A property’s price should not be an approximate figure based on instinct or simply the amount we would like to receive.
A reliable valuation must be based on concrete data, current market conditions and the characteristics of the property itself.
Listing prices do not show the actual sale price
One of the most common mistakes is comparing a property with listings found online.
An owner sees an apartment in the same street advertised at €3,000 per square metre and concludes that their property must be worth the same.
The problem is that the listing price is only the amount the seller is asking for.
In most cases, you do not know:
- whether the property was sold at all;
- how long it has been on the market;
- whether the original asking price was reduced;
- the price at which the transaction was ultimately completed.
The listing price reflects someone’s expectations. The sale price shows how much the market was actually prepared to pay.
Listings can therefore provide a useful starting point, but they are not enough for a reliable property valuation.
What determines the value of a property?
Even two properties in the same building may not have the same value.
A wide range of factors can affect the price:
- the micro-location and surrounding area;
- the size and layout of the property;
- the floor, orientation and amount of natural light;
- the condition of the building and the property itself;
- the legal status and registration of ownership;
- the quality of the local infrastructure;
- parking availability or a private garage;
- a lift, terrace, view and the functionality of the floor plan;
- proximity to public transport, schools, kindergartens, parks and other amenities.
Some disadvantages may have only a minor effect on the price, while others can make a property significantly more difficult to sell or deter a large number of buyers.
That is why it is not enough to consider only the street, size and number of rooms.
It is also important to understand the current market
The value of a property does not depend only on its physical condition.
It is also necessary to understand what is currently happening in the market:
- which types of properties buyers are looking for;
- how many similar properties are currently available;
- how quickly they are selling;
- how prices are changing;
- where new developments are being built;
- which new projects will soon enter the market;
- how willing buyers are to negotiate.
An apartment may be of high quality, but if a large number of similar properties are being sold nearby, that competition will also affect its price.
On the other hand, limited supply and strong demand for a particular type of property can increase its market value.
An excessively high price can make a property harder to sell
Setting a higher price “to leave room for negotiation” often sounds logical, but it can produce the opposite result.
Interest in a property is usually highest immediately after the listing is published. If the price is clearly too high at that stage, serious buyers may simply overlook it.
The property may then remain on the market for a long time, the listing loses its initial visibility, and buyers begin to wonder why it has not yet been sold.
Reducing the price later does not always bring back the interest that was lost.
The goal is not to offer the property at the highest possible figure, but at a price that will attract the right buyers while still leaving realistic room for negotiation.
Property valuation is not guesswork
We monitor price movements, supply, demand and the development of different parts of the city.
More importantly, we have a team that specialises in professional property valuation.
When assessing a property, we analyse the property itself, its surroundings, legal status, competing listings and current market conditions. Based on this information, we can recommend a realistic asking price and an appropriate sales strategy.
A free valuation of your property
Are you unsure how much your apartment, house, commercial property or land is currently worth?
Contact us. Within the next few days, we will assess the value of your property completely free of charge and with no obligation.
