ARENCORES MAGAZINE Issue |No. 8 (Updated)
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.
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.
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MARIA GKIKA
MANAGING DIRECTOR - FOUNDER
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).
ARENCORES CHANIA REAL
ESTATE MAGAZINE
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