Engel & Völkers
  • 7 min read

Architects of luxury real estate

Especially before the Covid-19 crisis, the luxury real estate market was doing very well. Especially in Flanders, there was an increase in transactions in the months leading up to the lockdown. A dozen Belgian architects targeted a client segment consisting of wealthy people.

Bruno Erpicum, Charly Wittock, Olivier Dwek, Olivier Lempereur and Vincent Van Duysen focus on multi-million euro architectural projects. They spend most of their time realising luxury projects. Thanks to the name of a well-known architect, the value of luxury real estate increases. Take Marc Corbiau, for example: his style and signature contribute to a 20-30% increase in the selling price. Several houses designed by Corbiau are an integral part of the Belgian landscape.

Customers often judge real estate solely on the basis of the names of well-known architects. The real estate these designed possesses a value that remains constant or increases. With designers like Jacques Dupuis or Victor Horta, for example, old houses retain a very high property value.

The fame of the architect affects the market value of homes. A five-million-euro property ultimately requires about the same amount of work for a renowned architect as designing a 500,000-euro house.

In both cases, the duration and quality of the design work are similar, for example with regard to space, light or communication with the client. For very luxurious houses, only the design details and the use of specific materials are different. Therefore, the architect concerned will ask for a larger budget for this.

Bruno Erpicum argues that a higher price does not necessarily mean better architecture, but rather that the client has higher demands. Some houses he designed cost one, two or three million euros and made him very proud. Charly Wittock is the founder of the AWAA architecture firm. According to him, Americans especially want high-quality real estate. They demand a quick response and refuse any mistakes, given the increased value of luxury real estate. These clients treat themselves to a home with original architecture designed by a reputable firm. Willock's clients desire projects that respect the environment and therefore turn to his architectural firm.

In the field, Marc Corbiau remains the undisputed master. He explains that two-thirds of the houses he designed change hands. The new owners want his opinion on future modifications. He feels respected when asked this, but still 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 owners' wishes.

Like many of his colleagues, Bruno Erpicum has established his reputation internationally. He explains that for an ideal house, one should eliminate outdated elements and all forms of decoration. For example, one should completely revamp the ceiling. The calculation of proportions must also be very precise, although this is a complex task in bulky homes. The designer must be an expert in scale reading and must understand space, light, perspective and materials. One should not make any mistake in this, otherwise the whole work will be disrupted.

Not having to consider a limited budget, the architects of luxury real estate can research deeply and strive for differentiation. Rare materials need not be overlooked. According to Charly Wittock, wealthy clients allow him to focus on all the details and hire the best craftsmen. He is encouraged by the opportunities to shape unique projects.

The chance to focus on all the details gives architects a real satisfaction. Bruno Erpicum takes great pleasure in presenting the particularity of each project, for example with regard to materials, energy performance or home automation.

These architects are in great demand, despite the falling number of building plots. Marc Corbiau confirms that the great ability of wealthy clients gives them every opportunity, while Charly Wittock objects that communication fosters demand.

Individual homes no longer represent the sole income of architects. The luxury property market is changing as individual owners are finding it harder to get planning permission. Developers are increasingly turning to them for prestigious projects with large buildings or flats. Their future still remains promising.

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