Source: eKapija | Tuesday, 20.06.2023.| 12:34
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REBEC 2023: Is It Time to Invest in Premium Real Estate and What Kind of Luxury Are Purchasers Looking For?

Illustration (Photo: giovanni gargiulo from Pixabay)
Luxury residential complexes are increasingly attractive, and not just for housing, but also for investments, it was said at the panel held within REBEC 2023. When asked whether the time is right to invest in luxury residential facilities, the answer was yes, as long as there were purchasers, investors would have what to do.

– The clients I work with want to pay for their special wishes and requests, and that is a privilege of a kind, working on such a project and expressing yourself in a way that will provide an additional service to the client. From my experience in real estate development in the hospitality sector, I have realized how important service is. Translated into residential real estate projects and private clients, it means something that brings additional value to their lives. The steps in designing such real estate are never the same, and sometimes you need to exceed the clients’ expectations or meet them halfway. I’ve had as my clients a couple who don’t want the same things, and in such cases, the role of the designer is to find a compromise between their requests – said Milica Puricelli, Puricelli Deisgn Architect (Non EU), Interior Designer, Founder & principal.

She added that, to her, there were three important points of cooperation with private clients.

– One of them is to detect what their hidden, unspoken wishes are. That requires certain skills in order to find what they want in a short period of time, during the initial conversations. The other important item is certainly experience and comfort, and the final one pertains to raising the awareness of well-being. Increasingly more private residential facilities have wellness and spa at the level of those in hotels – she pointed out.

Uros Djakovic, Regional Director RealPad, Serbia, pointed out that, with the help of digital tools, his company helped investors present projects to the purchasers. The purchaser has all the information and the project is presented in the best way possible.

We help those who develop real estate to “revive projects”. We have to present all those luxury projects to the purchasers. They want to know exactly what it will look like. With the help of our digital tools, they can be fully aware of the entire surroundings, the neighborhood, for example, where the school is, as well as see all the other details they want to see – Djakovic said.

Nicholas Bouiri, NGB Construction & Management, Romania RICS, Partner, said that his company was investing in a luxury complex of 150 villas in the northern part of Bucharest and 35,000 m2 of luxury apartments in Constanta at the moment.

He believes that the most important item in planning luxury projects is cost control.

– Cost control is everything. It is important for everybody to get involved and for a joint solution, based on the budget and what is considered luxurious, to be found. The budget is affected by the location, but also the added value that is added to a concrete project – Bouiri says.

The real estate market in Romania, he says, is growing, and the biggest challenge is the labor force problem, so there are workers from Vietnam working in Romania.

What is luxury today?

The expectations regarding what luxury is have changed compared to the period before the pandemic, and they also vary from region to region.

– Now, the spa and wellness elements are increasingly present in private houses, good air quality, lighting, that is what the clients demand – Puricelli said.

She also says that she is noticing the difference in project planning between the clients in this region and those in Europe.

– Here, clients don’t understand as well the need for all those preparatory talks and meetings. Here, they sometimes say: we don’t want to know how much it will cost, because then we might not spend as much. Abroad, they want to know in advance how much the project will cost.

Another question, she adds, is how much technology we actually want in our homes. Today, when we can let technology handle everything, a balance needs to be found.

Clients in the region, she says, are increasingly turning to both energy efficiency and sustainability.

Increasingly more people in Romania can afford luxury apartments, Bouiri pointed out.

– In Romania, the most important thing is the location, and then the brand, the image, the name, and then the quality. Increasingly more projects are turning to energy efficiency – he says.

Uros Djakovic also pointed to the difference in what is considered luxurious in various cultures.

– There is a difference between Dubai and the Middle East and, on the other hand, Europe, in what is considered luxurious. It could be said that they are one step ahead, but it’s debatable whether that’s luxury – tall buildings in which plenty of people live, or the location. Truly, what is considered luxurious depends on the culture – Djakovic said.

I. Zikic

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