Up and down prices for emerging European residential real estate markets
|Wednesday, 10 August 2011|
Parts of the Baltic are seeing mixed fortunes in their real estate markets with some countries and cities with property price increases and others where values are continue to fall.
Apartment prices in Vilnius have remained stable in July with the Ober-Haus Baltic Apartment Price Index showing an average price of €1,208 per square meter. It means that the annual growth of apartment prices has decreased to 2.8%.
In June, the annual growth of apartment prices in the city was 3.6%. From the peak of the market in December 2007, to July of this year, apartment prices in Vilnius have dropped by a total of 39.1%.
Compared to a year earlier, the average apartment price has increased 15.8% to €1,016 per square meter. But the number of transactions has decreased in the first half of the year, down by 7.4% comparing with the same period in 2010.
From the peak of the market in April 2007, average apartment prices in Tallinn have dropped by 40.5%.
According to Albania's deputy minister of tourism, Suzana Turku, Albania was visited by 1.2 million tourists between January and June of this year while revenue from tourism increased 8.5% in the first half of 2011 compared to the same period last year.
According to Ravin Maharajah, partner of Lalzit Bay Resort & Spa, a five star luxury residential development located on Albania's Adriatic coastline comments, Albania will burst forth as a tourist destination in the next five years generating considerable revenue.
‘Albania has rebranded itself offering a low cost of living, rapidly developing infrastructure and striking physical beauty, all the ingredients needed for the perfect tourist destination,’ he said.
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