High-end second home co-ownership in tourist destinations is making waves in Denia, Menorca, Ibiza, Menorca and Sotogrande thanks to Vivla, a Spanish prop-tech startup that launched in 2022. So far, there are properties in five premium locations ranging between €1 and €2 million, which can be purchased in fractions of between €150,000 and €256,000.
The properties are marketed in fractions, with a maximum of eight and a minimum of four. Each fraction gives the co-owner the right to use the property for six weeks per year and is allocated by the Vivla team. Co-owners pay a monthly fee, which includes taxes, community and utility costs and maintenance and cleaning services. Among the services offered, co-owners are provided with storage rooms to leave their belongings until their next stay.
Vivla's new destinations in Sotogrande, the Balearic Islands and Costa Blanca prove that the model for buying and enjoying high-end holiday homes has taken off. The startup’s first sale was in Formentera this summer, with three more house sales this winter in Baqueira Beret, in La Pleta, next to the ski lifts.
One of the advantages of co-ownership is that the investment is equivalent to the time the property can be used. It is estimated that 85% of second homes remain empty for 11 months a year in Southern Europe. An exclusive destination in the best locations, a shortage of quality housing and the high prices of the most premium sector are decisive factors in the co-ownership model prospering and sparking the interest of potential clients in the best tourist destinations.
This model makes luxury housing more accessible, as you do not have to buy the whole property to enjoy it for a few weeks of the year.
Homes in Ibiza, Menorca and Formentera
Vivla is expanding to the Balearic Islands with new properties in Ibiza and Menorca. Ribes Home – on the island of Ibiza – has four bedrooms (200 square metres), is located near the beaches of Cala Llenya and Cala Nova and is marketed in fractions of €196,875.
On the island of Menorca is Villa Algendar, a 307-square-metre, four-bedroom country house nestled within the landscape of the village of Ferrieres. The 25,000 square metre plot where it is located includes a private swimming pool and several gardens. This property can be purchased in fractions of €243,750.
These homes follow in the tracks of Villa Saona in Formentera, the first house sold in Spain under a co-ownership scheme.
Homes in Denia and Sotogrande
Vivla launches in Denia with Deveses, a €1,250,000 penthouse close to the coast for sale in fractions of €156,250. With a surface area of 214 square metres, all four of its bedrooms have sea views.
Hacienda Valderrama is 220 square metres and is in Sotogrande, one of Spain's most exclusive holiday destinations, next to the golf club. With an investment of €110,000, you can buy an eighth of the property.
Pau Gasol, Vivla investor
Last January, Pau Gasol joined Vivla, Europe's leading co-ownership company, as a new investor, becoming a brand ambassador. In 2021, the investment round closed at €26 million, making Vivla the best-funded flexible ownership startup in Europe. Samaipata, US fund FJ Labs, UK hedge fund Fasanara, Accel and Extension Fund led the round. Moreover, the company was backed by a group of business angels and entrepreneurs, such as Chelsea and Spanish national team footballer César Azpilicueta, several early Airbnb employees, such as Kintxo Cortés and Stanley Fourteau, leaders in the technology and financial sector, such as Nathalie Picquot, prominent members of Endeavor, such as Adrián García-Aranyos, Verónica Pascual and Alejandro Romero, and CEOs of renowned startups such as Goiko, Spotahome, Ironhack, ThePowerMBA, Ticketea, Tiko, Ukio and Smartick.
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