Picasso, a leading real estate platform that implements the concept of co-ownership of luxury real estate, has launched an international expansion plan. For these purposes, the company has chosen Spain, namely the Costa del Sol, where it will sell luxury villas.
In September, the Silicon Valley company announced $125 million in funding from SoftBank and plans to expand operations in Spain. After that, the corporation began to rapidly select a highly qualified global team to organize operations in other European countries. After launching in the province of Malaga, Picasso plans to continue its rapid expansion in other regions of Spain and throughout Europe. After Spain, the company plans to start working in the UK.
«We have worked hard to assemble a team here in the south of Spain, and the support we have received from our partners and members of the Pacaso team confirms that this market is a really great stepping stone for our co-ownership model», says Razor Suleman, president of Pacaso Global. He adds: «Any Pacaso property is sold fully furnished, with professional interior design. Picasso also assumes the role of a management company. The owners will only have to worry about coming and enjoying their new holiday home».
Austin Ellison, CEO of Pacaso, said: «We are delighted to have chosen Spain to launch our expansion in Europe. The momentum we have gained in the United States by pioneering a new way of owning exclusive homes has created a solid foundation for our global expansion».
The climate, the quality of life, the goodwill of people, as well as the presence of a large number of exclusive houses in resort areas. These are the main reasons why Pacaso chose Spain.
Innovative model of joint ownership
The company offers a modern way of owning a second home at a significantly lower market price, adapting a professional version of co-ownership focused on the upper price segment.
Thus, Picasso allows the buyer to become the owner of a luxury home at a price much lower than the average price of any exclusive property.
An American company buys luxury family homes in exclusive locations and then sells them on a co-ownership basis through channels such as its own website. As soon as potential buyers decide to acquire joint ownership of a particular house, the property is assigned to them, and then buyers can determine which share they want to take into their own ownership. The minimum level is 1/8 of the property. In other words, each house can have a maximum of eight owners.