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Money laundering for tower construction keeps office rents high 

2023-06-25 19:00:58Biznes SHKRUAR NGA REDAKSIA VOX
Money laundering for tower construction keeps office rents high 
Tirana

Office prices for real estate agents will continue to remain high this year. The main reasons affecting the non-change of prices are, firstly, the phenomenon of money laundering in the construction sector, the increase in the cost of construction materials, as well as the high demand for office premises for rent.

Fatjon Hysenbelliu, head of the "Future Home" real estate agency, says that even this year, rent prices for the office market will be stagnant. Mr. Hysebenlliu emphasizes that despite the fact that the offer for luxury rental premises is higher than the demand, construction entities do not offer a total price reduction as they use their investments for money laundering.

According to him, the high offer for free premises in towers in the elite areas of Tirana can bring down prices, only in case of negotiations between landlords and interested businesses.

"This category of investors see these environments as a form of 'Money Laundering'. The prices in the elite areas will not suffer a reduction, but will remain at the current levels, until the mentality of entrepreneurs accepts the logic of business development in these towers".

Sources from the real estate agency market told "Monitor" that builders are the category that benefits the most from money laundering in the rental market. The rest is minimal, as it takes time to collect value.

The money laundering scheme, according to them, is similar to the financial schemes of avoiding obligations, where the lease is made as a contract on the basis of two NIPTs. The rent declarations become real, but the values ​​are amortized through VAT and annual expenses.

All the values ​​they collect through the NIPT number do with the discharge of expenses that a construction company may have, collecting VAT or other payments declared with over-invoicing. The value of rent collection through this scheme remains "clean" in the account of the builders.

The use of money laundering schemes in the construction and real estate sector has also been encountered by the General Directorate of Prevention of Money Laundering. During 2022, this institution in its annual report published 8 typologies of schemes that have been suspected as forms of money laundering in the country.

Most of the typologies basically have investments in real estate, where there are at least three related to them, but there are also suspicions about the use of public funds, suspicious transfers also linked to criminal groups.

All these encountered typologies have been sent to the relevant authorities by this directorate, to be investigated and then come to more accurate conclusions about what they represent.

Other reasons why prices do not decrease

Other real estate agents point out the reasons for the high office prices are the building materials and the increased demand, especially from foreign businesses. Stela Dhami, from "Colliers", asserts that office rental prices, at least for a short-term period, are not expected to decrease, due to the increase in the cost of construction.

"In the short term, we do not anticipate any price reduction, because the current cost of construction, as well as the tax burden for builders has increased, all these increases will be reflected in price increases for the final consumer, who is also the user of the offices.

The most profitable from these transactions will remain those landlords, who understand the current requirements of landlords and always make a comparison of buildings, before making the final decision on where to move the business activity", underlines Stela Dhami, from "Colliers". .

Lorina Radi, real estate agent at "Century 21 CPM Smart", claims that there is no tendency for price reductions, as the demand is high. "Rental prices for offices are expected to stay at these levels."/ Monitor


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