1% for every one year: The older the apartment, the more the reference price will reduction
Example: For an apartment in the former Train Station, Tirana built in 2000 years, with an area of 80 m2 and a reference price of 135,800 ALL, a 1 percent reduction will be applied for every one year of construction. So in this case, a total reduction of 24 percent will be applied to the reference and the transfer of ownership will be based on a total reference price of 8,265,640 ALL from over 10.800,000 ALL that would be.
According to experts, this will help the entire sale process for all old, depreciated properties, which really cannot be sold because there is a higher than normal tax on them. In relation to the estimates of 2018, the average increase in reference prices for the 32 cadastral areas of the capital in July of last year increased by 5 to 76 percent or an average of 29,600 ALL per square meter. The new reference prices consequently increased the property tax value for citizens and businesses.
At a time when, after the changes in the capital in the middle of last year, references are expected to be revised in coastal areas, the new instruction of the Ministry of Finance and Economy will force the application of 1 percent depreciation for apartments outside Tirana.
