For many years Balkan property was not even on the radar of international investors, but it seems that prosperity is growing in the Balkans with news that Montenegro, Croatia and Albania are all showing signs of growth even in these troubled times and we believe here at Nubricks that property for sale in the Balkans looks set to follow in the footsteps of their northern cousins the Baltic States.
The emerging Balkan states which we mentioned above have all benefited from a closer relationship with their European neighbours and the financial rewards which have followed for so many. Following in the footsteps of Latvia, Lithuania and Estonia who are currently fully paid up members of the EU, Montenegro and Croatia are expected to follow in due course having already made an application for inclusion. Adam Samuel, Director at Nubricks commented "It would be foolish to suggest that membership of the EU is the be all and end all for these states, but it does open the door to massive financial assistance and new visitors to the region".
Albania and Montenegro are currently in the process of a major revamp of their country’s tourism industries with governments seeking for major international partners to transform their coastlines into golden sands, build large scale tourist attractions and add more low-cost international flights
. This move to increase tourist facilities has been one of the major pushes behind a revived economy and a prosperous property market. Montenegro's adoption of the Euro is already a great move and with property a fraction of the cost of Italy with access to the same Adriatic coastline its property market is proving popular. Croatian holiday homes
are already giving hotels a run for their money with greater numbers of tourist visiting opting for private summer rental apartments and Albania's major appeal its low cost of living
, being the cheapest in Europe infact!
It is clear that the Baltic States
of Latvia and Estonia have benefited from their new found status on the world stage and while both property markets suffered last year, in light of the worldwide credit crunch, both are now showing signs of life again. These two countries also offer exposure to economies which have been among the best performing in the region for sometime, something which looks likely to ensure very buoyant property markets for the medium to longer term.
While there is no doubt that the EU membership element has assisted many countries across the Balkans region, many are now showing great skill at managing their economies, tourism and property sectors. Even though it is very much early days for many investors in this region of the world, the signs are there that with the Balkan property markets history may well be about to repeat itself.