Spanish iBuyer Tiko Acquires Housell for Undisclosed Sum

Spanish iBuyer Tiko has acquired its compatriot portal Housell for an undisclosed sum.

Tiko is a Spanish company in the PropTech sector founded in mid-2017 in Madrid. It currently has 1800 properties available for purchase on its site, including circa 700 in Madrid 300+ each in Barcelona and Valencia.

Housell, which operates on a subscription-based model for sellers looking to invest in different real estate services depending on their personal circumstances, raised €12M from Aviv in 2019, but appears to have accepted an exit in a struggling market.

The acquisition means "Tiko’s ambition to lead the online brokerage market in Iberia is now closer than ever," according to Tiko CEO Sina Afra.

A press release said:

"With this operation, Tiko has become the largest digital real estate company in Spain and Portugal, both in terms of the number of regions in which it operates and the number of properties in its portfolio within the Spanish territory.

"As a result, Tiko will be able to service all Spanish regions, making it the largest digital real estate company in the country.

"The acquisition of Housell aligns with Tiko’s strategy to strengthen its presence in the real estate market and accelerate its growth trajectory. By integrating Housell’s market knowledge with Tiko’s technological innovations, this operation is set to redefine the real estate landscape in Iberia, offering customers a streamlined, efficient and transparent real estate transaction experience.”

This may be a shrewd move by Tiko. Spain's real estate market has fallen off a cliff in recent years, with sky-high rents, fewer transactions—all of which would contribute to a 'get out while you can' approach by Housell.

Fellow European iBuyer Casavo, which also operates in Spain, shocked the industry with October's admission that it will "park" its iBuying business and pivot towards becoming a mortgage brokerage while market conditions remain stagnant.

But it seems Tiko is digging deep on its mission to streamline Spain and Portugal's real estate experience at scale. Competition is rife, though, with big-name portals like Idealista (which may or may not be up for sale) and Fotocasa already absorbing a large proportion of market share.