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.
Why we chose this property investment deal
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Exceptional value
We believe our offplan price of €645 per m2 is excellent value. With similar properties on Albania’s coast selling for upwards of €1,000 per m2, this price represents a discount of more than 30% off current market value and is an incredibly affordable price for coastal property compared to other eastern European markets.
Guaranteed income
The developer is offering a guaranteed rental income of 8% of the purchase price for the first three years following completion. Apart from our previous deal, Cape Rodoni, we are not aware of any other development in Albania that offers a rental guarantee. They are extremely
rare to find this early in the investment cycle.
Picturesque location
Illyria Resort and Spa is a high quality coastal development with direct access to the white sands of Lalezit Bay. The apartments are 700 metres from the beach, behind an area of agricultural land and a frontline plot that may be built on in the future. The agricultural land cannot currently be developed so there will always be green space surrounding Illyria Resort and Spa. The area development master plan also limits development to a maximum three storeys and a footprint of up to 30%.
Trusted project managers
The developer is in the final stages of negotiation to appoint Gleeds to manage the project. Gleeds has over 120 years experience in the construction industry and adds an extra reassurance that the project will be completed on time, to cost, and to a high standard.
Infrastructure improvements
A new road is being constructed that will connect Illyria Resort and Spa to Albania’s capital Tirana, cutting the journey time from 1 1/2 hours to just 30 minutes. Such a short transfer time from the country’s only international airport considerably boosts the potential demand from both business travellers and tourists.
Pioneering investment
Albania has had a rocky past but after nearly a decade of post-communist rule the country is now stabilising and entering the early stages of its property cycle. We believe that there is a five-year window of opportunity and you can be part of the first wave of investment. Property prices are inexpensive compared to the rest of Europe, but developers are already snapping up land, which should put upward pressure on the price of finished property in the near future.
Investor incentives
Albania’s property market is very buyer-friendly. There is no transfer tax, stamp duty or VAT due on purchase. There is also no capital gains tax to pay on the sale of a property, nor withholding or inheritance tax. And with income tax at a competitively low 10%, Albania is a cost-effective market to invest in.