The technological platform recently announced its arrival in France through the acquisition of own, one of the largest ‘proptech’ in the local real estate sector. Casavo already has operations in Spain, Italy and Portugal and, after having closed a financing round of 400 million euros in July, it is accelerating its growth with the aim of capturing 5% of the share of the Parisian real estate market in 2025.
With more than 1.2 million real estate transactions per year, France is the largest residential market in Europe, representing the biggest growth opportunity for Casavo in terms of volume. Through the comparison of Proprioo, Casavo guarantees the start of its operations Hand in hand with a consolidated actor and with the knowledge of the market provided by the more than 150 professionals and local real estate agents that are part of the network.
In just five years since its founding, Casavo has performed more than 2,000 operations throughout Europe. Once the acquisition of the “proptech” Proprioo has been announced, Casavo foresees new acquisitions of similar companies in Spain, which add value to the business. In this sense, it is currently analyzing opportunities to continue with its growth and expansion.
This announcement comes only a few months after its regional expansion in Spain, starting its operations in Malaga and Seville, two cities with great potential for the real estate sector, in addition to the company’s presence in Madrid and Barcelona, the main Spanish markets. On this occasion, Casavo has opted for expansion through an acquisition, a strategic plan that combines its European vision with knowledge of the needs of local sellers to guarantee the best offer on the market. This growth highlights the success in the development of the Casavo model, which is contributing to the construction of a sustainable real estate market in the current European context, especially influenced by inflation and the announcement of the rise in interest rates by of the European Central Bank (ECB).
“We are very excited to announce our entry into the French market, at the same time as we acquire an innovative technology platform like Proprioo, with whom we share the same long-term purpose: to make the real estate sector accessible and simple for all the agents involved in the buying and selling process, declares Francisco Sierra, general director of Casavo for Spain and Portugal. “Likewise, we continue to expand in our country, where we are actively analyzing growth opportunities both geographically and in the business, through the acquisition of other companies with the same vision.”, concludes Sierra.
Paris: 45,000 annual transactions and a tailored value proposition
Casavo will begin its operations in Paris, which has some 45,000 residential transactions per year, being the most liquid market in Europe: the sales time in Paris is between 40% and 50% less than in cities such as Madrid or Milan. In order to adapt its value proposition to the particularities of this market, Casavo has evolved its business model to provide real solutions, offering Parisian sellers the guaranteed sale of their home in less than 5 months.
The company’s formula is based on the application of technology in each of the phases of the home sale process. After making an assessment of the property on the website itself, Casavo will take care of finding the perfect buyer in the market. If after five months, the seller is not satisfied with any of the offers received, it will be Casavo who directly acquires the property at the price agreed at the beginning of the process. Thus, it will help sellers to maximize the profitability of their property while guaranteeing the success of the operation, allowing them to obtain a mortgage for their new home with complete peace of mind.
It is important to note that 6 out of 10 (65%) French buyers are looking for a new home while selling their current property. According to Casavo data, these figures coincide with the consumption trends of Spanish users: 56% who sold their home in 2021 also bought or were planning to buy a new property. Favorable conditions for the development of Casavo’s business volume, which combines supply and demand to generate profitability with purchase and sale transactions through the scalability of the reforms.