Real estate – as other sectors in our modern society – is heavily influenced by geopolitical, environmental, social, and financial regulations. Likewise, the recent coronavirus pandemic poses existential threat to the global economy and may also has a debilitating impact on any business including the real estate sector.

These factors can dramatically affect property value and pricing, availability, as well as people’s and investors buying and selling decision making. Additionally, the real estate market is shaped by these four factors:

Demand: This is both the quantity of properties needed, at a specified selling price at a specific period of time, and buyers’ (or investors) willingness to buy a property (i.e., properties are available for sale and a property buyer can afford to purchase without a hesitation).

Scarcity: Property scarcity refers to the limited availability and supply of certain types of properties in specific locations at a specific period of time (i.e., the buyer is ready and can afford to purchase an apartment in Chania, but apartments are not available, so the property sale won’t take place).

Value: Property value is a critical factor for any property buyer or investor: “Is the roof in a good condition?” (i.e., the buyer might be ready and can afford to purchase the property, the type of the property might be available, but if the roof needs restoration, the sale still will not take place until the problem is resolved).

Transferability: This refers to the ability of the property to legally change hands with no issues and uncertain conditions. For example, if the seller’s name is not on the deed or any other legal issue has been discovered with the deed, the property buyer cannot proceed to the purchase.

1. Investigate the real estate market of Chania

Start by getting a general idea of the property market trends with current property prices or learn more about the latest news of the real estate market and how it is to live in Chania, Crete.

If you search for a property in Apokoronas, Chania, Kandanos, Kissamos, Platanias or Sfakia, you’ll find a few indications of current local prices that can help you decide when to buy a property. In these areas you will find the typical price ranges of properties, apartments prices in Chania as well as other helpful info.

Check out our ARENCORES MAGAZINE, the only real estate magazine in Crete, the most critical property market indicators in Chania and Rethymon and the latest info about the Greek economy.

2. Perform a comparative market analysis

Once you’re able to find a property that satisfies your requirements and budget, you can dig deeper to learn all about those areas.

ARENCORES and Chania Real Estate  have access to databases and offer a Big Data Analytics platform (RESTful) that can facilitate your efforts to compare properties and areas in greater detail.

Should you identify a property our research team can help you access reliable data to and help you understand better the opportunities and risks behind any property purchase.

ARENCORES can provide you a detailed report with an intelligent comparative market analysis. Here’s what our comparative market analysis report includes:

• Property size, location, number of rooms, age of construction, energy consumption and any additional feature of a specific property
• Data on sold property listings on what property buyers actually paid for similar properties in Chania and Rethymon (as opposed to what property owners-sellers are hoping to acquire)
• Long term, expired or listings with reduced price, which can indicate the mean property selling price in a particular area
• Our reports can help you understand the difference between the asking prices and the pragmatic selling price.

Photo by Michael Dam on Unsplash

3. Investigate the property supply in Chania, Crete

Understanding property supply will let you know if you should focus your interest in this area. Then you can prepare your strategy for making an offer to this property you just discovered.

Here’s how to find it:

• Find the number of active listings in your area of interest.
• Divide the number of active listings by the number of pending transactions in the same area – if these data are available.
• Multiply the result by 120 (120 days = 4 months).
• The number you come up with is the days of property inventory for that specific area.

With an understanding of the property market in Chania, you can start your property search. Moreover, Our property buyers guide can help you get started.

For more tips on understanding Chania real estate market, check out our Real Estate Chania blog. You can also search for off-market properties and discover great real estate deals in Chania and Rethymnon before anyone else.