TIRANA, Nov 21 /ATA/ – The Minister of Finance Petrit Malaj said Thursday that the process of setting new reference prices in 60 municipalities across Albania will complete within 2025 and the citizens will be provided the opportunity to re-evaluate their properties at a lower fee.
Speaking at a joint press conference with Anke Weber, the Head of the International Monetary Fund (IMF) Mission team, and Gent Sejko, Governor of the Bank of Albania, Finance Minister announced that the process of establishing new reference prices has completed in 14 larger municipalities across the country.
“In addition to the properties re-evaluation process, new reference prices are being set in all municipalities, except Tirana, since current price tags don’t reflect the market’s real prices. We are proposing that establishment of new reference prices and the re-evaluation process take place concurrently in 60 municipalities, so that the citizens can be provided the opportunity to carry out property re-evaluation at lower cost,” Malaj said.
The decision to postpone real estate re-evaluation process comes after plans for a September launch were stalled due to unfinished reforms concerning national property reference values.
The initial phase will focus on determining reference prices in cities outside of the capital, Tirana, before beginning the broader re-evaluation process.
As the Prime Minister Edi Rama has already announced this is set to be the last re-evaluation process and the new price reference in other cities across the country and in the coastal areas in particular will automatically increase the value of properties.
In 2023, reference prices for Tirana were approved, resulting in property value increases of up to 30% in premium areas. The comprehensive re-evaluation will also account for a 1% depreciation related to the age of properties.
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