Will the revaluation bring vacant properties back to the market? 33% of the country's housing stock is uninhabited. The process could revitalize the sector
With the entry into force of the law on property revaluation, Albanian owners now have the opportunity to register and revalue their properties with a 5% tax rate, until December 31, 2026. This process, beyond the significant increase in transactions, saving families who want to sell their property or even the state coffers, could have a direct impact on the vacant property market, encouraging the sales and use of properties that currently remain unoccupied throughout the country. For an owner who has an empty apartment and is not using it, this reduction makes it more profitable to sell or use it because the tax will not burden the transaction.
For example, in the Vlora region, where more than half of the housing is uninhabited, revaluation could be the catalyst for owners to invest in repairs, rent or sell, spurring the movement of capital into the local market.
According to data from INSTAT, out of 1 million 82 thousand existing homes in Albania, around 33% of them remain empty, with the Vlora Region having the highest share of uninhabited homes, with 52.2%.
Above the national average, Durrës, Gjirokastra and Lezha also have high percentages of uninhabited housing, which range between 35% and 43%. Other regions have lower percentages, where we can single out the capital, which has the largest number of housing units and the lowest percentage of empty housing. According to the structure, the highest percentage of uninhabited housing results in apartment buildings, with around 40%.
The phenomenon is explained by several factors: emigration, investments in property for savings purposes, construction for seasonal tourism, as well as keeping assets off the market for fiscal reasons or expectations of further price increases.
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