It’s hard to believe that 2023 is just around the corner but they say that as you age, time does go more quickly. Perhaps we need to pause and ask ourselves if anything is changing in the Armenia real estate market? And our answer to that is a firm, unqualified, no. Although we see sporadic reductions in asking prices, most sellers are holding on even though their listing has been active, in some cases, for years. Many are following the market upwards, we believe on the advice of agents, but don’t seem to understand that if the base price years ago was too high, that it stands to reason today’s is as well.
There is some slowing at the upper end, property over one thousand million COP is a little more difficult to sell, after all, why buy a resale that doesn’t meet all of your requirements when you could build new for the same price and size getting exactly what you want. You may be going to a smaller lot, perhaps the vista is not as spectacular, but those are considerations that have to be weighed against what you do acquire with a custom build. There are beautiful lots available, usually from 700 meters to 1500 meters, and above, in gated communities. El Caimo and the areas around the airport are cases in point, certainly the best barrios locally.
For those considering Armenia as a place to live, our advice remains the same, don’t buy until you have been here long enough to be sure that the decision is the correct one for you. There are listings in every category that will consider a one year rental contract with an option to buy, the option rests solely with the renter, it is a privilege, not an obligation. There are also financial benefits to this that are best discussed in another forum.
If you think we can help you wade through the Armenia and area real estate market, please give us a call, our years of living here can be used to your benefit. We are available twenty four hours a day to help you make a pressure free, informed decision.