A single piece of information is enough to confirm the business possibilities that co-ownership has: it is estimated that in southern Europe alone there are 18 million homes that are inhabited 15% of the time. Shared ownership of real estate is a booming model that is now going a step further by exploring the territory of luxury real estate. Ibiza and Formentera have been the two locations chosen by the Spanish proptech company Vivla to begin its journey in this emerging niche of co-ownership of exclusive second homes. After closing a financing round of 26 million euros, the bet is decided. His arrival “supposes the professionalism of co-ownership. Until now it had been done at home, it is a real estate regime that had limitations and we have overcome it legally", highlights Carlos Gómez, CEO and co-founder of the company, together with Iván Rodríguez and Carlos Floria.
These three entrepreneurs with experience in the real estate world believed that “it made sense to bet on this idea, it was a good opportunity to create an innovative startup. The model can be applied to any type of asset », he adds.
"The receptivity is being very good, the client had not thought of this model before, but it seems very sensible", acknowledges the CEO. His business model involves creating a company for each asset, an S.L., “which is the owner of that asset and the buyers are owners of shares. We have developed statutes that simplify all possible problems that may occur and Vivla is the guarantor", explains Gómez. The chosen properties represent “the best opportunities in the market”, he points out. His architecture team evaluates the house based on fifty criteria to detect the houses that meet our quality scale ». They promise to be able to resell the property whenever the owners want, “and we need it to have a good return. As administrators we have to think about the life cycle of the asset », he reflects.
This business model was launched in 2020 by the North American company Pacaso and after five months on the market it reached unicorn status, and is now valued at 1,500 million. This year he has landed in our country, where he already has three properties for sale, all of them in Marbella. “We did a lot of research and found that Spain, specifically the Costa del Sol region, was one of the top second home destinations in the world. It is a very desirable place to have a second home, with more than 320 days of sunshine a year, warm people and impressive houses, all with the backdrop of the mountains and the sea”, says Ignacio Alonso, director of corporate relations in Pacaso Europe.
They have already raised more than $215 million in funding and in their first year sold more than 400 homes and booked more than 20,000 nights to owners. When pointing out the reasons why his model is successful, Alonso stresses that "we have detected that the key element is flexibility, that is, it allows owners to "size" their property, and acquire from an eighth to half of the house, depending on the use they intend to give it and their needs». His future in Spain lies in "creating a portfolio of luxury second homes that will grow in the coming months and, when the time is right, cover more destinations in the country."