From Tirana to Durrës, including the southern riviera or the coastline of Shëngjin and Tala... the new reference map will further increase apartment prices. Prices in Tirana and the northern beaches are expected to increase by 10 to 20 percent, while apartments in Himara, Palasa, Vlora and Durrës will increase by 40 to 60 percent.
With the new references, a square meter in the most frequented area of the Durrës coast, which is 'Zone 13' known as the beach neighborhood, is expected to cost 2 thousand euros, an increase of 323 percent compared to the current reference of 472 euros/meter. Similarly, apartments in Lalzi Bay are expected to become more expensive.
The new references affect not only the municipalities along the coast but also other cities that have experienced a development boom in recent years. The lack of property references for all municipalities in the country also caused the postponement of the real estate revaluation announced to take place last year.
The Ministry of Finance has submitted for public consultation a draft law that provides for the revaluation of real estate with a reduced tax of only 5%. The scheme offers citizens the opportunity to declare the real value of the apartments or land they own, paying a reduced tax, compared to the standard rate of up to 15%.
The revaluation of property with a favorable tax rate aims to formalize the real estate market and improve the real property registry in the country. According to the Ministry of Finance, this initiative is expected to have a positive impact on state budget revenues and the clarity of property documentation.
The draft law foresees that the revaluation process will be carried out voluntarily by citizens, who will have to engage a licensed expert for the real valuation of the property. Once the new value is approved, the citizen pays a 5% tax on the difference between the current and previous value.
The initiative is similar to the one in 2020, where over 70 thousand citizens benefited from the revaluation scheme. Currently, the draft is under public consultation and citizens or interest groups have the opportunity to provide their opinions until the end of August. (A2 Televizion)
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