Already present on the Costa Blanca (the south coast) and the Pyrenees in the north, Spain-based Vivla, which sells fractional ownership in holiday homes, has recently expanded into the region of Valencia on the east coast and the nearby Balearic Islands, property portal Idealista reports.
Vivla markets residences in fractions — a minimum of four and a maximum of eight. Each fraction brings with it the right of use for six weeks per year.
According to the company, houses in these new locations worth between €1.0 million and €2.0 million ($1.1 million and $2.2 million U.S.) can be acquired fractionally for between €150,000 and €256,000. Owners also pay Vivla a monthly fee that covers such expenses as utilities, taxes, maintenance and cleaning.
In February last year, Vivla raised €26 million in debt and equity in a pre-seed round. It has also attracted a number of celebrity investors, most notably former NBA basketball player Pau Gasol and football player César Azpilicueta. Stanley Fourteau, the co-founder of medium-term rental platform Ukio, is also an angel investor in the company.
In late 2022, Vivla partnered with the Spain-based subsidiary of Andorra-based private bank AndBank to help its customers finance their purchases through interest-only loans.
However, Pacaso’s website does not currently list any properties in Spain (the only properties in Europe currently listed on its website are located in London), while Vivla has 36. This suggests that the local company has — to put it mildly — gained significantly more traction in Spain than its much larger counterpart.