Albania’s construction sector is booming, according to official figures, growing by over a quarter in the past year.
The data, from Albania’s institute of national statistics, INSTAT, show the country’s GDP grew by an impressive 2.53 per cent in Q2 of 2015. Albania’s growing property industry is one of the key drivers of this increase: the construction sector recorded 24.49 per cent growth in comparison to the same period last year.
The Albanian government have recently suggested that they are preparing new policies to improve the tourism sector in line with this, hinting at the reduction of value-added tax (VAT) for accommodation facilities. Using the success of one sector to strengthen another, Sonja Popa, director of tourism development in Albanian Ministry of Economic Development and Tourism advises that they have proposed a reduction of VAT to “about 10 per cent”.
Now an additional pillar industry for the country, Albania’s tourism levels are also significant to the success of the country’s economy. The number of tourists visiting Albania, be it to see the beautiful Adriatic coastline or the historical cities of Berat and Gjirokaster, is increasing with this summer season having welcomed 25 per cent more visitors overall compared to 2014.
According to INSTAT, the second quarter of 2015 has also seen a 42.1 per cent increase in the number of foreigners who were visiting for vacation purposes.
Peter Walshe, Sales & Marketing Director of Albania’s first affordably luxurious resort, Lalzit Bay Resort & Spa, comments: “The excitement around Albania is continuing to build as it begins to draw parallel with other European summer tourist hotspots. With a stabilising economy and growing construction and tourism sectors, the element of the unknown surrounding Albania is starting to dissolve, leaving behind a heightened curiosity of what this beautiful, mostly undiscovered, country has to offer.”