© Nova univerza, 2018
DIGNIT AS
Revija za človekove pravice
Slovenian journal of human rights
ISSN 1408-9653
Real Estate Valuation Analysis in Kosovo
Visar Hoxha in Alenka Temeljotov Salaj
Article information:
To cite this document:
Hoxha, V., Temeljotov Salaj, A. (2014). Real Estate Valuation Analysis in Kosovo, 
Dignitas, št. 63/64, str. 103-115.
Permanent link to this doument:
https://doi.org/ 10.31601/dgnt/63/64-6
Created on: 16. 06. 2019
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DIGNITAS n Real estate valuation analysis in Kosovo
AbSTRAcT
The purpose of this research paper is to provide an overview 
of the structure of real estate valuation practices in Kosovo with 
the special emphasis on property valuation using GIS system. 
Furthermore, in this paper we will examine the real estate valua-
tion and its methods, the implementation of standard methods of 
valuation, the source of data for real estate valuation such as Im-
movable Property Rights Register in Kosovo (Section 1 of Law no. 
2002/5 dated 17.10.2002 on the establishment of the immovable 
property rights registries), Kosovo cadastral Land Information 
Systems, and WebGIS, and the purpose of real estate valuation 
in Kosovo such as expropriation, mortgage, taxation, and prop-
erty transactions. The methodology used in this research is based 
upon the critical review of the existing literature on the matter, 
whereas empirical information was obtained through structured 
interviews with practitioners in Kosovo. The real estate valuation 
in Kosovo can also be conducted through GIS system, which en-
tails both time and technology. because of data and technology 
constraints we are obliged to focus this study only on the capital 
of Kosovo, Prishtina and apartments in Prishtina as a particular 
type of property. There are two ways of real estate valuation by 
means of GIS. First, we can create a model in which we input all 
independent variables that affect the value of real estate such as 
location, proximity to the road, proximity to urban traffic and so 
forth only for Prishtina. Second we can develop a model through 
Multi Regression Analysis and using a software such as ArcGIS 
and MapInfo. The main source of GIS data is the Kosovo cadastral 
Agency through its GIS Directorate, in particular air photograph-
ing. Research results show that the most commonly used valua-
Real estate valuation analysis  
in Kosovo
Visar Hoxha in Alenka Temeljotov Salaj

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DIGNITAS n Državljanstvo, integracija in pravo nepremičnin
tion method in Kosovo is sales comparison approach. It is seen 
that GIS software and GIS collected data can be very useful in 
identifying appropriate comparables in Kosovo. We find that the 
law that regulates the real estate needs to be amended in order to 
make it mandatory for the real estate owners to register the actual 
real estate price, which would provide real comparative statistics 
to the real estate appraiser.
Keywords: real estate valuation, Kosovo, GIS system.
Analiza ocenjevanja nepremičnin na Kosovu
IzvLečeK
Namen raziskovalne naloge je podati pregled prakse s področja 
ocenjevanja vrednosti nepremičnin na Kosovu s posebnim pou-
darkom na vrednotenju nepremičnin z uporabo GIS sistema. Po-
leg tega so v prispevku proučevane realne cenitve nepremičnin, 
uporabljene metode in implementacija standardnih metod vred-
notenja. Uporabljeni viri podatkov za vrednotenje nepremičnin 
so zemljiška knjiga (člen 1 zakona št. 2002/5 z dne 17. 10. 2002, 
Kosovo, o vzpostavitvi nepremičnega registra pravic lastnine), 
Katastrski Informacijski sistem 'WebGIS'. Nepremičninske cen-
itve so opravljene v skladu z namenom vrednotenja nepremičnin 
na Kosovu, kot so razlastitev, hipoteke, obdavčitev ter transakc-
ije. Uporabljena je bila raziskovalna metoda kritičnega pregleda 
obstoječe literature z danega področja ter empirična raziskava, s 
pomočjo izvedbe strukturiranega intervjuja s praktiki iz Kosova. 
vrednotenje nepremičnin na Kosovu je izvedeno tudi s pomočjo 
GIS sistema, vključujoč čas in tehnologijo. zaradi nedostopnosti 
širših podatkov in tehnoloških omejitev, se raziskava osredotoča 
na študijo v Prištini, ter apartmaje v Prištini kot posebno vrsto 
premoženja. S pomočjo GIS sta opravljena dva načina vrednote-
nja. Najprej je pripravljen model, katerega vhodni podatki so vse 
neodvisne spremenljivke, ki vplivajo na vrednost nepremičnin, 
kot npr. lokacija, bližina ceste, bližina mestnega prometa in tako 
naprej, samo za Prištine. Nato je razvit model z Multi regresijsko 
analizo z uporabo programske opreme, kot so ArcGIS in Map-
Info. Glavni vir podatkov GIS je Katastrska agencija iz Kosova 

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DIGNITAS n Real estate valuation analysis in Kosovo
prek Direktorata GIS, predvsem iz fotografiranja iz zraka. Rezul-
tati raziskave kažejo, da je metoda neposredne primerjave pro-
daj najbolj razširjena ocenjevalna metoda na Kosovu. v ideti je, da 
je GIS informacijski sistem na Kosovu uporaben z vidika zbranih 
primerjalnih podtakov. za namen boljše in kontinuirane statistike 
primerjalnih cen, je potrebno izboljšati zakonodajo v delu, ki ureja 
ocenjevanje nepremičnin, na način, da bi nepremičninski lastniki 
morali obvezno vpisovati aktualne prodajne cene nepremičnin v 
nepremičninki register.
Ključne besede: ocenjevanje vrednosti nepremičnin, Kosovo, 
sistem GIS
Introduction
The common recognition is that real estate markets are impor-
tant for ensuring the competitive position of mature economies, 
and as such the use of real estate as an investment asset and as 
collateral for secured lending is likely to increase in importance in 
transition economies as they approach the market based system, 
including Kosovo. The more real estate market of Kosovo becomes 
prey to international investors, including Kosovar Diaspora there 
is a greater logical link between the maturity and sophistication 
of the real estate market with the quality of real estate valuation. 
In Kosovo as part of a former communist country, the economy 
was managed centrally and there were no free market forces that 
would determine the values of real estate. With no identifiable 
marketplace, in all former communist countries of central and 
eastern europe, there was no challenge to the pre-determined val-
uation methodologies introduced by their various governments 
or to question the limitations of prices and values.
1
 Previous com-
munist economics used only one method of valuation, which was 
based on the cost approach.
2
Use of Real estate valuation in Kosovo
A valuation (appraisal) is an estimate and opinion of value. It 
is not a statement of value or a fixing of value. It is only one per-
1 
H. Gelbtuch, D. Mackmin, and M. Milgrim, Real Estate Valuation in Global Markets, Illinois, 1997.
2 
N. Triphonov, The Practice of Appraisal in Transition Economies, AJ, 2002, p. 134. 

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DIGNITAS n Državljanstvo, integracija in pravo nepremičnin
son’s opinion, based on whatever skills, training, data, dedication 
and/or objectivity that person possesses. For the same property 
different valuators may have different valuations. The economic 
interpretation of value is that the value of real estate is limited. 
Most economic resources are limited; if they can be used then the 
need for them is created. In today’s market economy such value 
is expressed in terms of prices established through the market-
ing process. In terms of marketing the placement of useful value 
to things (use) is established through the level of desire for that 
resource.
3
 In this regard bojan Grum argues that the price of real 
estate is established by the price of last unit sold. The exchange 
value of real estate is the value that grows from the total market de-
mand for real estate. The subjective use value (investment value) 
must equal the objective exchange value (market value), which is 
indicated in the form of market price.
4
Scholars argue that the occasions when the real estate valua-
tion is performed are market transactions (purchase, sale, and ex-
change; financing; leasing; management; insurance coverage or 
claim; remodeling and development; feasibility and highest and 
best use studies; exercise of purchase or lease options) and legal 
transactions (property tax assessment and tax appeals cases; es-
tate, inheritance, and gift taxes; income taxes-causal loss; depre-
ciation basis, and capital gains reporting; personal and corpo-
rate legal actions; environment impact report; loan foreclosures; 
company liquidation, merger, and bankruptcy).
5
 In this regard, 
the valuation is defined as an analytical process, based on the 
knowledge of economic principles and assessment of economic 
benefits that the real estate would produce within the uncertain 
time interval.
6
 According to structured interviews from the prac-
titioners in this field in Kosovo, the real estate valuation is usually 
performed for the following reasons: tax purposes, commercial 
purposes, Mortgages or loan purposes, and compensation from 
expropriation.
3 
B. Grum and A. Temeljotov Salaj, Interdisciplinarni vidiki nepremičnin, 2011.
4 
Id., p. 23.
5 
R. Betts and S. Elly, Basic Real Estate Appraisal, Ohio, 6
th
 edn., 2005.
6 
B. Grum and A. Temeljotov Salaj (footnote nr. 3), p. 24.

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DIGNITAS n Real estate valuation analysis in Kosovo
Normative background  
and real estate appraisal system
As stated above in Kosovo, the real estate valuation is performed 
for three following purposes: a) tax purposes; b) commercial pur-
poses; and c) expropriation.
First, the real estate valuation for tax purposes is performed 
in accordance with the Law on estimation of Real Property Taxa-
tion in Kosovo. According to chapter 2, section 12 of the Law on 
estimation of Property Taxation in Kosovo, each municipality is 
responsible to value the property and re-evaluate the property 
every three to five years. Section 12.1 of the present law provides 
that the Ministry of economy and Finance through an administra-
tive directive will describe the uniform valuation standards. These 
standards will include: income from property, building cost, loca-
tion, area and property conditions.
The capital Prishtina uses the Directive on real property taxa-
tion. According to this directive, the Municipality of Prishtina is 
divided in 5 taxation zones: - Prishtina city is divided in three 
taxation zones, each of them in two categories (category –I- and 
category –II-), whereas the villages around Prishtina Municipal-
ity in two other taxation zones. According to this regulation each 
property has a certain value for meter square in different zones, 
by multiplying it with the area of the property gives the market 
value of the property and then the coefficient decides what will 
be the tax value that the owner will pay. The valuation of proper-
ties and the identification of taxor are done by people working in 
the Unit of Property Taxation and cadastre and Geodesy. If the 
owner thinks that the market value of the property is not deter-
mined correctly, he/she has the right to require from the Directo-
rate of the Property Tax to re-evaluate the property and in cases of 
damages, or improvements in the property.
Second, the real estate valuation for commercial purposes is 
rarely used because the property transactions are conducted pri-
vately through an agreement between the seller and the buyer, 
mainly by using the comparable sales approach whereby the sell-
er sets the price by comparing with other properties in the region. 
If the transaction is made through any real estate agency and the 
valuation is required from any of parties in process, and most of 
the time comparable sales method is used. currently, in Kosovo 

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DIGNITAS n Državljanstvo, integracija in pravo nepremičnin
there are no licensed or certified real estate appraisers. From the 
structured interviews with so called property valuators the need 
for a greater government control in this field is obvious. In addi-
tion to this, commercial banks use real estate valuation for lending 
purposes. From the structured interviewed with bank risk officers 
it is obvious that several banks in Kosovo have a very high stand-
ard in property valuation, whereas others use only comparable 
sales method and the sense and their valuation reports are quite 
simple and non-professional.
7
Unlike most of the banks, Raiffeisen bank Kosovo performs 
the real estate valuation in accordance with international valua-
tion standards. Raiffeisen bank Kosovo performs the valuation in 
accordance with the special directive issued by Raiffeisen Interna-
tional in v ienna, according to which three standard real estate val-
uation approaches are used: comparable sales approach, income 
approach and cost approach depending on the property.
8
 banks 
in Kosovo take into account the following characteristics such as 
location, physical characteristics, and legal aspects. Nevertheless 
as bank officers argue the lack of credible data is one of the prob-
lems that the valuators are facing very often in these banks.
Third, the real estate valuation in Kosovo is also performed for 
expropriation purposes. valuation of the property for compen-
sation from expropriation requires the most detailed valuation, 
because the surrender party in this case is never satisfied with the 
compensated amount and needs a lot of explanations why and 
how the property is valued. The legal framework regulating the 
valuation for expropriation purposes is the Law on expropriation 
of Immovable Property, approved in March 2009 by Kosovo Par-
liament. Article 21 of the present law provides that the Ministry 
of economy and Finance shall establish, within its Department of 
Property Tax, an Office of Immovable Property valuation which 
shall be the competent public authority for valuing any immov-
able property that is subject to an expropriation procedure by any 
expropriating Authority.
Real estate valuation methods used in Kosovo and usage of 
GIS
As Triphonov argues there are three methods, which are most 
commonly used in transition economies: comparative approach, 
7 
S. Sherifi, Interview, Nova Lubljanska Banka, Prishtina, Kosovo, 2010.
8 
I. Rexhepi, Interview, Raiffaisen Bank, Prishtina, Kosovo, 2010.

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DIGNITAS n Real estate valuation analysis in Kosovo
cost approach, and income approach.
9
 The most commonly used 
method in Kosovo is the sales comparison, which method is based 
on the recent sales of comparable properties, and their compari-
son with the property being appraised. The proper use of this 
approach requires good knowledge of the subject property, city 
and region where it is located.
10
 It is usually used in the residential 
housing market. The sales comparison approach is used by both 
private parties during the sales transaction and bank risk officers. 
The use of comparable sales method entails finding comparables 
in a particular area. Using GIS system would be of importance in 
this regard. GIS software and GIS collected data can be very useful 
in identifying appropriate comparables. Using the GIS system, the 
appraiser can display a map, which will show all the recent sales. 
As castle argues by using GIS, the appraiser can see the attributes 
of the sold property and see whether the sold property can be a 
reliable comparison to the appraised property.
11
 Nevertheless this 
valuation method in Kosovo is highly influenced by social factors 
such as relationship between the seller and the buyer in the form 
of family or collegial relationship, which makes the values of such 
purchased properties not a true reflection of what exists in an 
open market and makes the comparable sales approach more dif-
ficult.
 The cost approach requires an estimate of construction 
costs, because the value of property is defined for this purpose as 
the sum of the land value and the depreciated cost of the improve-
ment.
12
 It is based in the concept of substitution, which means 
that calculations have to be made like the identical building is to 
be build and subtract the possible decreases in the value, because 
of the age of the building. It is mostly used when a unique type 
of property is valued, like school, church, mosque, government 
buildings and so forth, in these cases it can be the only method 
that can be used. However, this approach has challenges in imple-
mentation in Kosovo due to the fact that data on local construc-
tion costs are lacking and in vast majority of the cases construction 
operations are paid in cash in Kosovo. Nevertheless since Kosovo 
uses euro and has a stable inflation, stable inflation causes stable 
9 
N. Triphonov (footnote nr. 2), p. 134.
10 
R. Betts and S. Ely (footnote nr. 5), p. 165.
11 
G. Castle, ‘GIS in Property Valuation-What is worth?’, BG, 1993, 1, p. 24.
12 
R. Betts and S. Ely (footnote nr. 5), p. 244.

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DIGNITAS n Državljanstvo, integracija in pravo nepremičnin
cost of building materials and makes it easier to analyze and use 
the cost method of valuations with any degree of certainty.
 The income valuation approach is used less in Kosovo, with 
exception to Raiffeisen bank Kosovo, which uses this valuation 
based on the type of property and the usage of property for rent.
13
 
In income valuation approach macro-economic data are used 
which are more difficult to be found in Kosovo. This method is 
less used in Kosovo because in the income valuation method the 
data that are to be used, which are taken from the rental contracts, 
ownership documents, or other documents from the owner, va-
cancy percentage, are not available because the clients in Kosovo 
own both commercial and residential properties with less market-
based transactional evidence.
challenges and constraints in real estate valuation are inherent 
in human element, which is deficient in skills and methodology 
of work, while the system itself relies upon bad surveying data 
and bad statistical input. Whereas the sales comparison method, 
as the only method used for valuation and assessment in Kosovo, 
results are poor because of limited outreach, such as cases with 
missing sales contracts in rural areas (more than 50% of Kosovo is 
rural) and other problems such as the lack of sales profit tax, sales 
prices underreported in contracts and flourishing black market of 
property sale.
14
The sources of data used for valuation in Kosovo
For the possible changes among subject and comparable prop-
erties, the adjustment is required. These adjustments are made 
based on location or time of transaction. With regards to loca-
tion, adjustments are made by a field visit and comparing the dif-
ference from the city centre or main road, whereby in terms of 
time of transaction the adjustments are made by using Real estate 
Price Index or consumer Price Index. The consumer Price Index 
is measured from Statistical Office of Kosovo and in published 
every month
15
, while the Real estate Price Index is not measured 
yet in Kosovo.
13 
I. Rexhepi (footnote nr. 8).
14 
S. Fannberg and U. Mathiasson, Property Tax in Kosovo, Inception Report, Prishtina, 2008, 
15 
www.ksgov.net/ESK/eng/index.php?option=com_docman&task=cat_view&Itemid=8&gid=26 (acces-
sed: 21. 4. 2013). 

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DIGNITAS n Real estate valuation analysis in Kosovo
One of the most credible sources for valuation is Land Infor-
mation System, which is a project financed by Swedish Interna-
tional Development Agency (SIDA) in Kosovo cadastral Agency. 
It integrates the textual and graphical data in a central database 
and it has a unified connection for users. The users have no other 
limits for access in the data except specific rights for access. KcLIS 
program is based on Web and fulfills all the necessary standards, 
therefore the information can be used from more applicants in 
internet.
16
Second source of data for valuation used in Kosovo is real estate 
agencies, which can be a good source of information for property 
valuation, because they possess numbers of contracts made from 
transactions. In these contracts we can find all necessary informa-
tion: the category of the property, location of the property, date of 
transactions, purchase price and so forth.
The final source of data for valuation, in particular of residen-
tial properties is the weekly newspaper “Oferta Suksesi”, which 
possesses information on residential properties.
constraints of real estate valuation in Kosovo
There are several constraints that affect professionalism and 
credibility of real estate valuation in Kosovo: a) lack of credible 
data; b) lack of developed property market; c) variances in de-
mand; d) social factors; and e) lack of spatial planning regulations, 
knowledge, and implementation.
First, an essential factor that affects the open market valuation 
of real estate is the lack of credible data. This factor is problematic 
in use of all real estate valuation methods and also of comparable 
sales method, which is the most frequently used method in Kos-
ovo. The mechanisms for collection of property data and infor-
mation are weak and they do not provide credible information 
on which the real estate appraiser can rely before rendering an 
informed opinion regarding property values. Apart from a very 
few well established real estate agencies and organizations, which 
maintain some data, it is extremely difficult to find formally struc-
tured data necessary for real estate valuation. Despite of this, the 
data that are maintained by these private real estate agencies are 
16 
www.kca-ks.org/english/news/fs_news.html (accessed 20. 4. 2013). 

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DIGNITAS n Državljanstvo, integracija in pravo nepremičnin
not formally maintained because many contracts are concluded 
below the market value in order to avoid the property income tax 
and it is also difficult to access these data because of business se-
crecy and desire by these firms to protect their clients in Kosovo’s 
transitional economy.
Second, in Kosovo the real estate market is not very well de-
veloped in terms of transfer of property ownership. Although the 
free trading with real estate takes place in Kosovo, many real es-
tate transactions are recorded in court below the market value to 
avoid property income taxes and knowledge about the property 
market is limited and fragmented. There is no legal framework on 
real estate trading. buyers and sellers therefore act in their own 
way. To this end, there is also no clear legal framework of prop-
erty values which are often subject to the whims of the people 
involved in the transactions and each property is to a large extent 
traded on its own merit under its particular circumstances. Most 
property owners determine their own terms and conditions with-
out reference to established formal guidelines on property values 
or valuation principles.
Third, another factor that poses a constraint in the valuation 
of real estate is the variation of demand for properties especially 
residential properties because of Kosovo Diaspora that dictates 
the market of residential properties in the urban area of capital 
of Kosovo. Often the value of real estate is arbitrarily decided be-
tween the parties and the payment for the property is not subject 
to any valuation methods or principles.
Fourth, the relationship between the parties in many cases 
greatly affects negotiation of the price/value of properties. Since 
Kosovo society is close knit society most people in Kosovo have 
relationships and strongest relationships are family ones. The val-
ue of properties purchased under such circumstance is therefore 
not a true reflection of what persist on the open market. In addi-
tion to this, most people in Kosovo see the purchase of properties 
especially for residential purposes as more of a prestige rather 
than investment. The thrill to purchase property is therefore not 
driven by investment but social recognition and personal satisfac-
tion.
Fifth, the lack of well defined spatial planning and urban 
design regulations limit the adequate use of real estate valua-
tion methods. Also, even the use of comparable sales method 

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DIGNITAS n Real estate valuation analysis in Kosovo
of valuation is problematic because many buildings are unique 
because they are constructed according to the taste and require-
ments of the owner and not according to an urban regulation 
plan.
Finally, due to earlier stated factors which play a major role in 
real estate valuation, the valuation profession becomes not only 
challenging but also looses confidence in the eyes of general pub-
lic. It would therefore be practical to minimize valuation difficul-
ties by improving data quality and create a reliable real estate data 
system to provide uniformity and clarity in the open market value 
for the real estate market.
Intentions to build a better valuation system  
in Kosovo
Due to difficulties stated earlier, authorities in Kosovo have 
made concerted efforts to build a better real estate valuation 
system. During the year 2009, the Ministry of economy and Fi-
nance as an institution entitled for collection of property taxes, 
published an international tender to establish a valuation Office 
in Prishtina, which would observe the International Standards of 
valuation. The main reason for this is the adoption of the Law on 
expropriation of Republic of Kosovo. Kosovo Appraisers Associa-
tion has been established in August 2009 to establish appraisal 
standards and prepare individuals through education for sitting 
a license examination, which will be prepared in the future and 
increase the overall level of professionalism in the appraisal sec-
tor in Kosovo.
17
 The Kosovo cadastral Agency has intentions to 
train its employee in property valuation and to develop the part of 
valuation in Kosovo cadastral Land Information System for better 
use of property data from its clients. Gashi from the Real estate 
Appraisers Association of Kosovo argues that the actual system 
of real estate valuation in Kosovo is centered at the Ministry of 
Finance and economy and in the current form of organization 
does not support the transition of real estate valuation to a better 
system which would contribute to the better market economy in 
Kosovo.
18
17 
www.tegova.org/en/p4b0675ffb7725 (accessed: 19. 4. 2013). 
18 
A. Gashi, Interview, Association of Real Estate Appraisers of Kosovo, Prishtina, Kosovo, 2010.

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DIGNITAS n Državljanstvo, integracija in pravo nepremičnin
 As it was mentioned earlier the lack of credible and adequate 
data makes the real estate valuation a challenging and untrusting 
profession. Thus, the authorities are making efforts to establish 
a property data system that would come from three sources: Ko-
sovo cadastral Land Information System, Immovable Property 
Rights Register, and WebGIS Kosovo. KcLIS is a project financed 
by Swedish International Development Agency (SIDA) in Kosovo 
cadastral Agency. It integrates the textual and graphical data in 
a central database and it has a unified connection for users. The 
users have no other limits for access to data except for specific 
rights for access. KcLIS program is Web-based and fulfills all the 
necessary standards, which makes possible for more than one ap-
plicant to access this data on internet.
19
 On the other hand Web-
GIS Kosovo is a project for the development and implementation 
of a Web-based distribution system for cadastral information. The 
Project has been developed during the Kosovo cadastral Support 
Program but it is not fully operational due to technical difficulties 
and due to the fact that only information from few cadastral zones 
have been included in Web-GIS system.
conclusion
In conclusion, as examined in this paper there are many as-
pects of real estate valuation that will need to be implemented 
in Kosovo. The fundamental change that needs to happen is to 
establish a database of adequate information of each real estate 
property and transaction. This database would contain credible 
information on selling/purchase price, the characteristics that af-
fected the property value, rent contracts, and other important in-
formation.
Furthermore the law that regulates the real estate needs to be 
amended in order to make it mandatory for the real estate owners 
to register the actual real estate price in order to have real com-
parative statistics. One way to address this issue would be for the 
law to provide that the income the real estate owner receives from 
selling the property is taxable according to applicable rate. How-
ever, if there is a case that the property owner reports lower in-
come from selling the property in order to avoid taxes, then the 
19 
www.kca-ks.org/english/news/fs_news.html (accessed 20. 4. 2013).

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DIGNITAS n Real estate valuation analysis in Kosovo
law should ensure that when the buyer registers the purchased 
property below the market value, than the difference of the price 
according to the market value should be taxed as s gift. This provi-
sion in the law would ensure that both the seller and buyer report 
accurate prices of their properties since they are both unwilling 
to pay a higher tax due to the underreporting of market price. 
There are other issues that affect real estate valuation in Kosovo, 
but these mentioned in conclusion are the ones with priority.

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DIGNITAS n Državljanstvo, integracija in pravo nepremičnin