What is it that comes to mind when you think a dream property in Crete, Greece? Is it the Mediterranean sun? Deep blue seas and sandy beaches? The impressive White Mountains? The charming Chania Old Harbour? Platanias bustling with life? Culinary delights? Family and friendly smiles?
Whatever it is, ARENCORES MAGAZINE is one of your digital destinations to discover the latest Chania real estate market trends and insights and one of the most inspirational sources to facilitate your decision making.
COVID-19 and Chania Property Market. This issue of ARENCORES Magazine comes at a time of significant economic and societal disruption because of the pandemic crisis. Much has been written about how Covid-19 will reshape travel, tourism and retail in the island of Crete. Less has been said about what it will mean for the local real estate market.
How the uncertainties associated with the pandemic will epitomize the excess that may lead to a deeper recession? How the local and foreign investors think about of what is still to come – namely a long period of falling property prices? At the moment, the extent to which this health crisis will affect the real estate market is unknown.
Nonetheless, real estate market is a dynamic sector and in Chania the sector is still very competitive but there may be more to it than meets the eye. According to a recent survey by ARENCORES and Chania Real Estate, property buyers shouldn’t expect any big discounts for residential and commercial properties in Crete, Greece in the coming months.
Just because there’s a large number of people filing for unemployment doesn’t mean we’re going to have the same foreclosure crisis in the property market that we saw between 2009-2015. Indeed, our survey found that the majority of our property owners (89%) have not reduced listing prices to attract buyers. Meanwhile, property sellers must value their real estate assets in a reliable and pragmatic way that should represent a fair price.
As real estate and construction professionals we have already seen that properties are still selling and their owners are selling for full list price when a property is priced fairly. However, fair value differs depending on willingness of the property owners to accept the pragmatic value of their real estate assets and the methodology or the procedures of the appraisal.
During this difficult period of time for our societies, we need to rethink both real estate investment strategies, property construction and management. Chania is an attractive target market for foreign investors. There is a plethora of evidences confirming that capital movements and investment financing follow the city attractiveness. Such areas – like Chania – suggesting a “ low risk market” and accelerate the return of investment potential (ROI).
The significantly large drop in bookings and decline of interest for properties and new commercial and residential projects are just two parameters behind the current crisis, the other and most crucial being the ongoing uncertainty.
The pandemic has given rise to unimaginable distress and uncertainty in this issue, we’re investigating and analyzing its impacts on the construction and real estate transactions activity in the market of Crete, Greece with focus on Chania.
According to a recent survey by ARENCORES and Chania Real Estate, property buyers shouldn’t expect big discounts for residential and commercial properties in Crete, Greece in the coming months. Just because there’s a large number of people filing for unemployment doesn’t mean we’re going to have the same foreclosure crisis in the property market that we saw between 2009-2015. Indeed, our survey found that the majority of our property owners (89%) have not reduced listing prices to attract buyers.
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