Going into 2017, real estate stakeholders were riding a wave of optimism spurred by the end of a nearly three-year presidential vacuum and the formation of a unity government. After several years of market stagnation, developers willed themselves to believe that consumer confidence would be restored and residency uptake would finally resume. Buyers were also hopeful that political stability could improve the economy and enhance the investment climate. Yet the enthusiasm proved to be a setup for collective letdown as 2017 quickly became another disappointing year for the real estate sector. Shortly after the appointment of a cabinet, Parliament turned its attention to increasing both public sector salaries and state revenues via the imposition of new or increased taxes and fees. A number of these fiscal measures targeted the real estate sector, increasing the price of each ton of cement and applying a 15 percent capital gains tax on
