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Property Investment In Albania And Tax Related Issues

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Construction costs are a big issue, with confusion commonabout what items can be depreciated and what is a capital works deduction of2.5 per cent a year.

Deductions can be claimed for the decline in value of sometypes of depreciating assets in residential rental properties, for examplecurtains, blinds, dishwashers, refrigerators, stoves, television sets and hotwater systems.

*CONVEYANCING costs, which instead form part of the costbase.

*TRAVEL expenses where the main purpose of the trip is a holiday and theproperty inspection is incidental to that.

*EXPENSES relating to private use of the property.

*INTEREST on any private portion of a loan that is used for both investing andprivate purposes.

Depreciation schedules have been around for a while but notwell advertised. It's amazing what the quantity surveyors find that can bedepreciated.

A depreciation schedule costs about $500 for a typicalthree-bedroom investment property in .

People should keep records of their expenses with their taxreturn.

In Albania's growing economy, real estate has emerged asone of the most appealing investment areas for domestic as well as foreigninvestors. Apart from the economic growth which is spurring growth in the realestate sector, the recognition of the need to invest heavily in infrastructureand of involving private participation therein, the recent legislation regardingcreation of Special Economic Zones (Albania One Euro plan) and the growth ofroad concession contracts witness it.

The tax rules described above apply totally to the propertymarket in Albania.

The Terranova Residence allows you to profit from the fast developingresidential real estate market in Tirana.

This development is designed for the growing mid-market sector of theresidential market. The developing economy has creating a rapidly emergingmiddle class. This emerging middle class is looking to improve their status'including moving to new higher standing apartment buildings.

Situated next to the new Tirana ring, the development is aimed at youngupwardly mobile professionals. The urbanization also brings more and more newcomers to Tirana giving excellent growth prospects as Tirana's economy isflourishing.

Location

The Terranova Residence is built on a plot situated at 400m from the new Tiranaring and the Kavaja Street one of the two main access road of Tirana (see map).

Transport

The Terranova Residence has excellent access to the public transportation ofthe Kavaja Street and the New ring road.

Services

The supply of the area with services is exceptionally good, all basic and tradeservices are accessible on foot.

Building

The Terranova Residence is a contemporary scheme of 1, 2 and 3 bedroomapartment's part of the UNAZA new quarter which has been designed to be anaffordable, yet practical development, providing a perfectly balanced lifestylefor its residents and an unbeatable opportunity for investors. The TerranovaResidence is a freehold mixed use building comprising commercial ground andlower ground and residential upper parts with a total of 10'000m2.

The commercial areas comprise mini-market, laundry services, restaurant andsome bars on the ground floor. 50 parkings are located on the undergroundfloor. There are eight residential floors comprising more than 100 selfcontained flats, a mixture of one, two and three beds, with balcony and/orveranda.

The spacious residential lots to be deliver 1st quarter 2008 are built by thesubdivision of a publicly listed Greek company with million square meters ofreference.

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