Chilean proptech firm Legria has announced a significant international expansion, making global luxury real estate more accessible to investors. Through strategic alliances with Pacaso Homes in the U.S., Vivla in Spain, and Inmobiliaria Castro y Tagle in Uruguay, the company now offers fractional ownership in prime global locations. This move allows clients to purchase shares in high-end second homes, democratizing access to a previously exclusive and high-cost market.
A Gateway to Global Luxury Real Estate
The new partnerships add a prestigious portfolio of properties to Legria's platform, including sought-after homes in Miami, Malibu, Vail, Madrid, and Maldonado. Investors can acquire a 1/8 fraction of these properties, with entry prices starting at US$88,000 for assets valued in the millions. This ownership model grants up to six weeks of personal use per year, providing a flexible and efficient way to enjoy luxury vacation homes.
The Economics of Fractional Ownership
A key advantage of Legria's co-ownership model is the substantial reduction in operational expenses for homeowners. The company reports that maintenance costs can be lowered by as much as eight times compared to the financial burden of sole ownership. This efficiency makes luxury property ownership more sustainable, as costs are aligned with actual usage rather than year-round vacancy.
To illustrate these savings, Legria provides examples where monthly expenses of US$2,120 are reduced to just US$430. These comprehensive fees cover all aspects of property management, including administration, maintenance, common charges, and taxes. This transparent, all-inclusive approach simplifies the ownership experience and eliminates unexpected costs for co-owners.
Strategic Vision and Market Opportunity
According to CEO Ignacio del Río, this expansion represents a crucial investment opportunity for the company's clientele. "This step opens a global market that was previously inaccessible to most Chilean investors," del Río stated. He emphasized that the initiative addresses strong local demand for dollar-denominated assets as a hedge against regional economic volatility and a path to diversification.
The move enables access to high-value properties in stable international markets, offering potential for capital appreciation and efficient asset utilization. By fractionalizing ownership, Legria lowers the high entry barriers characteristic of luxury real estate in the U.S. and Europe. This strategy aligns with a growing international trend where co-ownership is a preferred method for acquiring premium second homes.
Future Growth and Regional Ambitions
After consolidating its domestic operations and achieving a turnover of nearly US$3 million in 2023, Legria is poised for accelerated growth. The company projects its new international presence will drive an estimated 6% to 8% increase in business by 2025. This forecast reflects the anticipated strong uptake from investors seeking to diversify their portfolios with tangible foreign assets in high-demand locations.
Del Río elaborated on the company's long-term vision, positioning Legria as a vital link for investors across the continent. "Internationalization not only expands our offering but also positions Legria as a bridge for Latin American investors," he explained. The ultimate objective is to build a robust platform with a regional presence, supported by alliances with leading operators in each target country.
Legria's international expansion marks a pivotal moment for the Chilean proptech industry, establishing the company as a facilitator of global real estate investment. By combining local expertise with powerful global partnerships, Legria offers an innovative solution for accessing high-value properties with manageable investment tickets. This strategic move solidifies its position as a pioneer for Latin American investors seeking to diversify into premier international markets.