How to know if a home in Chania will appreciate?
How to know if a home in Chania will appreciate? Not all properties appreciate the same. Here’s how to find a good one.
If you’re buying a home in Chania, can you efficiently predict how well it will appreciate while you live there?
Perhaps yes, perhaps not. But there are some factors to investigate in the real estate market of Chania that can help assure a residential property will appreciate at or above the average housing market rate.
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Property features that will support appreciation
Not all properties, residential or commercial, appreciate the same. For most individuals, a property purchase is one of the biggest investments they’ll ever make. Thus, the property purchaser should expect for some return on that investment in a longer term. In financial terms, that means property appreciation.
However, when you’re trying to predict property appreciation there is no a generic rule to follow. Nowadays, you may find online property appreciation calculators, but these tools are not recommended because each property has different features and characteristics.
It’s in a great location
The real estate professionals’ corner stone: “location, location, location”. This fundamental characteristic of every property will always have a huge effect on its capability to appreciate over time.
If a residential property – let’s say a home – is located somewhere in Chania Prefecture people want to live, and where people will continue to want to live, that’s a very good indicator for its appreciation. A “great property location” could be a number of different things:
- A property in Chania Old Town
- A property in a walkable distance from the city center and nearby amenities
- A property near a popular beach or a sea-side resort
- An apartment in Chania
Nowadays (2020), it seems extremely difficult to find and purchase an apartment in Chania, Crete but it is no secret that such properties appreciate more compared to other types of properties. Two detached villas of a similar size in the same area are likely to appreciate identically.
Each property has different value
Each property because of its unique features has a unique value. For instance, land often appreciates much more reliably than the building structures located on it. This is true because engineering and the aging degradation of concrete is a negative factor. That’s why certain types of properties—like properties in Agia Marina, Platanias and other near the beach properties—appear to have better appreciation than others in Akrotiri or in Chania.
The local real estate market dynamics
The real estate market of Crete may be hardest hit by ‘Coronavirus recession’. Some markets are generally well poised to weather the storm of the pandemic, but the real estate market of Greece should certainly face more instability. Some months ago the market was growing fast and the prices were also increased.
ARENCORES can help you look at the latest market trends and facilitate your decision making by providing not only the positive indicators but also the uncertainties and risks associated with a property purchase in Crete.
Browse online house listings in Crete
Visit ARENCORES and start looking around at what’s available. You can also use our unique off-market properties feature to discover great deals not publicly available including exceptional houses to buy in Chania and Rethymnon, Crete.
Use ARENCORES filters to quickly find the right residential listings to explore. For example, if you want a beach in walkable distance from your house, the beach distance search feature allows you to search for properties in close proximity to the beach!
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