While many residents of our municipality are concerned about rising house prices, a completely different real estate trend is also visible: that of garages. Already at the beginning of 2022, eyebrows were raised when garage boxes under Albertplein changed hands for no less than 250,000 euros. And now? Now that price has already risen to a staggering 290,000 euros. Although not every garage box has been sold for that price, it remains a remarkable phenomenon.
But what do buyers get for such a price? These garages are over 3 meters wide and almost 6 meters long and have top finishes, a spacious entrance and adequate lighting. Safety is also guaranteed by cameras that record everything.
Why would anyone be willing to pay such an exorbitant amount for a garage? The answers are simple: location and scarcity. There is a chronic lack of parking space around Albertplein, which undoubtedly drives up prices. It is therefore no surprise that Knokke’s Albertplein is home to probably the most expensive garages in the country. For comparison: with such amounts one can purchase a comfortable house or apartment in other parts of Flanders.
The price tag for real estate in our community has always been steep. On average, a house there costs 860,685 euros. But even against that background, the garage price stands out. An apartment in West Flanders has an average price of 283,847 euros, while a house in Limburg sells for approximately 296,266 euros.
An interesting fact about Albert Square is its recent metamorphosis, with the striking glass dome as the highlight. While we wait for the official opening, the garage boxes are already available and delivered.
PSR, the project developer behind this redevelopment, indicates that prices are mainly determined by supply and demand. “There is very limited parking space around Albertplein, making the demand for these garages extremely high,” said a PSR spokesperson. The cost of the project, including the renovation of the square and the construction of the dome, also affects the price.
But what if these high garage prices could offer an opportunity to the younger generation of Knokke-Heist?
A proposal is being made to introduce an additional tax or levy specifically for the sale of expensive garage spaces. The idea is that the proceeds from this tax will be used to set up a premium or subsidy for young residents who want to buy their first home. Significant funds can be generated through a progressive rate structure, in which more expensive garages pay a higher tax.
The premium would support young residents who want to buy their first home. Criteria such as age, the fact that it is their first home, and a minimum number of years of living in the municipality could determine whether someone is eligible for the premium.
Knokke-Heist, with its exclusive real estate market, scores high with the prices of garages under Albertplein. In an area where parking space is scarce, a garage box turns out to be not just a place to park your car, but rather an investment that is as valuable as a house. The real estate market continues to surprise, and Knokke-Heist is no exception.