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"Strategic crime" with "Durrës Yacht & Marina"

2022-12-24 08:55:59Biznes SHKRUAR NGA REDAKSIA VOX

"Strategic crime" with "Durrës Yacht & Marina"

The increased interest in Albania as a tourist destination encouraged numerous investments in the hotel sector in the country, especially in the coast of Durrës.

Within a few years, an area devalued, due to indiscriminate constructions after the 90s (inciting even terms such as "Golemization") turned into a model of tourism development in the country and has attracted almost half of foreigners in the country, according to INSTAT statistics, giving added value to the economy, encouraging employment and consumption.

The area of ​​construction permits granted for hotels in the country has multiplied since 2017, reaching a record level of 419 thousand square meters in 2019. These investments were private initiatives of entrepreneurs, almost all local, realized with loans, advance payments received from tourist agencies and profits made earlier.

The government, for its part, was too slow to follow the rapid pace of investment. Even today, when more than 5 years have passed since the rapid development of the area, the infrastructure of a few kilometers has not yet been completed, "devaluing" the investments of the entire area, negatively affecting the image that foreign tourists have of the country.

Their comments on the networks often emphasize the contrast that exists between private investment and heavy infrastructure down to such details as waste management.

In contrast, the state was not so slow and inattentive to the investment in the area of ​​the Port of Durrës. The "Durrës Yacht & Marina" project, where the state is a 33% shareholder, quickly gained the status of a strategic investor.

In addition to this status, through which the investing company benefits from numerous facilities, as the government has given it the right to use the state land of 80 hectares, the state, according to the provisions of the law, can support it with the auxiliary infrastructure, which serves for the preparation, implementation of project and investment realization, such as roads, water supply, sewerage, electricity and telecommunications. As if these were not enough, the strategic investment is also exempted from other taxes.

Only from the forgiveness of infrastructure and social housing tax (respectively 4% and 3% of the sale value), the state has made available for strategic investment 150 million euros (7% of the estimated amount that will be collected only from the sale of apartments), which could be used by the local government for the development of the city. While only the project land has a value, with today's market prices of around 400 million euros.

For the sake of a strategic investment, with a declared value of over 2 billion euros, all of this would be acceptable, as the benefits it would bring to the economy, tourism and employment would exceed several times the value of public assets donated and taxpayers' money forgiven.

We would not have any prejudice if this was a project like all the others, since any investment that brings capital, experience, improves the country's image, brings employment, promotes tourism, is undoubtedly good for the economy. Even the strategic change of the city of Durrës from a port destination to a tourist destination is to be appreciated, attracting foreigners (if they manage to use the advantage of the passport). Even the Port was planned to be moved anyway, due to the limited development spaces where it is, as has happened in other large European cities, where the port has been moved from the city.

But the more details of the project become public, the more it is clear that this is not just a strategic investment. Of the construction area, about 93% will be residential area, while there will be few hotels with about 850 rooms (only one or two hotels in the coastal area of ​​Durrës, which has a total of about 17 thousand beds, according to data from Taxes). The initial investment required is only 180 million euros and the agreement allows for a lot of flexibility in financing schemes.

In a contract, which as a strong point has the guarantee received from the state, for the sake of the strategic relationship, the buyers are required to prepay quickly within 5 days 20% of the value, and another 20% before the construction begins . A "strategic investor", who actually went to the free market to collect money!

Giving away public property, supporting it with infrastructure and giving away taxpayers' money to a real estate project, such as has been common in the country for the past 30 years, where the investor collects the money before selling the apartments, is a crime that it is done to all the citizens of the country. Above all, it is discrimination against all those other entrepreneurs (mainly local) who today are trying, by all means and without any help from the state, to survive the consequences of the pandemic and the increased costs of operating the activity . /monitor


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