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 and Spa is located to the north of Durrës in the middle of Lalezit Bay.
As Albania is early in its development cycle, there are no direct comparables and there are few off-plan projects in the immediate vicinity. Therefore we have taken comparables from primary locations across the country to offer an overview of the general market. Bear in mind that these are local price points – Albanian property has yet to be heavily marketed to international buyers which historically pushes the market price up.
Tirana is home to a third of Albania’s population. Newly built apartments are much in demand and the table below gives an indication of local affordability and price range, with prices of similar class properties between €742 - €1,000 per m2. Durrës has been popular with Albanians for years as a summer resort but lacks the exclusivity and draw of many modern-day resorts. While it is near to Lalezit Bay and will provide many amenities, its glut of poor-quality, aged and high-density apartment blocks cannot be compared to Illyria Resort and Spa for price reference. There are, however, a few new builds happening, with prices in the region of €800 per m2. lezhë is situated 20 miles further north from Tirana than Cape Rodoni. Even though this makes it less accessible, a new development is selling there at an early stage at €780 per m2.
Vlora in the south of Albania is an established coastal resort which has always been popular with Italian holiday-makers and locals. There are rumours of a new airport which could help boost demand in the area and, as indicated, as with most countries there exists a premium for sea view property. Prices range from €600 to €1,000 per m2.
Sarande, opposite Corfu, is to Vlora what Lalezit Bay is to Durrës – a retreat away from the hustle and bustle of the main resort. Again there are premiums for frontline property with sea views and prices can reach €1,000 per m2. lalezit bay is host to another new development, Villas Beverly, which is being marketed for over €1,100 per m2. Whilst these villas cannot be used as direct comparables, (they include land but are not frontline etc) they do offer a good indication to the potential of the area.
