Albania, record investments by the Private Sector in Tourism

Green Coast, is an ultra-modern landmark development in Albania, representing a remarkable investment of over 1 billion euros. 

Albania stands out among European countries, demonstrating some of the most promising growth in terms of tourist numbers over the last two years. In 2023, Albania recorded over 10 million tourists, a figure that was not even predicted years ago. Additionally, for the first quarter of 2024, approximately 1.7 million visitors were recorded. Travel agents highlight that there are more bookings from foreigners this summer season compared to last year. The increase in tourist numbers in the country has been consistent, suggesting that this trend will continue in the upcoming years. 

Despite the increasing numbers of tourists, Albania is experiencing rapid growth driven by substantial private investments in its tourism sector. Nevertheless, its potential remains underappreciated and under-discussed, despite representing the foundational stages of building a sustainable tourism industry. Thanks to significant investments in this sector, both hosting capacities and standards have significantly improved. Therefore, Albania has started positioning itself more prominently to compete with other countries in the region that have consistently achieved high levels of performance for several years. 

In Albania, as well as in the Western Balkan region, the largest investment remains Green Coast, with an investment value of over 1 billion euros, and setting a new standard in Albanian tourism, as a leading investment of the BALFIN Group. Situated in the most picturesque part of the Albanian Riviera, Green Coast is distinguished by its luxurious and high-standard facilities. These include a shopping center, a seaside promenade, a Blue Flag certified beach, restaurants, bars, luxury boutiques, underground parking, a children’s playground and many other accessible services, all carefully designed to provide optimal conditions for tourists and residents alike. This makes Green Coast the most ambitious project in Albanian tourism, favored by international visitors for leisure and prime real estate investment. Since the inception of its first phase, Green Coast has garnered elite tourism attention from neighboring countries, sparking inspiration for many other projects based on its success.  

The residential part, which has been inhabited for several years, has also emerged as a prime destination for many football and music stars who not only choose Green Coast for their summer vacations but also for real estate investments. Year by year, Green Coast is transforming into a destination akin to Mykonos, drawing the attention of famous national and international brands. MGallery by Accor, is just one of the prestigious brands that will bring another level of hospitality and premium services to Green Coast, ensuring the success of this project. Green Coast also emphasizes convenience and comfort through a comprehensive package of services including maintenance of common and green areas, street lighting, beach maintenance, 24/7 security, and additional services such as vacation rentals and an exchange program. 

Green Coast is envisioned as an ultramodern Mediterranean destination, showcasing the expertise of two esteemed international architecture studios. The first phase is brought to life by "Iraci Studio," unveiling a project distinguished by a minimalist Mediterranean style and a contemporary conceptualization reflected in the villas' exteriors and their interior decoration. The second phase of the project is led by the esteemed studio EAA-Emre Arolat, renowned for receiving prestigious accolades such as the "Mies Van der Rohe" award for European architecture and the "Aga Khan" award for architecture.  The architectural design of the second phase seamlessly integrates with the surrounding environment, respecting the natural relief of the rocky terrain where the project is situated. 

Albania is witnessing a growing trend in the demand for investments in real estate, particularly in residential and tourist projects like Green Coast. 

*This article discusses real estate and investment opportunities in Albania's tourism sector. Any investment decisions should be made based on individual circumstances, preferences, and goals. Readers are encouraged to seek advice from a qualified financial or real estate professional before making any financial commitments.