Terranova Residence, Tirana, Albania

Prices from: € 42 847
Completion date: January 2008

Property Description:

Same coastline as Croatia and Montenegro
No Purchase Tax or Capital Gains Tax
High Capital Growth
EU entry scheduled for 2014
Hundreds of millions being invested in the country by EU
Prices From Just £29k!
Realistic chance to triple your money in three years

Albania shares the same stunning coastline as Croatia and Montenegro. However, Albania has better weather and prices are about a quarter of those compared to it's better known neighbours. With direct flights from the UK, readily available mortgages and a safe legal system, Albania is destined to be the Next Big Thing in property investment. Get in now to make the most of this opportunity before prices rise.

With hundreds of millions of euros being invested in the country by the EU in preparation for EU entry in 2014 and NATO entry in 2008, investment into the capital city must be one of the safest and most lucrative investments in the world today.

Terranova translates to 'new area' and truly encapsulates the mood of the area. This is the latest exciting investment opportunity - exclusive to BG Estates Worldwide. This unique development offers not only the highest standards of modern city living, but a fantastic way to maximise your investment. All from Just £29,000!

Terranova is situated in a new business district being constructed within the city centre. In every country that has joined the EU, it has been the capital city that has experienced the highest property growth. Tirana should be no different.

Terranova is a residential complex set in the vibrant and beautiful surroundings of Tirana, which is currently benefiting from a rapidly developing economy. The development has been created with the fast expanding, affluent middle class sector in mind, with it's demand for top quality property in the right location.

Located just 400m from the new Tirana link road, Terranova is provided with excellent transport links to the city and the recently opened International airport. Flights are readily available from the U.K. With BA, BMI, Malev-Hungarian Airlines, Lufthansa, Alitalia all offering regular services to and from the U.K.

Property Details

Due for completion in January 2008, Terranova provides the opportunity to invest in a one, two or three bedroom property set against the backdrop of a rapidly growing City, experiencing strong levels of growth. The City offers a wide variety of food and entertainment.

Terranova has been carefully designed to provide a perfectly balanced lifestyle for its residents and an unbeatable opportunity for investors. The Terranova Residence is a freehold mixed use building consisting of commercial and residential areas with a total of 10,000m².

The building will comprise commercial units, secure parking, and a mixture of 1, 2 and 3 bedroom apartments. The ground floor will be allocated to the commercial units and will provide a mini market, laundry services, bars and a restaurant. The Underground floor will provide 50 secure parking spaces.

Furnishing

We do believe that the strategy of the perfectly designed interior incorporates professional approach and profound knowledge of the contemporary interior standards.
The appropriate furniture means not only style and comfort, but also a steady investment - it may be a great advantage if you are planning a long or short-term letting of your property - the elegant interior will make it preferable and will help you receive higher rental income and obtain repeat business.

At your convenience, BG Decor http://www.bgdecor.com/ provides exclusive furnishing packages, completed up to the highest standards and approved by all major tour operators for rental purposes.

Exclusive lettings furnishing packages
High quality furniture items
An elegant design line and color solutions
A wide selection of finishes and accessories available

Other info

Financial Figures
Using price rises experienced by Sofia and Budapest in the years before they joined the EU as a guide, it should be relatively safe to assume a 100% capital appreciation in a maximum of three years, this is especially likely due to the location of Terranova and the infrastructure already being developed in the surrounding area.

Example property Price : £28,500 for a 75Sq.m one bed apartment

Purchasing Costs
40% initial payment = £11,400
1% Notarial tax = £285
Furniture package including air con = £3500 (optional)
Ongoing Costs per annum
Utility bills = approx £300 per annum
Mortgage interest of 6% on 60% of the purchase price = £1026
Maintenance over three years = £622

So total costs for three years = £19,785
Income
Rental yields of around 5% are realistic in Tirana, income = £4,275
Anticipated new property value = £57,000

So total income over three years = £61,275

However, when selling a property in Albania, there is a 3% tax on the £57,000 selling price, meaning the total received would be approximately £59,565.

Therefore if prices do double in three years you can receive £59,565 from your initial £19785.

Even if you achieve no rental return and the price only goes up by 50% in three years, you could still achieve £43,604 from your initial £19,785 investment!

However, of course property prices can go up as well as down and rental occupancy can fluctuate, you just need to make an informed decision and measure the possible negatives as you perceive them against the possible gains.

Finishing
Each apartment will be supplied finished with ceramic tiles and electrical connections ready for installation. The bathrooms will come complete with porcelain fittings with chrome taps and pipe work. There will be an electrical Boiler fitted in each apartment.

All apartments are available unfurnished. Furnishing packages are available, please contact BG Estates Worldwide for more information on: 0800 321 32 07.

Maintenance
Maintenance charges are set to be €3 per square meter (including VAT) per year. This will cover the upkeep of all common areas and landscaping of the grounds.

Location & Maps

Area info

Albania
Albania is rapidly growing as a popular tourist destination. The south-eastern European country with a unique Mediterranean climate and hot dry summers is being enjoyed by a growing number of tourists every year. Albania shares the same stunning coastline as Croatia and Montenegro. However, Albania has a warmer climate and prices are about a quarter of those compared to it's better known neighbours. With hundreds of millions of euros being invested in the country by the EU in preparation for EU entry in 2014 and NATO entry in 2008, investment into the capital city must be one of the safest and most lucrative investments in the world today.

Getting There
Albania has a new International Airport, located in the Capital, Tirana. Flights are available to Tirana from most major UK airports. Flights are readily available from the U.K. With BA, Bmi, Malev-Hungarian Airlines, Lufthansa, Alitalia offering regular services from £150 return!

Economy
A new thermal power plant is planned in the center of the country. The government is also moving to improve the national road and rail network, which historically has been a long-standing barrier to sustained economic growth. Such projects are already seeing fruition with completion of prestigious projects such as the Tirana ring road. EU funds are undoubtedly accelerating growth within the country. The country has experienced periods of strong growth between 2003-07 and inflation is low and stable.

History and Politics
For the many decades under his totalitarian domination, Hoxha created and destroyed relationships with Yugoslavia, the Soviet Union, and China. Towards the end of the Hoxha era, Albania was isolated, first from the capitalist West (Western Europe, North America and Australia) and later even from the communist East. Enver Hoxha died in 1985. By the end of 1990, in line with much of the Eastern European countries, the regime accepted a 'multiparty' system. The first general elections were held in March 1992 and produced the countries first democratic coalition. This consisted of the Democratic party, the Social-Democrats and the Republican Party.

The Euro-Atlantic integration of Albania has been the ultimate goal of the post-communist governments. Albania's EU membership bid, has been set as a priority by the European Commission. In 2006 Albania signed a Stabilization and Association Agreement with the EU, thus completing the first major step towards joining the the EU. Albania, along with Croatia and Macedonia, is expected to receive an invitation to join NATO in 2008.

Investment Potential
Albania is currently undergoing a period of redevelopment as it tries to develop a similarly thriving tourist industry to those which can now be seen in other Eastern European countries, such as Bulgaria, Romania and Montenegro. With a new focus on the economic growth supported by aims of NATO and European entry, Albania has emerged as a strong investment market for nationals and internationals alike. Finance options are readily available for foreign investors, whilst the mortgage market is surprisingly developed with locals being able to obtain up to 100% mortgages!

Other economic benefits are:

No Purchase Tax
No Capital Gains Tax
High Capital Growth
Simple buying Process

Hotels & Restaurants
Around the historic city of Tirana, there is a wealth of High quality restaurants and four - five star hotels all offering an atmosphere of well-deserved grandeur and uncompromising quality. Albanians are excellent at providing hospitality and no where is this more obvious than in some of the finest restaurants to be found. The local cuisine is famous for the rich flavours and freshness of ingredients, where possible are grown locally. There truly is an abundance of choice and it is hard to be disappointed in quality or service.

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Prices & Availability

* BG Estates Worldwide reserves the right to actualizes the prices of the particular object.

Building А

Apartment	Bedrooms	Floor	View	Build Area	Total Area	Price in €	Est. Price in £	Status
First floor \| Floor Plan : Plan
1А14	1 - bedroom	1		61 .25 m2	75 .17 m2			Sold
1А9	2 - bedroom	1		93 .16 m2	113 .52 m2			Sold
1А8	2 - bedroom	1		84 .22 m2	102 .54 m2			Sold
1А7	1 - bedroom	1		61 .25 m2	82 .58 m2			Sold
1А1	3 - bedroom	1		91 .51 m2	115 .58 m2			Sold
1А2	3 - bedroom	1		92 .62 m2	128 .59 m2			Sold
1А3	3 - bedroom	1		83 .90 m2	119 .86 m2			Sold
1А4	2 - bedroom	1		61 .94 m2	85 .98 m2			Sold
1А5	3 - bedroom	1		92 .63 m2	120 .16 m2			Sold
1А20	3 - bedroom	1		91 .51 m2	115 .58 m2			Sold
1А19	2 - bedroom	1		92 .62 m2	112 .91 m2			Sold
1А10	3 - bedroom	1		90 .81 m2	114 .79 m2			Sold
1А11	3 - bedroom	1		90 .81 m2	114 .79 m2			Sold
1А12	3 - bedroom	1		93 .16 m2	113 .52 m2			Sold
1А13	2 - bedroom	1		84 .22 m2	102 .54 m2			Sold
1А15	2 - bedroom	1		93 .74 m2	113 .87 m2			Sold
1А16	2 - bedroom	1		92 .63 m2	112 .62 m2			Sold
1А17	1 - bedroom	1		61 .94 m2	75 .95 m2			Sold
1А18	2 - bedroom	1		83 .90 m2	102 .18 m2			Sold
1А6	3 - bedroom	1		93 .74 m2	125 .95 m2			Sold
Second Floor \| Floor Plan : Plan
2А2	2 - bedroom	2		92 .62 m2	113 .39 m2			Sold
2А20	2 - bedroom	2		91 .51 m2	110 .11 m2			Sold
2А19	3 - bedroom	2		92 .62 m2	113 .39 m2			Sold
2А16	3 - bedroom	2		92 .63 m2	113 .09 m2			Sold
2А15	3 - bedroom	2		93 .74 m2	114 .34 m2			Sold
2А14	1 - bedroom	2		61 .25 m2	75 .17 m2			Sold
2А13	2 - bedroom	2		84 .22 m2	102 .50 m2			Sold
2А11	2 - bedroom	2		90 .81 m2	109 .32 m2			Sold
2А10	2 - bedroom	2		90 .81 m2	109 .32 m2			Sold
2А9	3 - bedroom	2		93 .16 m2	114 .00 m2			Sold
2А8	2 - bedroom	2		84 .22 m2	102 .54 m2			Sold
2А7	1 - bedroom	2		61 .25 m2	75 .17 m2			Sold
2А6	3 - bedroom	2		93 .74 m2	114 .34 m2			Sold
2А5	2 - bedroom	2		92 .63 m2	113 .09 m2			Sold
2А4	1 - bedroom	2		61 .94 m2	75 .86 m2			Sold
2А3	2 - bedroom	2		83 .90 m2	102 .18 m2			Sold
2А1	2 - bedroom	2		91 .51 m2	110 .11 m2			Sold
Third Floor \| Floor Plan : Plan
3А3	2 - bedroom	3		83 .90 m2	102 .18 m2			Sold
3A10	2 - bedroom	3		90 .81 m2	109 .32 m2			Sold
3A20	2 - bedroom	3		91 .51 m2	110 .11 m2			Sold
3A19	2 - bedroom	3		92 .62 m2	113 .88 m2			Sold
3A16	2 - bedroom	3		92 .63 m2	113 .57 m2			Sold
3A14	1 - bedroom	3		61 .25 m2	75 .17 m2			Sold
3А2	2 - bedroom	3		92 .62 m2	113 .88 m2			Sold
3А1	2 - bedroom	3		91 .51 m2	110 .11 m2			Sold
3A15	3 - bedroom	3		93 .74 m2	114 .82 m2			Sold
3А9	3 - bedroom	3		93 .16 m2	114 .49 m2			Sold
3А8	2 - bedroom	3		84 .22 m2	102 .54 m2			Sold
3А5	3 - bedroom	3		92 .63 m2	113 .57 m2			Sold
3А6	3 - bedroom	3		93 .74 m2	114 .82 m2			Sold
3A11	2 - bedroom	3		90 .81 m2	109 .32 m2			Sold
Sixth Floor \| Floor Plan : Plan
6A5	3 - bedroom	6		92 .63 m2	115 .02 m2			Sold
6A15	3 - bedroom	6		93 .74 m2	116 .26 m2			Sold
6A16	3 - bedroom	6		92 .63 m2	115 .02 m2			Sold
6A17	1 - bedroom	6		61 .94 m2	75 .95 m2			Sold
6A19	3 - bedroom	6		92 .62 m2	115 .31 m2			Sold
6A20	2 - bedroom	6		91 .51 m2	110 .11 m2			Sold
6A12	3 - bedroom	6		93 .16 m2	115 .92 m2			Sold
6A11	2 - bedroom	6		90 .81 m2	109 .32 m2			Sold
6A10	2 - bedroom	6		90 .81 m2	109 .32 m2			Sold
6A9	3 - bedroom	6		93 .16 m2	115 .92 m2			Sold
6A8	2 - bedroom	6		84 .22 m2	102 .54 m2			Sold
6A7	1 - bedroom	6		61 .25 m2	75 .17 m2			Sold
6A6	3 - bedroom	6		93 .74 m2	116 .26 m2			Sold
6A1	2 - bedroom	6		91 .51 m2	110 .11 m2			Sold
Seventh Floor \| Floor Plan : Plan
7A2	3 - bedroom	7		92 .62 m2	115 .79 m2			Sold
7A1	2 - bedroom	7		91 .51 m2	110 .11 m2			Sold
7A20	2 - bedroom	7		91 .51 m2	110 .11 m2			Sold
7A18	2 - bedroom	7		83 .90 m2	102 .18 m2			Sold
7A16	3 - bedroom	7		92 .63 m2	115 .49 m2			Sold
7A15	3 - bedroom	7		93 .74 m2	116 .74 m2			Sold
7A13	3 - bedroom	7		93 .16 m2	116 .40 m2			Sold
7A12	3 - bedroom	7		93 .16 m2	116 .40 m2			Sold
7A11	2 - bedroom	7		90 .81 m2	109 .32 m2			Sold
7A9	3 - bedroom	7		93 .16 m2	116 .40 m2			Sold
7A10	2 - bedroom	7		90 .81 m2	109 .32 m2			Sold
7A8	2 - bedroom	7		84 .22 m2	102 .54 m2			Sold
7A7	1 - bedroom	7		61 .25 m2	75 .17 m2			Sold
7A6	3 - bedroom	7		93 .74 m2	116 .74 m2			Sold
7A5	3 - bedroom	7		92 .63 m2	115 .49 m2			Sold
7A4	1 - bedroom	7		61 .94 m2	75 .95 m2			Sold
7A3	2 - bedroom	7		83 .90 m2	102 .18 m2			Sold
Eight Floor \| Floor Plan : Plan
8A10	2 - bedroom	8		82 .50 m2	106 .31 m2			Sold
8A19	3 - bedroom	8		89 .30 m2	116 .55 m2			Sold
8A18	2 - bedroom	8		81 .50 m2	101 .81 m2			Sold
8A17	1 - bedroom	8		60 .00 m2	75 .96 m2			Sold
8A16	3 - bedroom	8		89 .00 m2	115 .79 m2			Sold
8A20	2 - bedroom	8		82 .50 m2	107 .20 m2			Sold
8A15	3 - bedroom	8		90 .00 m2	116 .92 m2			Sold
8A12	3 - bedroom	8		89 .30 m2	116 .55 m2			Sold
8A8	2 - bedroom	8		80 .50 m2	100 .73 m2			Sold
8A11	2 - bedroom	8		82 .50 m2	106 .31 m2			Sold
8A1	2 - bedroom	8		82 .50 m2	107 .20 m2			Sold
8A2	3 - bedroom	8		89 .30 m2	116 .55 m2			Sold
8A5	3 - bedroom	8		89 .00 m2	115 .79 m2			Sold
8A6	3 - bedroom	8		90 .00 m2	116 .92 m2			Sold
8A7	1 - bedroom	8		60 .00 m2	75 .96 m2			Sold
8A4	1 - bedroom	8		60 .00 m2	75 .96 m2			Sold
8A9	3 - bedroom	8		89 .10 m2	116 .32 m2			Sold