Alabbar arrives in Albania to create “the second Monaco in the globe”

It’s a bold remark coming from someone who has accomplished pretty much everything in the real estate industry, including building the Burj Khalifa, the tallest tower in the world.
“I am doing something that has never been done before, never,” says Mohamed Alabbar.
That “something” is the spectacular $2.5bn Durres Yachts and Marina project in Albania, being developed by his Eagle Hills Group of companies.
When complete, it will be the largest ever superyachts marina in the Mediterranean, and a complete transformation of part of the Albanian coastline in the city of Durres.
“The world needs more than one Monaco, and this is where it’s going to be,” he says, adding: “I love Monaco, but it’s so tiny and demand is so high.
“So here’s my promise: I’m going to give the world another Monaco.”
Early signs are he will more than succeed. The project is being designed as “one of the most sustainable new cities, incorporating eco-friendly practices, green spaces and smart technology to reduce air pollution and CO2 emissions.”
The development will accommodate yachts and superyachts of up to 120m, along with hotels, private residences, promenades, shops, restaurants and entertainment. It will also include Albania’s first ever terminal for international cruise liners.
More than 80,000 square metres of parks and open spaces, and 170 shopping stores, are also being planned.
But it is more than just fancy words and dreams – like any development, it comes down to the numbers.
“It is a fact that nobody can argue with, that property by the water is around 35% higher in value. Not only are such spots limited around the world, but there are very limited areas in the Mediterranean where you can do something like this. And quite simply, living by the water and yachts is an incredible lifestyle,” says Alabbar.
The project is being built in Durres, one of Albania’s oldest cities, founded in 627 B.C.E.
“Albania is the last secret in Europe. My previous knowledge has served me well enough that I can do something that has never been done before.
“And what we are doing is mixing our art with food and music. People want, demand, a beautiful life, so that’s what we are planning to deliver here,” he says, adding: “When you compare Albania to the rest of the region, it is the most attractive value in comparison to all the countries around it.”
But as with everything Alabbar does, it is first and foremost about the numbers.
“I’ve been doing this for thirty years, so I know that when it comes to virgin lands, those not by the water, those who come and buy first will at the very minimum double the value of their property.
“In Downtown Dubai it was three times the original value, and also with the projects we did in Serbia. In Egypt we saw four times the value delivered for buyers.
“But in general, you are looking at doubling the value of your home by the time you take delivery, if you are one of the first buyers.”
It’s a tall order. But with likes of the Burj Khalifa and Dubai Marina mega-projects already under his belt, Durres looks like a walk in the park. Or a stroll along the promenade, where he would prefer to remain.