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Shkruar nga Pamfleti
The coast is in danger of becoming 'inaccessible' to buy real estate. The surge in salt prices will not stop, especially after the new references that the working group at the Ministry of Finance is drafting.
Report TV learns that the price per square meter, which will be used as a reference, in Kavaja will increase by an average of 52%, in Durrës by 61%, Saranda by 86%, Vlora by 88% and in Himara the average increase will be 111%.
New property references are expected to be public next year. This time frame is being used by buyers, who are 'abandoning' the capital and running towards the coast, to take advantage before the situation changes.
"In the last two years, Tirana has started to stabilize the price market, beyond the marketing that is done for the towers that are coming out with high prices, when the transaction is done it is in negotiation. There is a lower rate of price increases in Tirana, while there is a lot of interest in the coast due to tourism," says Reinaldo Pipiria, head of NAREA, the Real Estate Association.
The approval of the new references will directly lead to an increase in property prices almost throughout Albania, with the exception of Tirana, where the property price ceiling was approved in 2023.
The price increase of apartments will be done automatically as the reference determines the ceiling below which a property cannot be sold, while there is no limit above this value. So if a property in neighborhood 13 or the beach area in Durres can be bought for 700 euros per square meter, with the setting of the new reference the value will be no lower than 2000 euros per square meter.
Report TV learns that a square meter in Durrës will reach up to 2,000 euros, up from 675 euros today. Likewise, in Vlora, in the most frequented area of the coast, Lungomare, it will cost 2,000 euros, up from 620 euros currently.
Property prices in Himara will also experience a strong increase, where the average price per square meter today is 580 euros, reaching 1,400 euros, or in Saranda, where the average price per square meter is 560 euros, reaching 1,000 euros. The value per square meter will also increase by almost 200 euros for the Municipality of Kavaja.
New property references are expected to be public next year. This time frame is being used by buyers, who are 'abandoning' the capital and running towards the coast, to take advantage before the situation changes.
"In the last two years, Tirana has started to stabilize the price market, beyond the marketing that is done for the towers that are coming out with high prices, when the transaction is done it is in negotiation. There is a lower rate of price increases in Tirana, while there is a lot of interest in the coast due to tourism," says Reinaldo Pipiria, head of NAREA, the Real Estate Association.
The approval of the new references will directly lead to an increase in property prices almost throughout Albania, with the exception of Tirana, where the property price ceiling was approved in 2023.
The price increase of apartments will be done automatically as the reference determines the ceiling below which a property cannot be sold, while there is no limit above this value. So if a property in neighborhood 13 or the beach area in Durres can be bought for 700 euros per square meter, with the setting of the new reference the value will be no lower than 2000 euros per square meter.
Report TV learns that a square meter in Durrës will reach up to 2,000 euros, up from 675 euros today. Likewise, in Vlora, in the most frequented area of the coast, Lungomare, it will cost 2,000 euros, up from 620 euros currently.
Property prices in Himara will also experience a strong increase, where the average price per square meter today is 580 euros, reaching 1,400 euros, or in Saranda, where the average price per square meter is 560 euros, reaching 1,000 euros. The value per square meter will also increase by almost 200 euros for the Municipality of Kavaja.
Pipiria says that the new references will burden buyers as they are not based on an accurate study.
"When reference prices are set a priori and do not go towards the real market value, based on transactions in the area where a property is located, the property is automatically exposed to an unrealistic fiscal burden. A property worth 100 thousand euros but the reference price is 130 thousand euros automatically has the difference of 30 thousand euros charged to the real price," says Pipiria.
Awaiting the final draft for property values throughout the country, not just on the coast, Report TV learns that the Ministry of Economy has begun work on a new methodology for determining reference prices, no longer based on transactions declared in the Cadastre, but will be based on a better market study through surveys or polls.
This change in methodology could further increase the aforementioned values, as the value of property transactions is often under-declared to avoid paying the high 15% tax. / Shqiptarja.com
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