The luxury real estate market was doing particularly well before the onset of the Covid-19 crisis. In Flanders, especially, an increase in transactions could be noted in the months preceding the confinement. A dozen Belgian architects turned to a client sector consisting of the wealthy.
Bruno Erpicum, Charly Wittock, Olivier Dwek, Olivier Lempereur and Vincent Van Duysen focus on architectural projects worth several million euros. They devote part or all of their schedule to the realization of these luxurious residences. Two, three or ten of these properties may be the work of a single architect. Thanks to the latter's name, the value of these properties explodes. If we take the example of Marc Corbiau, his style and signature can be expected to increase the sale price by 20 to 30%. To name just one, several houses designed by Corbiau are an integral part of the Belgian landscape.
Clients place great value on the names of these architects. The real estate they have designed has a value that will remain constant or rising. Older houses designed by Jacques Dupuis or De Victor Horta, for example, retain a very high real estate value.
The fame of these architects influences the market value of the dwellings. Still, for them, a good 5 million euros requires work almost like if it was a house estimated at 500,000 euros.
In both cases, the duration and the quality of the work concerning the space, the light or the communication with the client are very similar. For the most luxurious houses, only the research of the detail and the use of specific materials show their demarcation. Regarding the latter, research work will be allowed with a larger budget.
Bruno Erpicum also asserts that a higher price does not necessarily mean better architecture but greater demands on the part of customers. He is extremely proud of some of his 1.3 or 2 million euro homes. Charly Wittock is the founder of the AWAA office. For him, Americans want above all high-quality real estate. They demand high responsiveness and refuse any mistakes, given the increased value of luxury real estate. These customers want to treat themselves to a reputable brand and homes with the original architecture. By using his architectural firm, they aspire to projects that respect the environment.
In this sector, Marc Corbiau remains the undisputed master, explaining that two-thirds of the houses he designed change owners who seek his opinion on future redevelopments. He feels respected when asked in this way but tries to temper their desires to change everything. He notes that the success of a project depends on a combination of factors such as the environment, the view, the location and the desires of the owners.
Like many of his colleagues, Bruno Erpicum has forged his fame internationally. He specifies that for an ideal house, it must eliminate obsolete elements and all forms of decoration. For example, he must rework the ceiling. The calculation of the proportions must be exact even if the extent makes the task complex of these residences. The expert in scale reading must understand the space, the light, the perspectives as well as the materials. No error can be accepted at the risk of distorting the entire work.
For many, not being constrained by a budgetary limit is essential to enable real work of investigation and differentiation. It is for this reason that rare materials are not overlooked. According to Charly Wittock, working with wealthy clients makes them free to be interested in all the details and to solicit the most exceptional craftsmen. He feels encouraged by the possibility of shaping new projects.
The opportunity to study all the details gives them real satisfaction. For each project, Bruno Erpicum likes to propose the singularity concerning these materials, energy performance or home automation.
These architects are very mobilized, even if the number of building plots decreases. Marc Corbiau affirms one by one that the fortune of these customers allows them all the desires while Charly Wittock counters that communication promotes demand.
Individual houses no longer represent their only income. The luxury real estate market is changing due to the difficulties individuals have in obtaining planning permission. Developers are asking them more and more for prestigious projects of buildings or apartments. Their future remains very promising.
Finding the exceptional property that suits you is our job. Contact the Engel & Völkers agency closest to you and let us know your search criteria. We will find a hidden gem for you!
