I had a look through the first architect estimation. The assumptions are:
25 apartments of 100 m2 each. This a habitable surface, corresponding to 125 m2 “on the map”, including external walls etc.
Each apartment has one parking space, one cellar, and a 12 m2 balcony.
250 m2 of common spaces (indoors)
A 1,500 K terrain, with 225K paid in legal fees to the notary.
Two hypotheses are made as for VAT: 21% or 6% on construction. Architects fees are always 21%.
With these numbers, the cost of a 100 square meter apartment goes to 390,028 EUR at full 21% VAT. It goes to 348,028 EUR at 6% VAT on construction.
How much is that per square meter? If you are talking about habitable surface, it’s obviously just 3,900 EUR/m2 at full VAT, and 3,480 at 6% VAT. But it seems prices in Belgium refer to the full surface, which is larger. So we need to divide these costs by 1.25: they go to 3,120 EUR/m2 at full VAT rate, and to 2,784 EUR /m2 at 6% VAT.
Edit: I confirmed with the architects that these are NOT casco costs.
The estimate is in the Team Finance shared folder.
Notice I always talk about costs, not prices. This would be an average price, with top-floor corner apartments commanding a higher price, and ground floor ones a lower one.
We do not “need to”, we simply choose a different denominator for the purpose of comparison with Brussels prevalent prices. It seems Belgian prices refer to the square meter brut, not to the square meter habitable. 1 m2 habitable = 1.25 square meter brut.
As a reference, here’s the price of an apartment in Biplan, a cohousing in Haren. For an apartment of 107 m² (3 rooms) and a little shared garden (350 m²) they asked 370.000 euro. I did not manage to find a reference to when it was sold though (it was built in 2010).
It seems that it was not built by a self managed group, no? They say they agreed on how to get organised, but there’s no mention of building it together… do you have infos?
Also we agree now that 107m2 is the net surface = removing the wall surface, right?
On the topic of which price estimate to use for a first round of assessment of our financial viability, I had a look at a real estate project in Avenue Van Volxem. It’s 26 apartments, newly build, on 3 floors. Except for the absence of any common spaces or a garden, it could be a template for The Reef?
I was interested in two things:
The price per square meter
The price fork
I gathered all the data that were available in an Excel sheet (internal link) (the price of flats that are sold is taken offline).
I am not very good with numbers, so I’ll leave that to somebody else. What I think I see is this:
The architects’ price estimation for The Reef is in line with this project (except that we would have a lot of common spaces)
The price fork seems rather small
I don’t think we have enough data to see what determines whether some flats are more or less expensive (we would need to check the plans)