Joivy triples turnover in two years after closing 2023 at €110 million
Joivy, Europe’s first platform to combine residential solutions for short, medium and long term lets, including a wide range of services for owners and investors, closed last year with a Gross Booking Value of €160 million and a revenue of €110 million – a threefold increase compared to the 40 million recorded in 2021.
Turnover increased by 70% in Italy from 2021 to 2023 and 140% in all other countries in Europe during the same period, including the contribution of M&As that amounted to €36 million. The rental market has witnessed strong demand and rents across Europe, due to the rising cost of mortgages, as well as the demand for quality short term products.
The year 2023 was particularly significant for the Joivy Group as it recently announced the formal unification of DoveVivo, ALTIDO and Chez Nestor under the same brand.
Joivy now manages a portfolio of around half a million square metres in 50 European cities, with a total value estimated at around €2 billion. In Italy, France, Spain, Portugal and the UK the assets range from single flats to entire buildings and student halls of residence, to coliving, student housing, hospitality and soon multifamily.
The platform has reached around 2,000 owners, both private and institutional, and hosted over 200,000 customers in 2023, managing a total of 4,000 assets.
The plans for 2024 are ambitious. Joivy will be focusing on Italy’s new business unit, real estate investment support, a strong push in the UK and Portugal on the coliving sector, and the entry in France into the short residential market developing on partnerships already made.
Trends in the living industry for 2024
Looking at the ever-changing world of living, the Joivy Group has identified the five key trends we will see in the industry in 2024, across Europe:
In Portugal, new regulations on short term solutions will see the investment market focus more on third-party managed residential and long term rentals, just as it is likely to do in Scotland, where stringent regulations on short term rentals came into force in the last quarter of 2023
London is expected to see a boom in coliving and a progression of the mixed-use trend that already began in 2023
The Recovery Fund, with the €750M allocated by the EU to boost post-Covid recovery, will probably impact the student housing field, to which part of the subsidies will be allocated.
The focus on sustainability is certainly a trend that has been around for a while and will probably continue to drive agendas in 2024. In fact, the new energy requirements regulations in all countries are becoming more stringent. Therefore, a further turn towards urban regeneration and interventions to improve the quality of buildings with reduced land consumption is foreseeable
Lastly, digitalisation and innovation are confirmed as the main keywords: digital platforms and emerging technologies such as virtual reality, smart contracts based on blockchain and large-scale data analysis are revolutionising the sector, helping to transform and innovate the search, sale, purchase, contracting and management of assets.
Valerio Fonseca, CEO of Joivy Group, said: “2023 has been an incredible year for the Group, which has allowed us to fulfill the ambitions we set in 2021. With the support from Starwood as an investor, we wanted to evolve the business model from coliving to integrated living, introduce the offer of high value-added services and strengthen the company’s internationalisation plan. Our company, with over 450 people in six countries, is a solid partner, able to support investors and owners in the fragmented world of real estate. We start the new year with the goal of doing even better, expanding our offer and managed portfolio, with numbers constantly growing.”
More for #Corporate
2023: our year in a nutshell
2023 has been an incredible year for us, an exciting milestone in our company's history that deserves to be celebrated. Here are the words of our CEO, Valerio Fonseca who revisits all we have achieved and looks eagerly toward the future.
Joivy Investments is born
A new platform committed to supporting private individuals and institutional entities through the best investment opportunities in living spaces, leveraging an international network of over 2,000 property owners and a deep understanding of the residential real estate market in all its facets.