within 14 days of the contract so you will need to move quickly to secure these incredibly low-priced properties.
Illyria Resort & Spa, Albania - Location
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The Illyria Resort and Spa site is situated in Lalezit Bay, 20km from the capital Tirana’s newly upgraded international airport and 35km from its city centre.
Much of the bay is virgin land apart from a small village with some shops to the north. The beach is completely undeveloped but we are aware of land transactions taking place. The area masterplan ensures that new developments will have a maximum footprint of 30%, keeping density low, and be no more than three storeys high. More developments will help to improve the area’s infrastructure faster and raise awareness of the bay as a new tourist destination. As the closest beach destination to the capital Tirana, we expect interest in Lalezit Bay to be high.
At present the bay is accessible via an uncovered road but a new access route from Durrës is currently under construction. This will open up access to the area when it is completed in late 2008. This road will also bring the lively and charming capital Tirana within quick and easy reach. The city is full of brightly coloured buildings and boasts many restaurants and bars. A stroll around the central districts will reveal some of the city’s one million inhabitants enjoying a drink and a meal in the warm evening air.
Illyria Resort and Spa is also situated close to the ancient city of Durrës, Albania’s major port. Durrës is home to the largest Roman amphitheatre in the Balkans and is an established and popular tourist resort with many hotels, bars and restaurants. As a result Durrës can be extremely busy during the summer season and at weekends. As much of the accomodation in the area is of 2 or 3-star quality, Illyria Resort and Spa would be one of the only high-end resorts in the area. There are also plans to convert the villa belonging to the country’s former ruler, King Zog, into a luxury hotel and residential development - an indication of the area’s ambitions to attract more upmarket visitors1.
There are frequent ferries between Durrës and Italy, including a fast hydrofoil service to Bari, directly across the water. There are also ferry services to Ancona and Trieste. The busy port has received €80 million of EU funding to upgrade and regenerate the area.