In Euronews Albania, the increase in the reference price for real estate was discussed, which is expected to lead to an increase in market prices.
Tirana has a large stock of vacant apartments, numbering up to 40,000. Some of these belong to owners who have registered them as second or third properties and are not utilizing them. But will a fiscal policy related to property tax increase encourage these property owners to put their properties on the market?
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| Photo near the artificial lake of Tirana where the construction of numerous buildings is concentrated |
Merita Toska, an educator, expressed her opinion to Money: "I don't think this is the factor that would lead to the sale of properties. First of all, property owners will transfer the cost to the consumer, meaning we will see an artificial increase in sales and rents. Secondly, I think that rather than taxing second or third homes, we should start collecting them uniformly, where the same category of people pays the same, and, of course, property rights need to be regulated. When you have an entire building unregistered in the Real Estate Registry, how can we go and pay the tax? So, on one hand, the state does not fulfill its obligations to force builders to register the property, and on the other hand, it seeks to collect the tax. On the other hand, I hope that with the same prices, property confiscation will also take place."
On the other hand, an economic expert, Bardhi Sejdarasi, stated: "The construction sector is a sector that has seen a lot of informal money entering, which has distorted this status. As I said, those who have earned money from illegal activities don't feel it. It's a cost for money laundering, which adds to the cost of maintaining apartments. Some of them may sell, but it won't make a difference because it doesn't seem to bring about a natural development of the economy, supply, and demand, as it is presented...demand to buy at a price of 2500-4000 euros per square meter is unlikely when we know the level of wages that citizens can afford these prices."
"The increase in taxes doesn't take me there. Only 30% of the potential is collected, and when citizens don't pay above this level, why would they be willing to pay a higher tax rate? There is no mechanism that solves the sale of unused properties, as the amount of this tax does not pose a big problem. After all, those who hold properties of considerable value have no problem paying for the property they have not rented out, as the amount of this tax for this category does not pose a major problem."