Expansion by acquisition. Casavo adds France to the countries where he works. The startup of the Italian real estate market, founded in 2017 by Giorgio Tinacci, buys the French ‘rival’ Proprioo and lands in Paris. 1.2 annual transactions in the French real estate market. 45,000 in Paris, one of the most liquid real estate markets in Europe.
The startup founded by Tinacci, born in 1991, was born to facilitate and digitize residential transactions. He undertakes to find the best buyer on the market, but if the seller is not satisfied with the offer received, Casavo guarantees the sale. After five months from the signing of the mandate, he acts as a direct purchaser.
A risky model, but which is beginning to bear fruit. The startup raised 400 million in July: 100 million investments, in a round led by Exor (which controls Gedi), and 300 million in loans. Tinacci explains the importance of this operation for his company
Expansion into France broadens your presence in Europe. What other markets will you be targeting in the next period?
“The ambition is to build a pan-European platform, which is why we always look with interest to new markets, including those of Eastern Europe and the Nordic countries, but in the short and medium term the will is certainly to focus on France. “.
What does it mean to expand Casavo to the French market?
“The French market is undoubtedly one of the most stimulating residential markets in Europe and our entry from the city of Paris is only a starting point: there are several other French cities on which we will focus our efforts in the months to come, without forgetting our presence in markets full of opportunities and in which we have been operating for some time, such as Spain and Portugal “.
To arrive in France, you acquired a startup to facilitate the go to market. How important is this strategy in the proptech market?
“Even if there are similarities between the different European markets, such as Italy, France and Spain, each of these has important local specificities. Entering France through the acquisition of a local player allows us to leverage on a know-how consolidated and therefore offer a service even more in line with the needs and expectations of consumers. The acquisition of Proprioo allows us to start with a direct advantage and quickly get to know the French market, relying on an important network of already active real estate agents and recognized in the area. We have known the Proprioo team for some time and we have always shared the same mission, which is why we decided to join forces “.
During the pandemic and with the advent of smart working, many were ready to bet that the real estate market in big cities would have given way, that many would have turned to small towns in search of more space and good business opportunities. Did they get us?
“This is a trend that has proved to be valid in the period of real lockdowns that all of us have experienced with our own hands in recent years. However, the phenomenon has already registered a significant decrease now that social life is back to normal. In fact. , in all the Italian markets in which we operate, the main indicators we monitor show sustained demand and the volumes of our transactions have not suffered any significant impact “.
No escape from big cities then.
“There has been no structural transition towards small towns, what has changed are the needs of people: even in metropolitan contexts, different areas and new residential products are sought in terms of living spaces”.
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From your analysis, how will the real estate market evolve in the next period?
“In recent months we have seen an extremely lively market and strong demand pressure on supply. Listing prices are also showing a growing trend: in all cities they have been rising rapidly for more than a year with no signs of a ‘ turnaround. What has changed is the way we live the house: there is a lot of attention to spaces and their configuration. For this reason, offering a refurbished product that meets the living needs of today’s consumers is one of the Not only that, in our case renovating also means giving new life to a real estate portfolio that is in many cases dated, thus contributing to revaluing our cities “.
Does the rise in interest rates and the rise in mortgages represent a risk or an opportunity for you?
“At the moment we are not seeing significant signs of a reduction in demand, which indeed seems to be quite lively and on the increase compared to 2021. In our case, most of the requests for home purchases come from young people under 36 who rely on family savings, and in this sense we are not noticing changes in trends despite the rise in interest rates on mortgages. The data we receive from our Casavo Mutui team underlines how those who buy are gradually shifting to financial instruments that do not impact the cost of financing in the short term. Also as regards the mortgage, our goal as Casavo is to offer a complete service that allows people to freely choose the best option among the products of our partner banks “.
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