22/04/2014 – Expansion
Property mediation servicer Tecnocasa is planning to open another 65 franchised offices in Spain, mainly in Catalonia, Madrid, Andalusia and the Valencian Community. The investment will bring about 300 jobs.
The company has been present in Spain since 1994. During the recession, it has been forced to close over 700 offices. At present, Tecnocasa has got 321 selling points, compared to more than 1.000 it disposed of in 2006. One third of them belongs to financial mediator Kiron. Around 1.400 people work for the chain.
The Italian group operates mainly within the Mediterranean area and in Madrid. This year, it foresees opening 65 franchises more in different places and four-five salesmen will find job in each of the offices.
Moreover, every unit covers 5.000 houses as a maximum so there might be several operating offices in one city.
In 2013, Tecnocasa mediated in 6.000 home purchase transactions and the firm expects to increase this number in 2014, principally to take advantage from the Spanish economy revival.
According to Lázaro Cubero, the company´s analysis director, pre-owned housing prices declined by 58% over the last 7 years which allowed small investors to enter the property market and enjoy attractive yields. Usually, they buy-to-lease, 60% of them pay in cash and often choose a house in their own neighbourhood.
As Cubero adds, in spite of growing popularity of the rent, Spaniards would rather choose the ownership and because so they will soon turn towards it.
He also reckons the housing prices are to fall deeper throughout 2014 and in certain places they will hit the bottom. However, in some they will not and we will have to wait, while watching stabilization, for a widely spread price rebound.
Original article: Expansión
Translation: AURA REE