Fiona Bosticky’s Fresh Property Albania Blog - Albania Properties, Albania Real Estate Market, Albania Estate, Albania Travel, Albania Tourism

Posts Tagged ‘Kotor’

I recently had the opportunity to cross the northern Albanian border, into the more popular and more reputable “Montenegro” - Balkan treasure and holiday spot of the stars (this summer saw Pamela Anderson visit).  I must admit, my expectations may have been a tad high, considering everything I’ve heard about this small Balkan nation with Europe’s most southern Fjord.

Of course, I know the facts and figures, especially that Montenegro is the most corrupt country in the Balkans, even more corrupt than Albania.  So I wasnt surprised when the Immigration Control tried to solicit a bribe from me, saying my UK driving licence was not valid in Montenegro - yeah right - very funny, like I was falling for that one.

Also I know the biggest driver for the economy is tourism and real estate, which boomed with masses of foreigners buying land and apartments from 2006 to 2008.

Once inside the country, the road from the border to Bar, was similar to Albanian  road - narrow and in “ok” condition, and mostly empty.  After reaching Bar, the road improved and I encountered more traffic on the road.  Immediately I noticed that Montenegrin drivers were a lot different to Albanian drivers: they didnt drive like maniacs, they were more considerate and less “suicidal” - no-one overtook me on a corner even once.  Overall, I could feel there was a lot less traffic in general on the road, than in Albania.

But it is the scenery, mountains and seaviews that make the coast of Montenegro so memorable.  In a lot of ways it is very similar to the Albanian Riviera - just breathtaking.  It was only when entering Kotor in the Fjord, and driving around the edge to Hercig Novi, that was really unique and outstanding.  I couldnt control my “ooohs” and “aaaahs”.

Overall, here are the main differences I noticed between Montenegro and Albania:

Construction

The construction design was 100 times better in Montenegro.  Clearly Montenegrins care about their small section of the planet.  Some designs were amazing, especially historical looking buildings, apartments and villas.  Also most were not building to 100% of their land footprint like in Albania.  So I must give credit to the architects and constructors here.

Real Estate and Property

Following on from the construction design, it was understandable why there was a real estate boom here.  With limited land space, and sea views, and quality, it makes sense that foreigners would like their own small slice of property paradise.  Prices in some locations had breached EUR4,000 per sqm in the height of the boom.  Clearly prices were coming down in 2009, and there were advertisements for property reduced to EUR2,000 per sqm and even EUR1,700 per sqm.  Of course the lower prices had no sea view, but most apartments offered a swimming pool.  This is something constructors in Albania havent really caught onto yet - that foreigners like their swimming pools.  It makes a nice alternative to a salty sea.

But with comparable real estate in Saranda for EUR900 per sqm, and similar rents, Albania is looking like a better investment at this point.

Only Holiday Season

Being October, it was clearly outside the “holiday season”, and the whole place felt a little dead.  A lot of bars, restaurants and facilities were closed and locked.  For real estate investors, it seems like there is little potential to rent your investment property outside of summer.  Budva was especially dead, and it felt almost abandoned.  Kotor was a little more bustling, especially with a bus load of Japanese tourists being shown around.

The Albanian main resort towns of Durres, Vlora and Saranda, are quite busy all year round, and the possibilities to earn rental income all year are better in Albania.

Unfriendly Locals

Maybe I was in the country on the wrong day, but I did not find the locals friendly at all - from supermarkets to bars and restaurants.  Maybe they were upset summer was over.  Although I should mention, they were a lot friendlier in Ulqini than anywhere else.

History

Montenegro does know how to look after and preserve its history.  Most beachside towns have a historical “Old Town”, which is well-maintained and in very good condition.  Unfortunately Albanians do not appreciate or maintain their historical buildings in Albania.  This is very sad.  In Durres, new construction has been built on top of the oldest part of town.  And when a developer was not given permission to destroy the 2nd century Roman Amphitheatre, they poured concrete all over the remaining structure.  In Vlora, a coastal town established since the 6th century AD, has no substantial historical sites.  And in Saranda, the most southern coastal town in Albania, a developer built a “20 storey monster” on the ruins and remains of Saranda castle.  Such a shame for Albanian heritage….

Beaches

One thing is for sure, the beaches in Albania are a lot better.  I heard the beach south of Ulqini is excellent, but every beach I saw north of Ulqini pales in comparison to the beaches in Albania - eg. Lalzi Bay, Spille, Ksamil, etc…

Sveti Stefan Montenegro

Overall

I enjoyed the few days I spent in Montenegro, and I can see why the coast captures so many hearts.  They are certainly leagues ahead in attracting foreign tourism and tourism investment, especially spas, resorts and luxury hotels.  But clearly tourism is their only real income earner, leaving the country empty for most of the year.

I hope Albania can embrace the same passion for tourism like Montenegro, yet keeping their friendly and helpful manner.