Rental investments, small and large renovation projects… start-ups have made many people dream by promising turnkey products in real estate activities where the rule is more of an obstacle course in general. It must be recognized that the result has not always lived up to expectations… Operational for two years, Kyka promises this integrated, turnkey experience to find your accommodation (generally with fairly major work) and carry out the transformation of places with a promise (moral if not contractual): that the wow effect of a very well renovated apartment creates a value of the property greater than the amount involved in the acquisition, the work and the remuneration of the start-up.
And in what should we believe her? One of the attractive aspects of Kyka is that the young company has chosen to work truly in-house with around ten salaried interior designers to design and monitor the work while a subsidiary, Petra, manages and carries out itself most of the work. And we must recognize the founder of the company for a certain modesty. “We didn't invent anything, admits Pierre Jasnin. We just professionalized what was already being done.” With his wife, who became an interior designer along the way, they made a career out of the recipe that the couple had applied to themselves: reselling their apartment with a large capital gain at the end of work and renovation. a decoration that creates a “wow” effect among potential buyers. Despite having two children, the family has carried out this operation four times in 8 years…
12,500 to 13,000 €/m²
Under these conditions, we understand better why Pierre Jasnin said to himself that despite the very human aspect of this activity, it must be “scalable”, as they say in start-up jargon. That is to say that the process must be able to be formalized with economies of scale. Result: a turnkey product which begins with a housing hunt (with partnerships with notaries and real estate networks such as the Junot house and the Kretz agency), generally with major work involved, according to the client's wishes . He is then referred to the house architect who best suits him (after answering a style questionnaire). Then the materials and equipment are chosen before leaving for work lasting an average of 4 months for 30 m² with 1 month per additional 20 m². In total, an average project is completed in eight months.
When it comes to decoration, the challenge is to add an identifiable touch, without repeating or duplicating yourself. “It’s about reflecting the personality and lifestyle of the owner and designing living spaces where everything is designed for the well-being of the users”summarizes Pierre Jasnin. An artistic direction oversees all projects but the company loudly claims to have no supplier catalog to give architects freedom, as long as they respect budget constraints.
Currently, Kyka has around a hundred projects in progress and is targeting 200 others by 2025. The average surface area of housing is 55 m² for a cost per square meter fully finished and equipped (excluding windows where the price scale can be very large) from 12,500 to 13,000 euros per square meter. The company is paid 5% of the overall value of the project. Obviously, these are not entry-level prices, but Kyka estimates that its goods, if resold in less than 5 years, generate immediate added value by being able to sell for between 13,500 and 14,000 euros per month. square meter.
600,000 euros of added value
Moreover, to prove the validity of its concept and also to finance the start-up in its launch phase, the company created a subsidiary, Kyka Properties, which buys “iconic” properties on its behalf, transforms them before resell them to pocket a comfortable capital gain. This is how Kyka has just completed the transformation of a 174 m² apartment, located in a 1963 building in the 16th arrondissement. Very 70s style, the accommodation has magnificent views of the Eiffel Tower and a superb 135 m² terrace. Acquired for 3.4 million euros, it sold in two weeks for 5 million with nearly 600,000 euros in capital gains. From the three bedrooms and bathrooms, to the terrace, everything has been completely redone without forgetting to boost the DPE, upgraded to the letter C after the installation of a heat pump.
And if the heart of the activity remains its “turnkey” product, Kyka also offers a “Kyka studio” branch for those who already have accommodation and would like to have it transformed as well as a “Kyka Exclusive” branch. for big budgets (from 2500 €/m² of work and equipment where the classic version ranges from 1500 to 1800 €/m² depending on the surface area). As for the geographical extension of the company outside the Paris region, this is also on the agenda, “in towns where land exceeds €3,500/m²”according to Pierre Jasnin.
