Appreciation as a philosophy

“Location, location, location”: The old maxim is still true to this day. The location of a property is still one of the most value-determining factors, and often more than the property itself. We differentiate between micro location and macro location. The micro location is the close surroundings of the property, such as a city district, whereas the macro location describes the region in which the property is located. Whether a location is desirable or not is also determined by the existing infrastructure and cultural, educational, and recreational facilities or a planned development in the area (rezoning, new transport infrastructure, etc.).

Is the property newly built, or has it been there for a while? Is it in need of renovation or as good as new? Age influences the value of a property. However, it has less to do with the year it was built and more to do with the property's condition in relation to its age.

For example, if a property is very old, urgent or routine renovation work may be required. This is related to construction practices appropriate to the year of construction, such as ceilings (beamed versus concrete), energy performance of the building, heating solutions, etc. However, antiquarian properties in prime communities are still sought after and achieve high transaction prices. Genius loci is something that you can hardly estimate at all.

For prospective buyers, the property's condition is very important. It is essential to note that upgraded properties achieve higher selling prices. Although, there is a group of buyers who, on the contrary, appreciate a property for rebuilding according to their wishes.

Our experts will give you the best possible advice on the condition of your property.

What property type are we dealing with – a terraced house, a detached house, a private house, an attic apartment or penthouse, an elegant villa, an apartment house or a commercial property? The property type determines the demand for a property and therefore the asking price.

How many rooms are there? Is there a basement and a large garden? Are there special features such as a terrace or a landmark view or a built-in sauna? Value factors such as these are very individual and important purchase criteria for buyers.

Last but not least, general supply and demand in the local property market significantly determine purchase price valuation. Our local agents at Engel & Völkers are knowledgeable about the current demand in your region, past transactions, and how it affects the value of your property.