Balkan Property Recovery Led by Albania

Albania's property market managed to weather the effects of the economic crisis well, with the Western Balkan nation leading the region's recovery, according to the latest figures from the EC Economic and Financial Affairs Department's Candidate and Pre-Accession Countries' Economic Quarterly Report Q4 2010...

Albania's property market managed to weather the effects of the economic crisis well, with the Western Balkan nation leading the region's recovery, according to the latest figures from the EC Economic and Financial Affairs Department's Candidate and Pre-Accession Countries' Economic Quarterly Report Q4 2010.

The country recorded GDP growth of 5.7 per cent in the final three months of 2010 taking the average to 4.1 per cent for the year.

In line with improved economic performance, unemployment levels are also down compared to the first half of 2011 with two per cent year-on-year growth recorded for Q4 2010.

"The outlook for Albania is most certainly positive for 2011. It has remained at the forefront of the Western Balkan nations during and post the crisis with economic growth driven by an increase in net exports as well as improvement in performance of the trade, hotel and restaurant sector," Ravin Maharajah, partner of Lalzit Bay Resort and Spa, said.

Furthermore, Albania has worked tirelessly to reduce its public deficit by 58 per cent in 2010 compared to the levels seen the previous year and in stark contrast to the situation seen in other Western Balkan nations.

- Friday 29 April 2011

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